based on 11 Harmoney banking product reviews as rated by Mozo community

Harmoney personal loans

Have you heard of peer to peer lending? It's a new lending phenomenon, where everyday Aussies borrow directly from investors rather than the banks. By removing the middleman, peer to peer platforms are generally able to pass on lower rates to customers.

One new P2P provider to enter the market in 2017 is none other than Harmoney. After finding success in New Zealand, the business launched in Australia with a low rate personal loan offering, available to creditworthy borrowers. Read on to learn more...

Harmoney offers the following personal loans

Rates and fees verified as correct at 20 September, 2021. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee  
Low Rate Car Loan Excellent Credit (Fixed, Secured)

5.35% p.a.to 19.09% p.a.

6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years

$575

Unsecured Personal Loan (Fixed)

5.35% p.a.to 19.09% p.a.

6.14% p.a.to 19.99% p.a.based on $30,000
over 5 years

$575

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Harmoney Personal Loans Overview

Unsecured personal loans

Harmony has a unsecured personal loan on offer, and boy will a top notch credit rating give you a low rate! Whether you need credit to fund your nuptials or dream holiday, check out a rundown of the key features that come with this loan.

Fixed Car loan

If you've got excellent credit and are keen to get a fixed rate deal on your home loan, Harmoney has a low rate car loan. This is a secured loan so will need be secured against the car itself so generally this will mean the car you want to purchase will need to be new or less than a few years old depending on the make and model.

Harmoney personal loan features at a glance

How do you apply for a Harmoney personal loan?

To apply for a personal loan with Harmoney, you’ll need to provide them your email address and personal details that prove you are who you say you’re, such as your passport number or driver’s licence. Take note, the peer to peer lender only approves applicants over the age of 18 and who live in Australia.

After you’ve applied...

The process of taking out a personal loan with Harmoney is more flexible than what you’ll experience with other providers in the market. For instance, you can take up to 60 days to change your mind (once you’ve applied for a loan and are approved), so long as the money hasn’t landed in your bank account yet.

The same leeway is extended to the peer investors funding your loan too, as your profile is listed on the Harmoney marketplace until the entire amount has been funded. If 60 days has passed and not enough money has been raised, your application will be pulled from the marketplace and you’ll no longer need to pay that $500 upfront fee.


How are Harmoney personal loans rated?

Mozo users have rated Harmoney personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Harmoney personal loans
Overall
Price
Features
Customer service
Convenience
Trust

11 Reviews

Recent Harmoney personal loan reviews

Harmoney Personal Loan
Overall 5/10
charges interest for every payment not monthly

The website says it calculates interest daily and applies it monthly but it doesn't. it applies it at every payment you make. The borrower statement does not show you when interest is due to be charged it just shows you how much interest was debited from each payment you make.

Read full review

The website says it calculates interest daily and applies it monthly but it doesn't. it applies it at every payment you make. The borrower statement does not show you when interest is due to be charged it just shows you how much interest was debited from each payment you make.

Price
1/10
Features
4/10
Customer service
4/10
Convenience
6/10
Trust
3/10
Less
Nothappy, Queensland, reviewed 4 days ago
Harmoney Unsecured Personal Loan
Overall 6/10
Average rates, high fees

Easy application process, send monthly reminders 5 days prior to loan payment due, i have a great credit rating and given 10.99% interest rate where i should have gotten a lower one at 6.99, $400 fee to top up your loan, send you out invitations yearly to top up your account. Each time it goes on your credit report. No complaints except interest rate i was given and the very high fees.

Read full review

Easy application process, send monthly reminders 5 days prior to loan payment due, i have a great credit rating and given 10.99% interest rate where i should have gotten a lower one at 6.99, $400 fee to top up your loan, send you out invitations yearly to top up your account. Each time it goes on your credit report. No complaints except interest rate i was given and the very high fees.

Price
5/10
Features
1/10
Customer service
10/10
Trust
9/10
Less
Cherylin, Queensland, reviewed 5 months ago
Harmoney Unsecured Personal Loan
Overall 1/10
Tricky

Covid19 Help: Do not reply to emails for bank statements they ask for that you send then send a different email to deny hardship support.

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Covid19 Help: Do not reply to emails for bank statements they ask for that you send then send a different email to deny hardship support.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Kirk, Queensland, reviewed 2 months ago
Harmoney Unsecured Personal Loan
Overall 3/10
Scammers

Be very careful with this loan company they are terrible. Interest rates are charged at very expensive rates 25%. Then they offer us a top up at a reduced rate of 24%. I pay $547 a month repayment and $350 goes to interest and the remainder to the loan. I paid extra repayments weekly which they took as interest also. Wish we never accepted the loan. After 2 years I’m still paying $350 a month interest.

Read full review

Be very careful with this loan company they are terrible. Interest rates are charged at very expensive rates 25%. Then they offer us a top up at a reduced rate of 24%. I pay $547 a month repayment and $350 goes to interest and the remainder to the loan. I paid extra repayments weekly which they took as interest also. Wish we never accepted the loan. After 2 years I’m still paying $350 a month interest.

Price
1/10
Features
6/10
Customer service
2/10
Convenience
5/10
Trust
1/10
Less
Nikki, New South Wales, reviewed about 1 year ago

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