In a bit over one year (they launched in September of 2014), Harmoney, a peer to peer lending platform based in New Zealand, has funded over £170 million to more than 10,000 Kiwis. Realised annual returns on all loans on the platform have topped 12%. And how does the peer to peer lending break down?
Harmoney has cooked up a some data points, including an infographic, outlining the platforms success to date.
- 45% of consumers are using Harmoney for Debt Consolidation
- 10% is for Home Improvement
- 9% is for travel
- 6% for used Vehicles
- 32% for everything else
As to Who is doing the lending?
- Average borrower has 40 investors
- Length of time to fund a loan averages 12 hours and 30 minutes
- 2 in 5 investors are women
- Average age of a lender is 41 years old
- Interest paid to investors is over $10 million
Other interesting date points include:
- 22% of investors are retail types. The rest comes from institutional funds
- BUT retail is growing as almost 40% of loans were funded by small investors in July
- A good number of borrowers return to borrower again (about 1 out of 5)
- The rate of loan default is topping expectations with actual rates beating predicted results
You may view all of the Harmoney data here. On to 2016.
