Armed with $200M in Lending Capital, Harmoney Launches in Australia

Now the New Zealand-based marketplace lender Harmoney has launched in Brisbane, Australia with over $200M in lending capital targeting the  40+ demographic , according to Australian Broker. Interest rates on the company’s unsecured loans start at 8.99% p.a. with no early repayment fees and the ability to borrow online, General Manager Ben Taylor indicated.

“To begin with, we will have a borrower-only offering that focuses on great rates and customer service for loans between $5,000 and $35,000 on 36 and 60-month terms,” explained Taylor to AB. “Early signs following our beta testing in Australia show that mom-and-pop borrowers will be quick to embrace a competitive, customer service focused marketplace lending solution for debt consolidation, home improvement and travel.”

Harmoney Australia has said that the platform will provide funding for the nest three years from institutional funds signed up for its marketplace.

“When people have access to affordable money, they are in a better position to manage their financial affairs, which has all kinds of benefits including a better credit score,” opined Harmoney Joint CEO and founder Neil Roberts. “We’re passionate, well-resourced and competitive. While we’re kicking off our Australian operation in Brisbane, we have plans to broaden our services to other Australian states and territories, and open up the marketplace to other investors in the near future.”

At a personal loan rate of 12% p.a. Harmoney notes that Australians could save more than $26M per month compared with a 14-15% p.a. unsecured loan from the banks.

Last December, P2P lender Harmoney received a $292,000 red card for a misleading marketing campaign. The announcement by the Commerce Commission of New Zealand stemmed from an ongoing investigation regarding letters sent by Harmoney in 2014 and 2015. The New Zealand-based lender previously acknowledged its error and quickly rectified the issue at the time.