Peer-to-peer lender Harmoney has recently set up shop in Australia, with Brisbane the first lucky city to host the fast growing company.
According to Harmoney Australia General Manager Ben Taylor, the lender is expecting to be popular with Aussie homeowners 40 years and older.
"Early signs following our beta testing in Australia show that mom-and-pop borrowers will be quick to embrace a competitive, customer service focussed marketplace lending solution for debt consolidation, home improvement and travel," he said.
Initially, the platform will be open to borrowers only, for loans between $5,000 and $35,000 with terms of 36 and 60 months. Rates on unsecured loans start at 8.99% p.a., with no fees for early repayment.
Compared with the average personal loan interest rate of 12.02%, Aussie borrowers with a $25,000 loan over 36 months could potentially save more than $1,200 by taking out a Harmoney loan.
To begin with, all loans will be funded from institutional funds, sourced by Harmoney from some of the largest worldwide funds in the marketplace lending space.
Neil Roberts, joint CEO and founder of Harmoney said affordable lending is key to the financial well-being af Aussies households.
“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,” he said.
He also said the company plans to extend its operations in Australia.
“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.”
In the meantime, Aussie borrowers looking for a peer-to-peer financing solution can find some of their options in Mozo’s peer-to-peer loan comparison table. Or, to compare the entire personal loan market, check out our search tool.