With competitively low fixed rates starting from only 6.99% (7.69% comparison rate) and nifty account features such as a redraw facility to access extra repayments, the unsecured personal loan offered by Harmoney has a lot going for it.
While Harmoney interest rates start lower than the average unsecured personal loan, depending on the borrower’s credit history they can climb all the way up to 26.95% (or to a comparison rate of 28.21%), making this loan more suitable for those with strong credit ratings.
Harmoney sources its cash from peers who invest money via its online marketplace and offers $5,000 to $70,000 loans. When you want to borrow more you can apply to top up your funds for a $500 fee payable on approval. Harmoney loan terms can be either 3 or 5 years, on a repayment frequency of your choice - either weekly, fortnightly or monthly.
Because the provider operates completely online, you benefit in the form of no admin fees. Just keep in mind, the cost to advertise your loan request on Harmoney’s peer to peer platform is $500 (but you’re only charged for it after the loan is successfully funded).
Who it's good for:
Aussies looking to make small or medium sized purchases using a personal loan that comes with a competitively low fixed interest rate, in return for their top notch credit rep.
You’ll need to pay $500 upfront once your loan has been funded by peers. And don’t forget, that a poor credit history won’t work in your favour with Harmoney.