Harmoney Unsecured Personal Loan

6.99% p.a.to 28.69% p.a.

7.69% p.a.to 29.55% p.a.based on $30,000
over 5 years

$500

Harmoney Unsecured Personal Loan

6.99% p.a.to 28.69% p.a.

7.69% p.a.to 29.55% p.a.based on $30,000
over 5 years

$500

Mozo Review   Harmoney Unsecured Personal Loan Review

Last updated: 13 November 2019.

What's hot:
  • Competitive rates for creditworthy borrowers

  • No ongoing fees

  • Loan top up feature

What's not:
  • $500 upfront fee once loan is funded

Mozo snapshot:

The Harmoney unsecured personal loan isn’t your average loan, as it’s funded by investors - otherwise known as peers - rather than the provider itself. So if you’re in the market for a low interest rate, no ongoing fees and the flexibility to make early repayments Unsecured Personal Loan from Harmoney could be the perfect match for you.

Key features:

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 28.69% (29.55% comparison rate*), 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 $2,000 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.

And because Harmoney is totally online, you'll pay 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). And if your loan amount is under $5,000, you'll only pay a $200 fee. 

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.

Any catches?

You’ll need to pay $500 upfront once your loan has been funded by peers (or $200 if the loan amount is under $5,000). And don’t forget, that a poor credit history won’t work in your favour with Harmoney.

Details

Rates and fees information correct as at 19 November 2019. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 6.99% p.a.to 28.69% p.a. fixed

  • 7.69% p.a.to 29.55% p.a.based on $30,000
    over 5 years

Fees
  • $500.00

  • $0.00

  • $15.00

  • $0.00

  • $0.00

Other financial bits
  • $2,000.00

  • $70,000.00

  • 1 Year

  • 5 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • Application fee is $200 for loans under $5,000.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Customer Reviews

How are Harmoney personal loans rated by the Mozo community?

Overall customer rating
7.0/10
Price
5.5/10
Features
7.0/10
Customer service
7.5/10
Convenience
6.5/10
Trust
6.0/10

Latest reviews of Harmoney Unsecured Personal Loan

  • Overall
    5/10
    Helpful for quick cash but not the best option.

    They really helped me out when I needed money on short notice but if I had had more time I...

    They really helped me out when I needed money on short notice but if I had had more time I wouldn't have chosen to borrow with Harmoney.

    Price
    3/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    3/10
    Trust
    2/10

    Cassie | Tasmania

    reviewed 6 days ago

  • Overall
    9/10
    Best online banking service I've ever had.

    Harmoney provides a service for unsecured personal loans like no bank has ever offered me. The...

    Harmoney provides a service for unsecured personal loans like no bank has ever offered me. The ease and simplicity I experience during the online application and approvals process was amazing.

    Price
    8/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Jeffrey | Northern Territory

    reviewed 29 days ago

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