Thumbnail icon for Harmoney

Harmoney Unsecured Personal Loan

Interest rate from
6.99% p.a.to 25.69% p.a.
Comparison rate from*
7.79% p.a.to 26.65% p.a.based on $30,000
over 5 years
Upfront fee
$575
Go to site

Mozo editorial review Harmoney Unsecured Personal Loan

Last updated: 26 June 2020.

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What's hot
  • Competitive rates for creditworthy borrowers
  • No ongoing fees
  • Loan top up feature
What's not
  • $575 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.

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Key features

With competitively low fixed rates starting from only 6.99% (7.79% 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 25.69% (26.65% 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 $50,000 loans. When you want to borrow more you can apply to top up your funds for a $575 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 $575 (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. 



snapshot
Who is it 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.

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Any catches

You’ll need to pay $575 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 28 September 2020. 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 25.69% p.a. fixed

  • 7.79% p.a.to 26.65% p.a.based on $30,000
    over 5 years

Fees
  • $575.00

  • $0.00

  • $15.00

  • $0.00

  • $0.00

Other financial bits
  • $2,000.00

  • $50,000.00

  • 1 Year

  • 5 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • none

  • Establishment fee is $275 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
5.8/10
Price
4.8/10
Features
4.9/10
Customer service
7.0/10
Convenience
6.9/10
Trust
5.1/10

Latest reviews of Harmoney Unsecured Personal Loan

  • Overall 3/10
    Scammers

    Be very careful with this loan company they are terrible. Interest rates are charged at very expensive rates 25%. Then they offer us a top up at a reduced rate of 24%. I pay $547 a month repayment and $350 goes to interest and the remainder to the loan. I paid extra repayments weekly which they took as interest also. Wish we never accepted the loan. After 2 years I’m still paying $350 a month interest.

    Read full review

    Be very careful with this loan company they are terrible. Interest rates are charged at very expensive rates 25%. Then they offer us a top up at a reduced rate of 24%. I pay $547 a month repayment and $350 goes to interest and the remainder to the loan. I paid extra repayments weekly which they took as interest also. Wish we never accepted the loan. After 2 years I’m still paying $350 a month interest.

    Price
    1/10
    Features
    6/10
    Customer service
    2/10
    Convenience
    5/10
    Trust
    1/10
    Less
    Nikki, New South Wales reviewed about 1 month ago
  • Overall 0/10
    Worst finance company on the internet. Unregulated

    I applied for 4k with a $100 a month repayment. Took them 10 days to respond and still they asked for the same documents I have already provided. I spoke to 20 different people and not one of them speaks clear english. They wanted my banking logon details once I sent the statements to them. I damaged my credit rating (which is top notch) by applying through this scam company. Upon further checking they are not even regulated, which spells "DANGER!". I advised finance ombudsman of their shady practices as well as my bank incase they decide to use the info provided to them for a loan. Worst finance company I have dealt with in 30 years, avoid at all costs, you have been warned!

    Read full review

    I applied for 4k with a $100 a month repayment. Took them 10 days to respond and still they asked for the same documents I have already provided. I spoke to 20 different people and not one of them speaks clear english. They wanted my banking logon details once I sent the statements to them. I damaged my credit rating (which is top notch) by applying through this scam company. Upon further checking they are not even regulated, which spells "DANGER!". I advised finance ombudsman of their shady practices as well as my bank incase they decide to use the info provided to them for a loan. Worst finance company I have dealt with in 30 years, avoid at all costs, you have been warned!

    Price
    1/10
    Features
    1/10
    Customer service
    0/10
    Convenience
    0/10
    Trust
    0/10
    Less
    Dave, Western Australia reviewed 8 months ago
  • Overall 0/10
    Be careful.

    This loan is only for desperate people with no options. I applied for a $70,000 loan to renovate my house. I got a loan approval for $14,075 with an interest rate of 28.69% for 5 years. If I accepted I would end up paying $13,085 in just interest. I refused their offer. On their website it said interest rates start at 5.89%. I think the government, RBA and ACCC should look in these type of short loans. Many people who take this short loan out of desperation can easily get entrapped into bigger problems. Hope people use their common sense before taking up a loan like this.

    Read full review

    This loan is only for desperate people with no options. I applied for a $70,000 loan to renovate my house. I got a loan approval for $14,075 with an interest rate of 28.69% for 5 years. If I accepted I would end up paying $13,085 in just interest. I refused their offer. On their website it said interest rates start at 5.89%. I think the government, RBA and ACCC should look in these type of short loans. Many people who take this short loan out of desperation can easily get entrapped into bigger problems. Hope people use their common sense before taking up a loan like this.

    Price
    0/10
    Features
    0/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    0/10
    Less
    Marina, South Australia reviewed 8 months ago
  • Overall 10/10
    Competitive interest and great customer service.

    It is efficient in accepting and providing funds quickly on application. Customer service is very good and the interest rate is great.

    Read full review

    It is efficient in accepting and providing funds quickly on application. Customer service is very good and the interest rate is great.

    Price
    10/10
    Features
    3/10
    Customer service
    10/10
    Convenience
    -1/10
    Trust
    10/10
    Less
    Robyn, Victoria reviewed 10 months ago
  • Overall 9/10
    Competitive interest rates and FAST response.

    Consolidating debt into a single loan with low to reasonably competitive fees is no problem with these guys, and they are fast!

    Read full review

    Consolidating debt into a single loan with low to reasonably competitive fees is no problem with these guys, and they are fast!

    Price
    7/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Adrian, Western Australia reviewed 10 months ago

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