Harmoney

Harmoney, online personal loans in New Zealand

Harmoney is a personal lending entity operating in New Zealand under a 100% online model. Its proposition focuses on speed and digitalisation of the process: application, credit assessment and acceptance of terms are all done remotely, with no paperwork or in-person meetings. The company states it has surpassed 90,000 customers who have used a Harmoney online loan.

Loan products

Harmoney's catalogue covers various personal financing purposes:

• General personal loans
• Debt consolidation: combines multiple debts into one, with a single interest rate and a single repayment schedule
• Home improvements: no contractor quotes required to apply for the loan
• Holiday loans
• Wedding loans
• Medical loans, to cover all or part of treatment costs
• Education loans
• Car loans, with unsecured or secured option at a reduced rate
• Business loans, focused on cash flow
• Tiny home loans

Loan conditions

Harmoney's personal loans have the following features, according to information published by the company:

• Amount: from NZ$2,000 to NZ$100,000
• Interest rate: from 7.99% to 24.99% p.a., personalised based on individual credit assessment
• Establishment fee: NZ$150
• Repayment frequency: weekly, fortnightly or monthly
• Loan type: unsecured
• Terms: 3, 5 or 7 years
• Early repayment fee: $0
• Rate type: fixed

The company indicates that rates are determined from an individual credit assessment and not under a one-size-fits-all scheme for all applicants.

Application and funding process

The process is structured in three stages: first, the applicant describes the loan they are seeking and provides personal and financial details; then they receive a detailed quote with interest rate, borrowing limit and repayments; finally, after accepting the terms and completing some final details, most customers receive their money in less than five minutes from loan acceptance. The company notes that a quote can be obtained in as little as two minutes and that funding is typically completed in less than twenty minutes. The quote process is AI-driven and does not affect the applicant's credit score.

Eligibility requirements

To apply for a quote in New Zealand, Harmoney requires:

• Be 18 years or older
• Be a New Zealand citizen, permanent resident or Australian citizen
• Have no defaults, court judgments or bankruptcies in your credit history
• Have paid employment, which may include self-employment
• Apply for a minimum amount of NZ$2,000
• Have a photo ID, such as a valid New Zealand passport or driver's licence

Awards and ratings

Harmoney presents itself as the most awarded personal loan by Canstar New Zealand. Regarding customer opinion, the company shows a rating of 4.8 out of 5 based on 39,798 reviews, with breakdowns of 4.8 (37,009 reviews), 4.7 (173 reviews) and 4.7 (2,616 reviews). The comments collected highlight the simplicity of the process, the speed of the application, transparency and the absence of early repayment fees.

Structure and presence

Harmoney Services Limited (FSP593769) is registered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. The company has a leadership team and a board of directors, and publishes information for investors, including ASX announcements, updates and corporate governance. Its head office is located at Level 3, 110 Customs Street West, Auckland CBD, Auckland 1010.

Location and contact

Level 3, 110 Customs Street West, Auckland CBD, Auckland 1010 · Phone: 0800 427 666 · Email: customerservice@harmoney.co.nz · Hours: Monday - Friday: 9am–6pm