Harmoney Loans Review

Company Outline

harmoney logo

Unsecured personal loans from Harmoney up to $70,000 with periods ranging from three to five years are available. The company was founded in 2014, and Sydney, NSW 2000, Australia is home to its registered office. The company’s customer care is available every day from 9 AM to 6 PM AEST. In the meantime, collections are open from 9 AM to 6 PM, Monday through Friday. Harmoney’s Australian Credit Licence Number is 474726 and its ABN is 12604342823.

Harmoney’s customer service team is known for its effectiveness and efficiency in resolving issues and providing support, ensuring a positive experience for customers.

Loan Amounts Available:

Harmoney offers unsecured personal loans ranging from $2,000 to $70,000. The exact amount you may be eligible to borrow depends on a range of factors including your credit history and financial situation.

Competitive Interest Rates:

Harmoney’s Fixed Annual Interest Rate ranges from 5.76% to 23.05% per annum, subject to a credit assessment. The comparison rate combines the lender’s interest rates, fees, and charges into a single figure, providing borrowers with a clearer understanding of the total cost of a personal loan. Harmoney offers competitive interest rates, especially for individuals with good credit and secured loans.

Loan Repayment Terms:

The minimum loan term is 3 years, and the maximum is 7 years.

Understanding interest repayments and comparison rates is crucial for assessing the total cost of the loan over its term.

Other Loan Fees: Early Repayment Fees

  • Establishment Fee: $275 for loans up to $5,000, and $575 for loans above $5,001 up to $70,000.
  • Legal Fees: Applicable if legal action is required.
  • Early Repayment Fees: These fees are not included in the comparison rate but can significantly impact the overall expense of the loan.

Eligibility Requirements:

To apply, you must be at least 18 years old, an Australian citizen or permanent resident, and employed full-time or permanently part-time. A clean credit history is usually required. Applying for loans can affect one’s credit rating, either positively or negatively, depending on the actions taken and the responses received from lenders.

Application Process:

Applications are completed online, ensuring an efficient and transparent loan process. After providing the necessary information, if pre-approved, you’ll receive your loan conditions, which include the interest rate and repayment schedule. Note that approval and funding are not guaranteed and depend on a thorough credit check and assessment of your financial situation.

Funding Time:

Once approved, funds are generally available within 1-3 business days, depending on your bank.

Key Features: Unsecured Personal Loan

  • Financial Hardship Assistance: If you experience financial difficulty, Harmoney may offer extended repayment terms under its Unforeseen Financial Hardship program.
  • Flexible Repayments: Early repayments are allowed without penalty.
  • Cost Savings: Elements such as fee waivers and potential cost savings from reduced fees can significantly influence the net financial impact of the loan on borrowers.

Positives:

  • Transparent fees
  • 100% online application process
  • Financial hardship support
  • Harmoney personal loans: Customer reviews highlight positive experiences with Harmoney personal loans, noting transparent loan terms, competitive interest rates, and clear fees.

Factor In Costs

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

16 days (minimum)

12 months (maximum)

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Loan amount

$2,100 - $4,600

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.

Example

Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

47.8% Comparison Rate p.a.

Example

Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04.

This is an estimate only and the comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit.The maximum interest rate for a Personal Loan is 47.8%. Comparison Rate 47.8% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.