Peer-to-peer lender Harmoney coming to Aussie shores

Peer-to-peer lender Harmoney has recently set up shop in Australia, with Brisbane the first lucky city to host the fast growing company.

According to Harmoney Australia General Manager Ben Taylor, the lender is expecting to be popular with Aussie homeowners 40 years and older.

“Early signs following our beta testing in Australia show that mom-and-pop borrowers will be quick to embrace a competitive, customer service focussed marketplace lending solution for debt consolidation, home improvement and travel,” he said.

Initially, the platform will be open to borrowers only, for loans between $5,000 and $35,000 with terms of 36 and 60 months. Rates on unsecured loans start at 8.99% p.a., with no fees for early repayment.

Compared with the average personal loan interest rate of 12.02%, Aussie borrowers with a $25,000 loan over 36 months could potentially save more than $1,200 by taking out a Harmoney loan.

To begin with, all loans will be funded from institutional funds, sourced by Harmoney from some of the largest worldwide funds in the marketplace lending space.

Neil Roberts, joint CEO and founder of Harmoney said affordable lending is key to the financial well-being of Aussies households.

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Source: Peer-to-peer lender Harmoney coming to Aussie shores – Mozo