Harmoney Personal Loans

Harmoney

Harmoney is an online provider of personal loans, which can be taken out for a variety of purposes.

What personal loans does Harmoney offer?

At the time of writing, Harmoney offers an unsecured personal loan with a fixed interest rate over the life of the loan. The interest rate on the loan is determined by the individual’s financial circumstances.

The minimum loan amount for a Harmoney personal loan is $2,000, while the maximum loan amount is $70,000.

Harmoney offers loan terms of three, five or seven years, which can be repaid weekly, fortnightly or monthly.

Harmoney says approved applications usually receive funds within 24 hours of the application being submitted.

The following table displays a selection of Harmoney’s unsecured personal loan products on Canstar’s database, sorted by Star Rating (highest to lowest). The results and Star Ratings shown are based on a $20,000 loan for three years, taken out in NSW. Click here to compare more personal loans tailored to your preferences. Before committing to a personal loan product, check upfront with Harmoney to confirm what the rates and fees will be for your personal circumstances, and whether the product suits your needs. Consider the Target Market Determination (TMD) and other key information before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

What can you use Harmoney’s personal loans for?

Harmoney says its personal loans can be used for a variety of purposes and life events, such as:

Buying a car
Debt consolidation
Holidays
Medical bills
Home improvements
Education
Business expenses
Weddings and more

Check the Target Market Determination (TMD) from Harmoney for more information on what you can and can’t take out a personal loan for.

Compare Personal Loans

Harmoney personal loans FAQs

What are the loan terms on Harmoney’s personal loans?

Harmoney personal loans can be taken out for three, five or seven year terms. Repayments can be made weekly, monthly or fortnightly.

What are the fees on Harmoney’s personal loans?

There are a number of fees to be aware of when taking out a personal loan. At the time of writing, Harmoney charges a one-off establishment fee when you take out a personal loan. It says that loans up to $5,000 come with a $275 establishment fee, while loans of $5,000 and above have a $575 fee. The fee is added to the total loan amount and is paid to Harmoney when the loan is settled.

Harmoney says it also charges a dishonour fee of $15 if you miss a payment and it has to be re-processed. The fee will be due with the next payment.

Harmoney says it does not charge monthly account fees or early repayment fees. Visit the Harmoney website for more information.

Do Harmoney personal loans come with minimum repayments?

Harmoney does not list a specific minimum amount for repayments, but regular repayments are required and they can be made weekly, fortnightly or monthly.

By default, Harmoney says repayments are set monthly. You can see your payment amount on your Harmoney dashboard, it will also be specified in your loan disclosure document.

You can also make early repayments or pay off your loan early at no extra cost.

How to apply for a Harmoney personal loan?

To apply for a personal loan, Harmoney says you need to meet the following criteria:

You must be 18 years or older.
You must be an Australian citizen, permanent resident or New Zealand citizen.
You must be currently employed full-time or permanent part-time.
Have a clear credit file with no defaults, judgements or bankruptcies.
Require a minimum $2,000 loan.

You may need to provide documents and ID such as:

A current driver’s licence or passport.
Details of your current and previous (if applicable) employer.
Details of your income, assets, expenses and liabilities.
Previous tax returns if you are self-employed.

About Harmoney

Harmoney was established in 2014 and operates in Australia and New Zealand. It says it has facilitated over $2.1 billion in loans to nearly 50,000 customers.