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2 Comments
Harmoney was a bit of a godsend when I got onto it 5 years ago (almost to the day). I was recently home from Australia and divorced so I had a chunk left from the house I no longer owned. I started moving money into it expecting it to take a while but back then the loans were coming in thick and fast you'd often do 10-20 per day. Before long I had a big chunk in Harmoney and the interest started rolling back in. I took the next 3 years off! Ultimately I've funded 3800 loans and my RAR is 11.88%.
New loans started thinning out especially last year, my portfolio basically halved and you could read the writing on the wall. Anyway it was a strangely useful and unexpected resource to find at my disposal at that point in my life. Sad to see it's gone that way but it seemed like a bit of a jerk outfit lately and I've already migrated to other platforms. Thanks Harmoney its been a $100k+ bonus knowing you!
I think Harmoney has almost destroyed the P2P market in New Zealand. They had the significant advantage of being first, which is a massive deal in the fintech industry. Look at competitors like Squirrel who’re struggling to issue over 15 million in loans. I think Squirrel will do well, but I hope the FMA learned something from this because it’s a disaster.
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