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Maximum charges: 20% Establishment fee and 4% monthly fee (Comparison rate 199.43%) based on $1000 repaid over 6 months. Illustrative example: Loan amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly instalments of $57.60. Maximum charges: 20% Establishment Fee & 4% Monthly Fee. In comparison rate terms, the maximum comparison rate may be as high as 199.43%.
WARNING: This comparison rate is true 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. The information on this web page is general information. The information does not take into account your objectives, financial situation or needs. Credit criteria, fees, charges, terms and conditions apply. Products and rates displayed are subject to the individual borrower's credit assessment. Examples only provide an estimate and are used for illustrative purposes only, not an offer for credit. The amount you can borrow, the interest rate and fees you receive along the product you qualify for may vary.
Viva Payday Loans > Harmoney Loans

Harmoney Loans

Harmoney began operations in Australia back in 2016 as a personal loan provider, with loan amounts falling between $2,000-$70,000. The lender works completely online and allows loan terms between three to five years. It is officially called Harmoney Australia Limited and works under the Harmoney Corp Limited Group. 

Key Features

Harmoney provides unsecured personal loans that share the following features:

  1. The lender offers loans of amounts between $2,000-$70,000, subject to the risk grade allocated to the borrower.
  2. Each application is assigned a risk grade from A1-E5, which means a loan application can be assigned any one of these 25 risk grades. 
    1. The interest rate applied on a loan is subject to the risk grade assigned by the lender, with A1 charging a rate of 6.99% per year while E5 charging 28.69% per year. 
    2. The risk grade also defines the maximum loan amount that a borrower may receive from Harmoney. For example, those who receive a risk grade between A1-A5 can borrow up to $70,000, B1-B5 up to $50,000, C1-C5 up to $40,000, D1-D5 up to $30,000, and E1-E5 up to $20,000, subject to other terms and conditions. 
  3. The loan term is either 36 months or 60 months long, although borrowers may choose to make early repayments without incurring any penalties. 

How Much Does A Harmoney Loan Cost?

Harmoney charges an interest rate between 6.99%-28.69% per year (comparison rates of 7.69%-29.55% per year) depending upon various factors including the borrower’s credit assessment as conducted by the lender. 

The comparison rate mentioned above has been calculated on a personal loan of amount $30,000 with a loan term of 5 years. The actual cost of the loan may vary as some other costs might also apply. 

The interest rate actually applied on a loan is calculated for each individual loan application, and it is up to the borrower whether they agree to pay the quoted interest rate. This interest rate is then paid as the gross interest rate return to investors.

The lender also charges an establishment fee of $200 for loans under $5,000 and $500 on loans over $5,000. 

The following table illustrates the costs that a borrower can expect to pay on a Harmoney personal loan, although the actual costs may differ from these figures. 

Loan Amount Loan Term Borrower Risk Grade Loan Costs Total Repaid
$5,000 36 months A1 $1,113 $6,113
$30,000 36 months B5 $7,950 $37,950
$70,000 36 months A5 $14,286 $84,286
$20,000 60 months E5 $18,811 $38,811
$30,000 60 months D5 $24,456 $54,456
$70,000 60 months A5 $24,073 $94,073

The abovementioned loan costs include a $500 platform fee. They do not include the $15 dishonor fee that borrowers will incur in case a loan repayment is dishonored. 

Pros and Cons Of Harmoney Loans

Borrowing through Harmoney has the following pros:

  1. The lender charges a variable interest rate based upon the borrower’s credit history, allowing those with a great credit score to secure a loan at extremely cheap rates. 
  2. Loans are usually funded within 24 hours of appearing on the Harmoney marketplace. 
  3. Harmoney does not charge any early repayment fees. 
  4. The loan application process is completely online. 
  5. The interest rate set at loan initiation is fixed over the loan term. 

The following cons may be associated with the services being provided by Harmoney:

  1. Borrowers with a low credit score may have to pay an interest rate that is extremely high. 


For what purposes can I borrow from Harmoney?

A personal loan from Harmoney can be used for any legal purposes. 

Does Harmoney allow early repayments?

Yes, Harmoney allows early repayments and does not charge an early repayment fee.

Can I apply for a Harmoney loan if I have a bad credit score?

Maybe. Harmoney evaluates all applications individually and may reject applicants who have a credit score that is not high enough to meet the lender’s credit score requirements. 

How quickly can I receive the loan amount after my Harmoney loan application has been approved?

Once a loan is placed on the Harmoney marketplace to be funded, it usually takes about 24 hours for it to be fully funded, after which it may take an additional 1-3 business days for the loan amount to reach the borrower’s bank account. 

Eligibility Criteria

The following eligibility criteria must be fulfilled in order to qualify for a loan with Harmoney. Applicants must:

  1. Apply as an individual and not as a company, partnership, or any other legal entity. 
  2. Be over the age of 18
  3. Be a permanent resident or citizen of Australia or a citizen of New Zealand that holds a valid drivers license or passport in Australia
  4. Fulfill the credit score requirements as set by Harmoney. 
  5. Not have any bankruptcies or insolvencies in the past. 

Customer Support

Harmoney offers various ways for its customers to get support. Customers can call and speak with a representative at 1300 042 766, or use the live chat feature available on the lender’s website. Borrowers may also reach out by sending an email at [email protected] or, for general queries, at [email protected]. In case you wish to file a complaint, then you can send an email at [email protected]

Application Process

The application process to apply for a Harmoney personal loan is completely online. Applicants need to follow these steps.

Step 1 – Start the online application

To apply for a personal loan, go on to their website and click on the Apply now button, as shown in the image below. 

Applicants first need to confirm their identity by creating an account on the lender’s platform. After this step, the lender requires applicants to submit personal information, including financials such as income/expenses, to verify whether they are eligible for a Harmoney personal loan. 

Step 2 – Choosing your loan

Once the lender has verified the information provided by an applicant in the application form, it will provide you with a personalized interest rate, loan amount, and also give you the option to select a loan term and other options that are most suitable to your needs. Borrowers need to make this selection based upon their affordability and ease. 

Step 3 – Getting funded

As soon as a borrower has chosen and accepted the loan terms, the loan is then placed on the Harmoney marketplace. Each loan is assigned a risk grade and the interest rate that investors can earn on a loan is allocated accordingly. Borrowers need to wait for an investor to fund their loan on the marketplace, which can take up to 24 hours, or longer. As soon as a loan has been fully funded, the funds are deposited into the borrower’s bank account. This loan can be repaid in weekly, fortnightly, or monthly repayments over the course of the loan term.