Harmoney hires former FlexiGroup NZ boss David Stevens as its new CEO with capital raise and extension of bank warehouse facility immediate priorities

Harmoney hires former FlexiGroup NZ boss David Stevens as its new CEO with capital raise and extension of bank warehouse facility immediate priorities

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As a Harmoney investor, i've seen my amount in arrears double over the last month, and the quantity & quality of loans available to retail investors seems to have been dropping ever since I joined. Buyer beware.

I stopped lending on the Harmoney platform 2 years ago. I see little value for the individual lender.

I've long stopped depositing money for investing, and will turn auto-withdraw back on next week.

I see they still advertise themselves as a P2P lender, but from what I hear on here the majority of loans go to institutional investors? Misleading?


And that was Feb, i think the institutional % has gone higher since.

I don't think they had much choice.... they try and fill a loan request up with small individual lenders (noting you will never have a loan funded 100% by one lender) then an institutional investor mops up the remaining loan balances.

If they didn't do it this way they could have loan requests going unfilled for months until they married up lenders with the right risk appetite.

Nope, That is not how it works at Harmoney.

The loan either goes to the retail pool or the institutional pool, if it goes retail (P2P) then its entirely filled by retail lenders taking $25 notes (as many as they want, don't think there is an upper limit)
Loans that hit the retail pool are rarely in there for more than a day, and anything that doesn't reek is usually snapped up in less than an hour.
Loans that aren't filled in three days get bounced, not that I've ever seen it happen. Max loan of $75k for A grade borrowers,

Hmm, I'd assumed that all loans go to institutional investors first and then retail investors second because all the loans hit the P2P lending screen already 2/3rds funded.

Pretty sure the retail loans go through auto-lend first, then hit the manual investment screen. And in peek hours they really do go fast, I've seen loans go from new on the screen to fully funded in the time its taken me to walk to the work kitchen and make a coffee.. and thats only a minute or two.

Hence Harmoney have realised you dont really need an expensive new marketing and distribution channel to lend money, people queue up to borrow from any source, why knock yourself out to be creative or innovative. Ultimately capital doesnt believe in anything but profit.