New Zealand-based marketplace lender Harmoney has now launched in Australia, opening up in Brisbane with over $200m in capital to lend out.
Interest rates on the company’s unsecured loans start at 8.99% p.a. with no early repayment fees and the ability to borrow online, general manager Ben Taylor said.
In its Australian launch, Harmoney is aiming at the 40-plus demographic.
"To begin with, we will have a borrower-only offering that focuses on great rates and customer service for loans between $5,000 and $35,000 on 36 and 60-month terms,” said Taylor.
"Early signs following our beta testing in Australia show that mom-and-pop borrowers will be quick to embrace a competitive, customer service focused marketplace lending solution for debt consolidation, home improvement and travel."
Harmoney Australia will initially provide funding from institutional funds which it has signed up for its marketplace for the next three years.
“When people have access to affordable money, they are in a better position to manage their financial affairs, which has all kinds of benefits including a better credit score,” Neil Roberts, joint CEO and founder of Harmoney, said.
At a personal loan rate of 12% p.a. from Harmoney, he added that Australians could save more than $26m per month compared with a 14-15% p.a. unsecured loan from the banks.
“We’re passionate, well-resourced and competitive. While we’re kicking off our Australian operation in Brisbane, we have plans to broaden our services to other Australian states and territories, and open up the marketplace to other investors in the near future.”