Harmoney Credit Offer

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Forums › Finance and wealth management › Harmoney Credit Offer

rendezvous

197 posts

Master Geek
+1 received by user: 50

#157280 26-Nov-2014 13:40

Today I received a letter from Harmony peer to peer finance, offering me a pre approved loan. The letter doesn't say how much the pre-approval is for - I have to call for that. The letter says I am in a select group that has been identified as having an excellent credit history. I have never had dealings with Harmoney, or provided any information to them. What right to information do they have in order to find out that I have an excellent credit history?

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2102 posts

Uber Geek
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#1183287 26-Nov-2014 13:45

They don't know that.

It is standard boilerplate bollocks.

Your name and address are the only info they need to generate this rubbish. Bin it and move on.

Stu

Hammered
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#1183319 26-Nov-2014 14:28

I got the same letter. It went straight in the secure disposal bin.

People often mistake me for an adult because of my age.

Keep calm, and carry on posting.

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scheduler

264 posts

Ultimate Geek
+1 received by user: 25

#1183322 26-Nov-2014 14:30

Hi,

I don't know Harmoney but I wonder if the financial Regulator would be interested. On the brief information here they don't appear to be operating in accordance with what they say on their website. Being a Peer to Peer Lender they essential say you put up your loan requirements we access and then put on the board for lenders to bid for.

As a potential investor I would be concerned if they are offering preapproved loans without going through a checking process.

Am I reading it wrong though?

Stu

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#1183323 26-Nov-2014 14:34

From memory it said somewhere in the letter that pre approval didn't guarantee that you would get a loan. Didn't read the full spurl, but seems you still need a credit check to get a loan.

People often mistake me for an adult because of my age.

Keep calm, and carry on posting.

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rendezvous

197 posts

Master Geek
+1 received by user: 50

#1183325 26-Nov-2014 14:36

Well, here is the full letter, with my details blanked out of course.

xpd

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#1183361 26-Nov-2014 14:51

Almost anyone can do a credit check on someone else for a fee. ($25 IIRC)

But those sort of offers are usually with so many BS clauses etc that the bin is the best place for them unless youre desperate for credit and cant get it elsewhere.....

XPD / Gavin

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rendezvous

197 posts

Master Geek
+1 received by user: 50

#1183537 26-Nov-2014 18:21

Yeah, it will go in the bin.
So I can get credit information about anyone I choose, without their consent?

wanghou168

453 posts

Ultimate Geek
+1 received by user: 10

#1183546 26-Nov-2014 18:33

Unless you are their customer, then they can get a credit check, otherwise no.
Credit check is charged per record I think...

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old3eyes

9158 posts

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#1183550 26-Nov-2014 18:39

BigHammer: I got the same letter. It went straight in the secure disposal bin.

Regards,

Old3eyes

vexxxboy

4336 posts

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#1183553 26-Nov-2014 18:45

read the small print on the bottom where they say they have given your info to business partners who supply census data, mailing lists, credit data and media consumption data and if you wished to be removed go to a website and register on the do not mail list.

Common sense is not as common as you think.

Fred99

13684 posts

Uber Geek
+1 received by user: 10018

#1183562 26-Nov-2014 19:18

"HarMoney, whose online platform went live four weeks ago and officially launched today, matches investors with borrowers of up to $35,000 with interest rates ranging from 9.99 per cent to as high as 39.99 per cent depending on their assessed risk profile. Investors may get a 12 per cent risk adjusted return on loans that are broken up into $25 "fractionalised notes" which attract interest."

http://www.nzherald.co.nz/personal-finance/news/article.cfm?c_id=12&objectid=11321872

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benokobi

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#1183669 26-Nov-2014 21:30

"Dream car" That Jeep in the picture is worth like 80k which is barely dream worthy... and with the loan of "up to 35k" you still won't be able to afford it.

Aredwood

3885 posts

Uber Geek
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#1183698 26-Nov-2014 22:45

They have probably done a scrape of the property title database. They would then be able to get names and addresses, rating value of your house, see if you have a mortgage or not. And can then target certain areas, house sizes, values ect.

Jaxson

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#1183731 27-Nov-2014 03:19

old3eyes:
BigHammer: I got the same letter. It went straight in the secure disposal bin.

+1

Another +1 here

Fred99

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#1183770 27-Nov-2014 08:14

Aredwood: They have probably done a scrape of the property title database. They would then be able to get names and addresses, rating value of your house, see if you have a mortgage or not. And can then target certain areas, house sizes, values ect.

Or they've bought data from another lender, credit card company, hire purchase company, or a loyalty card scheme etc. or something else signed up to on line where the user omitted unchecking a check box.
Anyway, they lend money at up to 39.9% PA - which means that they're offering loans to the uncreditworthy and desperate. They're also lending money out at "down to 9.9%", presumably this "low" rate on offer only to the most creditworthy, most of whom should be able to borrow at much lower rates still - using a revolving credit facility etc. IMO, the loan book will inevitably migrate to the desperate end - and then there will be blood.

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