Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9
2546 posts

Uber Geek
+1 received by user: 301

Trusted

  Reply # 1962389 22-Feb-2018 18:20
Send private message quote this post

So I decided to browse through my Harmony loans last night and read the borrower's comments and came across one person who had borrowed $19,000 and his comments said his computer was getting old so he was planning on getting a new one. That's it.

Wow. $19k for a computer.

And a second thing, the monthly income (after tax) for most borrowers just look really high. Would they be able to inflate their own income so they get a better chance of getting their loan?




592 posts

Ultimate Geek
+1 received by user: 177


  Reply # 1962394 22-Feb-2018 18:30
Send private message quote this post

It won’t be 19k for a computer, it will be a rewrite.

 
 
 
 


Mr Snotty
8083 posts

Uber Geek
+1 received by user: 4052

Moderator
Trusted
Lifetime subscriber

  Reply # 1962409 22-Feb-2018 18:38
Send private message quote this post

Sam91: It won’t be 19k for a computer, it will be a rewrite.

 

The top spec iMac Pro. I've seen people stupid enough to buy it.





259 posts

Ultimate Geek
+1 received by user: 70


  Reply # 1962448 22-Feb-2018 19:55
Send private message quote this post

sonyxperiageek: So I decided to browse through my Harmony loans last night and read the borrower's comments and came across one person who had borrowed $19,000 and his comments said his computer was getting old so he was planning on getting a new one. That's it.

Wow. $19k for a computer.

And a second thing, the monthly income (after tax) for most borrowers just look really high. Would they be able to inflate their own income so they get a better chance of getting their loan?
i have used Harmoney as a borrower. Pretty hard to inflate your income I would think. I needed 3 months of bank statements showing wage deposits. I would say it would have been the most long and drawn out applications I have done. And I have a mortgage.

2546 posts

Uber Geek
+1 received by user: 301

Trusted

  Reply # 1962541 22-Feb-2018 22:08
Send private message quote this post

Ah. Just looks like quite a few people earn over the 100k mark After Tax!




592 posts

Ultimate Geek
+1 received by user: 177


  Reply # 1989606 6-Apr-2018 16:22
Send private message quote this post

Hey guys, how are your investments going?



2546 posts

Uber Geek
+1 received by user: 301

Trusted

  Reply # 1989633 6-Apr-2018 17:25
Send private message quote this post

I'm still on 11.70% pa RAR. Haven't had any arrears.





1260 posts

Uber Geek
+1 received by user: 64


  Reply # 1989687 6-Apr-2018 19:15
Send private message quote this post

I'm at 10.98%, with 8 loans in arrears plus 2 charged off (A4 and C5).





rm *


342 posts

Ultimate Geek
+1 received by user: 66


  Reply # 1989690 6-Apr-2018 19:20
Send private message quote this post

Detruire:

 

I'm at 10.98%, with 8 loans in arrears plus 2 charged off (A4 and C5).

 

 

11.55% RAR. 0.28% in arrears and 1.82% charged off, mostly from two loans B3 and C3 taken out back in Sept 2015. Arrears and charged off percentages are based on outstanding principal - might not be correct way so let me know if you want me to recalculate

 

 

 

 

 

 




5268 posts

Uber Geek
+1 received by user: 1143

Trusted
Subscriber

  Reply # 2089343 12-Sep-2018 14:30
Send private message quote this post

I've been on Harmoney for almost 3 years. Just under.

I got up to about $17,000 across 250+ loans....and had a few losses, but still making 9.5% overall. Much better than the bank.

But since Harmoney lost the court case about including their fees in the loan (not fees for tax purposes if you do that)......they seem to have gone off the boil. At the time they said the decision could undermine the vialility of their business model....as borrowers need to come up with hundreds *separate* from the loan.....and most of them can't do that.

Soon after re-write money started piling up in my Harmoney investor account.....and I've started taking it out. So far I've withdrawn about $2500 in put it into 'other things' (my Tesla Model 3 purchase account).

Interested to hear the experiences of others.





____________________________________________________
I'm on a high fibre diet. 

 

High fibre diet


2546 posts

Uber Geek
+1 received by user: 301

Trusted

  Reply # 2089358 12-Sep-2018 15:06
One person supports this post
Send private message quote this post

I have about 30 loans at the moment, and my RAR is 11.8%. Much better than the bank. I did have a 3+month in arrears and I expected that to be charged off soon, but logged in today and they're all back to $0.00. I should've recorded the loan ID to double check, but according to my dashboard now, I have no amount in arrears and nothing charged off.





342 posts

Ultimate Geek
+1 received by user: 66


  Reply # 2089585 12-Sep-2018 21:46
One person supports this post
Send private message quote this post

My RAR has dropped to 9.65% (platform is 9.77%) and I struggle to get loans fit under the auto lend criteria.

 

 

 

With about $2.5k invested I have had $136 written off. 

 

It's been an interesting experiment but I've given up and am pulling my money out using the autowithdraw. At 9.65% I'm better off putting the money in my revolving credit (4.80%). There's not enough in it to have the funds tied up.

 

 

 

 

 

 


What does this tag do
980 posts

Ultimate Geek
+1 received by user: 205

Subscriber

  Reply # 2089589 12-Sep-2018 22:04
One person supports this post
Send private message quote this post

Mine is 10.8%. I've also given up and pulling money out through auto-withdraw; not enough loans through auto lend my available balance to lend just goes up.


Linux Systems Admin
965 posts

Ultimate Geek
+1 received by user: 159

Trusted
Integrity Tech Solutions
Subscriber

  Reply # 2089593 12-Sep-2018 22:22
Send private message quote this post

I give Harmoney a miss.

 

As a lender, I have contacted them with straight questions around the appearance of conflicts of interest and moral-hazards.

 

I have never been able to get straight answers out of them. I have received whitewashed responses, avoidance, empty promises and plain non-response.

 

I know a bunch of people like them because of the high rates of return but if it all goes to cusatrd how many of these will do a 180 on their position?




5268 posts

Uber Geek
+1 received by user: 1143

Trusted
Subscriber

  Reply # 2089649 13-Sep-2018 07:56
Send private message quote this post

MichaelNZ:

 

I give Harmoney a miss.

 

As a lender, I have contacted them with straight questions around the appearance of conflicts of interest and moral-hazards.

 

I have never been able to get straight answers out of them. I have received whitewashed responses, avoidance, empty promises and plain non-response.

 

I know a bunch of people like them because of the high rates of return but if it all goes to cusatrd how many of these will do a 180 on their position?

 

 

They did address the issue of charging fees with no risk to them. They moved to a basis where if a loan fails they lose out, too.....not just the investor.

They don't like negative criticism. They seem to be OK with constructive criticism.....from my experience. 

Your last question is a bit of a straw man. Harmoney is backed by Heartland Bank / Finance and unlikely to fail. Investors like us are only 25% of the capital involved....and the platform is seeing a very positive rate of return at all times.

 

The "problem" is too much investor money chasing too few loans. Nice problem to have.





____________________________________________________
I'm on a high fibre diet. 

 

High fibre diet


1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9
View this topic in a long page with up to 500 replies per page Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Geekzone Live »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.