Lender Review: Harmoney


Company Brief

Unsecured Personal Loan: $2,000 – $70,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Unsecured Personal Loan 5.35%-19.09% Per Annum Fixed Annual Interest Rate + One-time establishment fee of $275 or $575 $2,000 $70,000 24-72 hours 3 years 5 years


Harmoney offers unsecured personal loans ranging from $2,000 to $70,000 with a 3-5 years payment term. The interest rate ranges from 5.35% to 19.09% per annum based on the borrower’s credit assessment from the company’s credit scorecard. The fees for the loan also include an establishment fee of $275 for loans $5,000 and below, and $575 for loans amounting to $5,001-$70,000.

As an example, if you take out a $5,000 personal loan with a 3-year repayment term, you will have total yearly interest payments of $772 and an establishment fee of $275. Total repayments would be $6,047.

Breakdown of all fees for each loan product

The following are the fees included in Harmoney Unsecured Personal Loan:

  • Annual Interest Rate: 5.35%-19.09%. The rate is based on risk factors such as the borrower’s credit score, stability of employment, stability and type of residence, financial behaviour, and demographic profile.
  • Establishment Fee: One-off payment of $275 for loans amounting to $5,000 and below, and $575 for loans amounting to $5,001 to $70,000.
  • Dishonour Fee: $15. The Dishonour Fee is charged to the borrower’s account as a fee to re-process payments if the initial repayment is dishonoured. The fee is due in the borrower’s next payment.
  • Legal Fees: Varies according to the situation. charged to the borrower’s account if legal actions are conducted against the borrower.

Application Process

The application process for Harmoney’s Unsecured Personal Loans is completed online via its application form. To be eligible for a loan, you must meet the following criteria:

  • You must be at least 18 years old.
  • You must be a citizen or a permanent resident of Australia.
  • Be employed full-time or on a permanent part-time basis.
  • Have identification documents, such as your Australian driver’s license and passport, on hand.
  • Have a clean credit history free of defaults, judgments, or bankruptcies.

Once you provide the necessary information and are pre-approved, the company will give you the specific loan conditions that include your interest rate, borrowing limit, and repayment schedule. As part of the responsible lending requirements, bank statements will be required to help run a credit check. Assessing your credit rating score is essential for the lenders to determine if they will approve the funds for your loan.

Typically, funding occurs within 24 hours of a loan being requested. When your loan is funded, you will be notified through SMS and email, and you can also check the progress of the financing process on your website dashboard. You will get your money within 1-3 business days to your nominated bank account, depending on your banking provider.

Notable Loan Product Features

One of the notable loan product features of Harmoney’s unsecured personal loan is that loan accounts are usually funded within 24 hours after the loan application is approved. Payments are also made using auto-debit arrangements or through manual payments via BPAY (for additional or voluntary payments). An auto-debit repayment fee system helps eliminate the worry of paying your fees late and affecting your credit history. Loan fees are transparent, with no fees charged on early repayments.

If you experience hardship during the term of the loan, an option to repay over a longer term is also extended by the company by qualifying for its Unforeseen Financial Hardship assistance. Contact the customer service representative of the company by phone, email, or postal mail to discuss your situation.

The Company


  • Transparent fees include annual interest payments and a one-time establishment fee.
  • 24-hour loan funding via website dashboard.
  • 100% online application.
  • Financial hardship assistance from the Harmoney team.


  • High dishonour fees. Any legal and related third-party fees spent against a borrower will also be applied to the borrower’s account if enforcement action is needed. Costs charged will be due on the next payment date.

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