Harmoney first introduced its brand of data-driven lending in New Zealand in 2014. Following its establishment, the company expanded its operations in Australia to offer its range of unsecured personal loan products. 

Loans offered by Harmoney are competitively priced, that is if you’ve got excellent credit

Low-risk borrowers with good credit history, who are employed, and have a stable income could potentially secure the lender’s lowest interest rates, which are usually among the lowest in the market. Otherwise, applicants with less-than-excellent credit may still be able to get a loan but with much higher rates. 

To ensure it provides ‘fair, risk-based rates and user-friendly experience’, every loan application with Harmoney is assessed using proprietary machine learning models. According to the company, by using technology, science, and mountains of data, decisions are delivered faster and fairer – removing possible misinterpretation and unconscious bias. This, they say, also enables their people to focus on building better customer experiences. 

This approach has paid off for the Auckland-based lender. Not only has Harmoney been recognised as among the country’s most innovative companies, but it has also allowed them to service thousands of loans in the short time since its founding. Its loans are funded by big banks CBA, Westpac, and NAB. 

Harmoney operates primarily as an online platform, thus the absence of physical branches. The company holds an Australian Credit Licence and Australian Financial Services Licence, and is listed on both the Australian and New Zealand stock exchanges.