Harmoney Business Loans Review
Get an unsecured business loan from 6.99% with Harmoney.
With loans from $2,000 at 6.99% p.a., Harmoney can help take the stress out of business borrowing. Its loans are unsecured, so you do not need to supply an asset as a guarantee.
|Product Name||Harmoney Business Loan|
|Benefit Description||Apply for an unsecured business loan up to $70,000 with no early repayment fees.|
|Interest Rate (p.a.)||6.99% - 19.99%|
|Min. Loan Amount||$2,000|
|Max. Loan Amount||$70,000|
|Loan Term||3, 5 or 7 years|
|Turnaround Time||99% of approved online applications funded in 24 hours|
What does Harmoney offer businesses?
- Loans between $2,000 and $70,000.
- Fixed interest rates between 6.99% - 19.99% p.a.
- Choose a loan term of 3, 5 or 7 years.
- Harmoney business loans attract an establishment fee of $150 for all loan sizes.
- Repayments can be made weekly, fortnightly or monthly.
- You can repay the loan early, with zero penalties.
- If you build up an excellent record of repaying your loan, you may qualify for a top-up. To do so, Harmoney closes your current loan and then rewrites a new one. You may even qualify for a lower interest rate.
Applying online is easy and as it is active 24 hours a day, you can choose a convenient time to do so. There are three simple steps:
- Harmoney wants to know information about your business, finances and why you need the loan.
- You will receive a personalised quote, including your interest rate, borrowing limit and repayment details.
- If you agree with the quote given, accept and most people receive their money in 24 hours.
- Residency. You need to be a New Zealand citizen or permanent resident to apply.
- Income requirement. There is no set minimum income requirement, but Harmoney checks your income to decide if you can afford to repay a loan.
- Credit file. Your credit score needs to be in good standing for you to receive a personal loan from Harmoney.
- Self-employed. If you are self-employed, you can still apply for a Harmoney Business Loan, but you need to provide the following – 3 months worth of personal and business accounts, profit and loss statement from the previous financial year, plus a personal tax return.
Documentation and information
- ID. A New Zealand driver’s licence or passport. It does not accept 18+ cards or visas.
- Income verification. Harmoney uses an automatic verification via a bank statement retrieval service, that provides read-only bank statements for the last 3 months.
- Assets, liabilities, expenses. Harmoney requires you to declare your assets, liabilities and regular expenses, so it can assess your ability to repay the loan.