Peer to Peer Lending

Harmoney changes fee structures

Friday 4th of December 2015

It had been looking at Harmoney’s fees and how they fit within the Credit Contracts and Consumer Finance Act.

Under the act, lenders must only charge administration fees that directly relate to the cost of processing the loan.

But Harmoney and LendMe both charged percentage-based fees, which grow in size as borrowers' risk ratings decline.

Harmoney was charging 2% to 6% and...

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