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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