Yes, if your loan purpose is debt consolidation, you can repay both external loans and existing Harmoney loans with one new loan.

But if you are borrowing additional funds for a different purpose, you may be offered the option to roll only your existing Harmoney loan into the new loan.

'Start a new loan' means you keep your current loan(s) as they are and take out an additional, separate loan. You will have multiple loans at the same time, each with its own repayment schedule.

You may only be offered the option to ‘Combine your loans’ to help keep your repayments manageable by extending your loan term. Don’t worry! You’ll still have the freedom to repay your loan early without any early repayment fees.

You may not see the option to Combine your loans for several reasons, including:

• You have an active secured loan. Secured loans can’t be combined because your existing loans can’t be closed and rolled into a new loan.

• You have a pre-approved available limit. Borrowing from your pre-approved funds will always be set up as a separate loan with its own terms.

• Other loan-specific factors may apply. Certain loan types or circumstances may also restrict your ability to combine your loans.

In any of these cases, you’ll need to keep your existing loan as is and start the new loan separately.

Yes. When you combine your loans:

• Your current loan(s) are repaid, and your new loan principal will comprise the remaining balance of your those loan(s), plus any new amount you choose to borrow.

• You will have one monthly repayment instead of multiple scheduled repayments.

• Your repayments become more manageable because your loan term is extended. Don’t worry! You’ll still have the freedom to repay your loan early without any early repayment fees.

No. Your current loan(s) remain the same.

If you choose to “Start a new loan,” you simply take out another loan alongside your existing one(s), which results in multiple active loans.

Not always. Your available options depend on several factors, including:

• Whether you can safely manage multiple repayments.

• Whether your existing loan type can be repaid and combined into a new loan.

• Your overall borrowing situation at the time you apply.

Often, yes! When you choose to combine your loans, we repay your existing loan(s) and your new loan principal will comprise the remaining balance of those loan(s) plus any new amount you choose to borrow. This leaves you with one loan and one repayment instead of several.

A key part of the affordability improvement comes from extending your loan term, which can lower your monthly repayment amount. And since Harmoney has no early repayment fees, you’ll still have the freedom to repay your loan early without any early repayment fees.

Because of this, some customers who aren’t able to take out a separate new loan may still be eligible for a combined loan.

It depends on your new loan’s term, interest rate, and fees.

You’ll be able to see the full details in your quote before you have to decide. You can review your options (if available) and choose the one that works best for your situation.

And remember, even if you choose a longer term, you can repay your loan early anytime with no early repayment fees.