Your interest rate is based on many factors, but a key factor is called the probability of default, that is the risk of you not being able to pay back the loan. This is assessed on the following information that you have provided us:

• Credit history

• Financial behaviours

• Demographic profile

Learn more about interest rates in New Zealand and interest rates in Australia.

The cost of your loan is calculated by the loaned sum + interest + any fees that are incurred through loan administration. Our loan repayment calculator gives you quick estimate on what you’ll have to pay.

NZ personal loan calculator

AU personal loan calculator

You have to pay back the total amount borrowed, including the Establishment fee.

You must also pay interest on the full loan amount. Interest is calculated by multiplying the unpaid loan balance by the annual interest rate.

The annual interest rate is fixed and specified in the loan offer. It is also confirmed in the loan disclosure. Interest is charged monthly.

If you do not repay the amount due by the due date, you will also have to pay additional fees as outlined in the links below:

• New Zealand Interest Rates and Fees

• Australia Interest Rates and Fees

If you have chosen to include Payment Protect in your loan (NZ only) you must also pay the Payment Protect fee.

The size of your repayments depends on how much money you want to borrow and the length of time you choose to pay your loan back. Harmoney’s default payment schedule is monthly, but you can make payments as often as you want, and pay as much as you want, as long as the monthly minimum is met.

When you get your quote (NZ only) or loan terms, you will be assigned an interest rate and a maximum loan amount you’re approved for. You’ll also see what your repayments will be for a 36, 60 or 84 month loan term.

You are welcome to repay your loan earlier than the scheduled loan term without an early repayment penalty.

Check out these articles on how to increase your repayments, make additional payments or pay off your loan in full.

Interest on your loan is calculated daily and applied monthly.

If you were to repay your loan back earlier there would be no early repayment fees and you would only need to pay the interest up until that day you pay the loan off.