Harmoney increases borrowers' interest rates
It decides on an appropriate interest rate based on borrowers’ credit risk. Rates range from 9.99% for the best-rated borrowers, through to 39.99% for those deemed the highest risk.
But now it has tweaked a number of the rates it charges borrowers ranked in grades from C down.
C1 borrowers will now pay 18.52%, up from 17.15%. D1 borrowers will pay 24.41%, up from 20.59%, E1 will pay 31.81% up from 24.66% and F1 31.88%. The lowest, riskiest grade, F5, remains 39.99%.
Harmoney passes the interest rate on to investors, minus a 1.25% service fee on principal and interest repayments.
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