Harmoney review: using a personal loan for your business

Is Harmoney a good option for your business?

Harmoney suits a sole trader or small business owner with a clean credit history who needs up to $100,000 and is happy to borrow in their own name. Harmoney's rates start lower than most business lenders publish, there's no security, and most people get the money within 24 hours. Because it's a personal loan, you're personally responsible for it. On the other hand, a new business with no trading history can still qualify.

What Harmoney lends

• Personal loan for business

  Amount

  $2,000 to $100,000

  Term

  3, 5 or 7 years

  Who qualifies

  You personally: aged 18 or over, an NZ citizen, permanent resident or Australian citizen, in paid work or self-employed, with no defaults, judgments or bankruptcies

  Security

  None; the loan is in your name, not the business

  Speed

  Most loans funded within 24 hours

  Cost

  7.99% to 24.99% a year, a $150 establishment fee and no early repayment fee

You can borrow from $2,000 to $100,000 for 3, 5 or 7 years and choose to make repayments weekly, fortnightly or monthly. The interest rate stays the same for the entire loan. Harmoney says most business loans are funded within 24 hours, and most people receive their money less than 20 minutes after accepting the loan.

Who qualifies

Harmoney assesses you, not your business. You need to be at least 18 years old and a New Zealand citizen, permanent resident or Australian citizen. You also need to be in paid work, which includes self-employment, and have photo ID such as a passport or driver licence. Your credit file must be clear of defaults, judgments or bankruptcies.

Harmoney doesn't ask how long your business has traded, which helps if you're just starting out. Most business lenders want at least 6 months of trading.

What Harmoney costs

Rates range from 7.99% to 24.99% a year, depending on Harmoney's credit assessment of you. A $150 establishment fee is added to the loan. There's no early repayment fee, so you can make extra repayments or pay the loan off early for free. However, Harmoney does charge default and late payment fees if you miss a payment.

For example, a $30,000 loan over 3 years, including the $150 fee, costs about $945 a month at 7.99% interest and about $1,199 a month at 24.99%. Your rate depends on your credit history, so try a few rates in the business loan calculator.

Borrowing in your own name

A personal loan can be cheaper and faster than a business loan, but the debt is in your name, not your company's. If your business runs into problems, you're still responsible for repaying the loan. The loan will also appear on your personal credit file and could affect you when you apply for a mortgage or other credit. Most unsecured business loans also require a personal guarantee, so the difference is often smaller than it appears. With a business loan, the debt stays in the company's name and can increase as your business grows.

How Harmoney compares

Pioneer Finance offers business loans with rates from 9.95% to 22.95% a year and may accept applicants with some credit issues. Online lenders like Prospa lend directly to the business, but they want at least 6 months of trading. If you're just starting out, take a look at the start-up loans guide for more options.

These details come from Harmoney's website, checked on 6 November 2026.

Common questions