TSB Bank has revealed it has lent $50 million in peer-to-peer loans via Harmoney.
It operates as an institutional investor on the platform, which matches lenders with borrowers. In its annual report, TSB said the relationship aligned with its diversification strategy and was a way of supporting customers indirectly. It said the lending facility was “relatively new”. The Harmoney loans are unsecured. Heartland Bank, which has a 12.6% shareholding in Harmoney, also offers money to peer-to-peer borrowers
National and NZ First have blocked Act leader David Seymour’s attempt to add a definition of a credit fee to the Credit Contracts and Consumer Finance Act.
Act leader David Seymour is calling on the Minister of Commerce to allow peer-to-peer platforms flexibility in their charges.
Previous P2P Lending News
Peer-to-peer platform Harmoney has launched its automated lending system.
Peer-to-peer lender Harmoney is increasing its loan limit.
Squirrel Money founder John Bolton says he probably would not have bothered with peer-to-peer lending if he had not been able to see opportunities beyond it.
LendMe boss Marcus Morrison says a $1 million loss in its first financial statements reflects the investment made in getting the platform off the ground.
The Commerce Commission has gone to the High Court to ask how the Credit Contract and Consumer Finance Act applies to consumer loans entered into with peer-to-peer lender Harmoney.
Peer-to-peer lender Lending Crowd wants to raise up to $5 million from investors to finance its growth plans.
Peer-to-peer lender Squirrel Money is to launch a secondary market for its investors next week.