Harmoney to pay $7m to customers for unreasonable fees

Harmoney shares rose 1.4% to $2.13 on the NZX after the deal was announced. (Image: BusinessDesk)

Fri, 27 Aug 2021

Harmoney will pay $7 million to 37,000 borrowers to settle a long-running stoush with the Commerce Commission that it charged unreasonable fees.The online lender admitted the fees were unreasonable and agreed to charge no more than $165 for any establishment fee on new consumer loans for the next five years. When it first started trading as a peer-to-peer lender, the percentage-based fee was capped at $1,500 before being changed to a fixed fee of up to $500.Commission chair Anna Rawlings said in a statement: “Following the Court...

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