We’ve covered a few different topics about payday loans on this site, and have been more than free with our opinions. You know by looking through our previous articles that we don’t feel that payday loans should be a first resort for emergency cash. They carry ridiculously high interest rates, and many states don’t allow them at all.
But if you feel that you absolutely must get a payday loan for an emergency or some other reason, we’ve put together a Harvest Moon Loans review so that you may be able to make a better decision about your lender.
Harvest Moon Loans
Harvest Moon Loans is a direct lender based in the La Posta tribal reservation. The reservation is in the southernmost part of California, and is a federally recognized Indian Tribe. Now, the first thing you’ll need to understand is that if you live in a state where payday loans aren’t legal, seeking assistance from a tribal loan won’t be helpful to you, Tribal lenders are still responsible for adhering to federal regulations, despite being sovereign nations themselves.
With that said, if you’re in a state where the loans are legal, searching for a tribal lender can often yield better results than simply searching for a payday loan – the industry has become glutted with “loan networks,” which are basically websites which fish for your information. Conversely, a search for tribal loans will often lead you to direct lenders, and the loans themselves tend to have more flexible options.
Harvest Moon Loans offers cash advances ranging from $100 to $800. You need to be at least 18 years old to get a loan, and the application process is simple. As with any payday loan you’re going to need to provide the following:
* Legal name and address
* Social security number
* Phone number
* Driver license or state issued ID
* Employer information
* Employer phone
* Your checking account information
Yes, you’ll need to provide your checking account information upfront. We’re wary of any business which requires banking info without first providing a loan agreement. Now, read on to see what else we don’t like about Harvest Moon Loans.
Harvest Moon Loans is Legit, but Shady
When you get a minute, pop on over to the Harvest Moon Loans website. What do you see there? Very little, that’s what. The company has only just recently begun to provide information on its website regarding loan amounts and interest rates (we’ll get to those in a minute).
Look at it this way: Harvest Moon Loans wants all your information, right down to the numbers on your checks. But they’ve chosen not to give information about their company. Sound reasonable? Not to us.
Please understand that we know that any lender is going to need some information like a social security number and a driver license number. But there is just so little information available on this website that we wouldn’t dare give that info to them.
The business isn’t accredited with the Better Business Bureau. And all things considered, that’s usually okay! But a business doesn’t need to be accredited for a customer to file a complaint. And man, have consumers filed complaints. The business is currently the proud holder of a BBB rating of a big fat F. Folks, that’s really hard to do. Here are a few BBB stats for you to ponder:
* Of 34 closed complaints, 3 were resolved to the customer’s satisfaction.
* Of those same 34 complaints, 24 were billing/collection issues.
* Of 19 total Harvest Moon Loans reviews, 2 were positive.
* The negative complaints were filed as recently as March 9, 2017.
* A majority of complaints were in reference to continual withdrawal of funds after the initial loan term.
Still interested? Yes? Alright, let’s talk about Harvest Moon Loans rates and fees.
Harvest Moon Loans Fees
Alright, so what’s the real cost of a loan through Harvest Moon? Just want a hundred bucks for a couple new tires? How much is that payday loan going to end up totaling?
Obviously, we didn’t apply for a Harvest Moon Loan. So we’re basing this fee schedule on the little bit of information that the website does offer. And unless we’re interpreting the charts on the site incorrectly, all we can say is “wow.”
According to the website, Harvest Moon Loans offers two repayment programs. The first is a 14 day repayment plan, and this loan is pretty much on par with other lenders. If you request a $100 loan, you’ll repay the company $131.38 within two weeks.
The second type of loan is an installment loan. This loan is repaid in a series of 10 payments, automatically drafted from your checking account. And although we still can’t shake the feeling that we must be misreading the chart, a $100 loan appears to be repaid in 10 bi-weekly installments of $55.77. That’s a total of almost $560!
We decided to try to give the company a call to ensure that this was accurate. In fact, we tried to call five times. But each time we called, all of their representatives were “busy helping other customers” and we were told to continue to hold for an exorbitant amount of time. Because we never got through to the company to clarify the interest rates, we’re left to report them to you as over 500%. Wow.
Borrowing from Harvest Moon Loans
We hope we’ve done our civic duty in scaring you away from considering Harvest Moon Loans. We know little to nothing about the lender, except that the customer service is crap and the interest rates are phenomenal. The company is ranked about as high as the center of the earth both with the Better Business Bureau and with consumer ratings around the web. So please tell us, why would you still consider Harvest Moon Loans after reading all of this?
Borrow money from the Bank of Dad. Go busk on the street corner. Sell your dog. However you need to earn money to pay for your tires, it doesn’t matter. Just steer clear of Harvest Moon Loans.