What is Harvest Moon Loans?
Harvest Moon Loans is a tribal lending company that offers tribal loans all year round. It is a very popular tribal lending firm because of its easy online processing. Customers can guarantee fast applications and approvals that usually happen in just one banking day. Customers don’t need to visit an actual location or site to get their loans too once it is approved since it is deposited directly on their bank account.
It appears that Harvest Moon Loans is operating as a tribal online payday lender. Harvest Moon Loans claims to be owned by the La Posta Band of Mission Indians, a federally recognized Indian Tribe. Harvest Moon Loans operates a website at harvestmoonloans.com.
What happened to Harvest Moon Loans?
According to the FTC, the 11 defendants, through Internet websites and telemarketing, and operating under the names Harvest Moon Financial and other used deceptive marketing tactics to convince consumers that their loans would be repaid in a fixed number of payments. In fact, in many instances, the FTC alleges, consumers found that long after the promised number of payments had been made, the defendants had applied their funds to finance charges only and were continuing to make regular finance-charge only withdrawals from their checking accounts.
In addition, the FTC charges that the defendants failed to make required loan disclosures, made recurring withdrawals from consumers’ bank accounts without proper authorization, and illegally used remotely created checks.
On May 11, 2020, the Federal Trade Commission filed a complaint against Harvest Moon Financial and others for allegedly operating a payday lending operation that violated the Telemarketing Sales Rule, Truth in Lending Act and Regulation Z, Electronic Funds Transfer Act and Regulation E.
Harvest Moon bled consumers dry, by promising a single payment payday loan, but then automatically debiting consumers’ bank accounts for finance charges every two weeks, in perpetuity
Federal Trade Commission v. Harvest Moon Financial
On May 11, 2020, the Federal Trade Commission filed a complaint against the Harvest Moon Financial (Harvest Moon Loans) for allegedly operating a payday lending operation that violated the Telemarketing Sales Rule, Truth in Lending Act and Regulation Z, Electronic Funds Transfer Act and Regulation E.
On May 19, the Court entered a Temporary Restraining Order, freezing defendants’ assets and prohibiting certain business activities. Shortly after the TRO was entered, defendants ceased business operations. Defendants later stipulated to the entry of four preliminary injunctions, which the Court entered on June 19, 2020.
The Preliminary Injunction against the Corporate Defendants appointed a Receiver to take possession and control of the business. Since defendants ceased operations, the Receiver is in the process of securing the Corporate Defendants’ business records and vacating the business premises.
Note: The Commission files a complaint when it has “reason to believe” that the named defendants are violating or are about to violate the law and it appears to the Commission that a proceeding is in the public interest. The case will be decided by the court.
We would like to encourage everyone to go through this problem well. For the benefit of borrowers and lenders. After reading if you still need online payday loans. We encourage to apply through our online service to get payday loans. Apply Now