Harvest Moon Loans Usury, violation of state lending laws Boulevard California

If you get a loan offer from Harvest Moon Loans, read the documents you are sent very, very carefully before you speak with their representative or accept the loan offer. 

Fortunately I read the loan documents before letting my son accept their offer. Harvest Moon may be a Native American lending service but they must comply with the laws of the state where the borrower is located. Virginia only allows a maximum of 39.5% APR on a pay day or any unsecured installment loan. Harvest Moon's interest rate stated in their loan documents was 1002.9% per annum.

However, we are concerned that they now have our bank information after seeing reports about predatory practices in the short-term loan industry as a whole. This is not a comment on Harvest Moon's practices, only on the industry itself.

NOTE: The representative who called us was very polite and encouraged us to review the loan documents carefully before engaging in a discussion of the loan with her. I give her high marks for that.

Based on violating Virginia's laws regarding interest any lender authorized to do business in the state can charge, refused the loan offer. Will be reporting them to the appropriate Department in Richmond as well as other appropriate agencies for compliance investigation. If Harvest Moon is able to bring their loan products into compliance with the laws governing such transactions in the states where they are licensed to issue loans, they have potential to be a good source for short term loans.