FTC challenges strategies of online payday loan provider

FTC challenges strategies of online payday loan provider
For the business called Harvest Moon, its business practices sure leave consumers at night about key areas of its loans that are payday. That’s what the FTC alleges in a full case filed in federal court in Nevada.
Utilizing consumer-facing names like Harvest Moon Financial, Gentle Breeze on the web, and Green Stream Lending, 11 associated Nevada- and California-based defendants – including a tribal lending enterprise chartered under the guidelines for the Los Angeles Posta Band of Diegueño Mission Indians – run an on-line payday lending procedure. Consumers typically borrow quantities which range from $50 to $800.
The defendants represent that they’ll withdraw a hard and fast wide range of re re payments from consumers’ bank reports to pay for both the finance and principal charges linked to the loan. But in accordance with the problem, quite often, the defendants make repeated finance withdrawals that are charge-only customers’ accounts without ever crediting the withdrawals towards the principal that customers owe. […]