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Harvest Moon Loans is a payday loan company. Payday loans may seem like a good option for financial emergencies & poor credit (w/ no savings). But the average interest on a payday loan is more than 400%. Working with a reputable credit repair company (like Credit Glory) boosts your score & can help you save thousands on interest.
What you need to know about payday loans from Harvest Moon Loans
Harvest Moon Loans offers quick payday loans giving you cash fast. However, high-interest rates associated with payday loans (likely > 400% APR) burn your money (fast). The worst part? If you can't repay a payday loan by the due date (commonly 14-days), compounding fees create a snowball effect that can spiral into crushing debt. Not good! Luckily, avoiding massive rates is simple; improve your credit score!
If you have the time (& the know-how), you can boost your credit score yourself — if you don't mind tedious work & spending all day chatting with debt collectors (who may or may not pick up the phone). You can simplify (& expedite) the process by partnering with a credit repair expert, like Credit Glory, who specializes in cutting through the nonsense and boost low credit scores. Higher scores mean you can ditch costly payday loans from companies like Harvest Moon Loans with high rates (saving you money).
How payday loans keep you in debt
Payday loans (like ones from Harvest Moon Loans) draw you in as a quick, easy solution to financial problems. Approval is quick (& easy) but here's the catch—they expect the loan paid in full on your next payday (usually two weeks). 'Finance charges' can be as high as 15-20% creating interest rates over 400%!
3 ways better credit lets you avoid (expensive) payday loans
The best way to avoid the payday loan trap? Taking control of your financial future by raising your credit score. A higher credit score means better financial tools like:
- Better loan options - Bad credit? You have limited options when you need money fast. The solution? Fixing your credit (& boosting your score) opens the door to better loans potentially saving you thousands.
- Lower Rates - Better credit = better rates. These rates are manageable and don't waste your hard earned money like a payday loan.
- Better terms - You should have longer than 14 days to repay your loan. A better credit score gives you the time to repay your loan (without costing a ton).