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| Topic: Western Sky payday loans | |
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Edited by
boredinaz06
on
Wed 02/29/12 03:29 PM
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I just saw that Western Sky Indian loan rip off commercial so I checked em out.
If you borrow $1000.00 you actually borrow $1500.00, $500 of that is a processing or loan fee. You will be charged an APR of 234.25% with 24 payments of $198.19 totaling $4,756.56 If you borrow $2600.00 you will be charged a loan fee of $75 and charged an APR of 139.22% with 47 payments of $294.46 totaling $13,839.62 If you borrow $5000.00 the total you actually borrow is $5075.00, $75 loan fee. They will then charge you an APR of 116.73% with a total number of payments being 84 @ $486.58 each. This means you will have to pay back a total of $40,872.72 on a $5000.00 loan! That's what you call an *** ****in' |
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It's legal loan sharking(usury)
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I just saw that Western Sky Indian loan rip off commercial so I checked em out. If you borrow $1000.00 you actually borrow $1500.00, $500 of that is a processing or loan fee. You will be charged an APR of 234.25% with 24 payments of $198.19 totaling $4,756.56 If you borrow $2600.00 you will be charged a loan fee of $75 and charged an APR of 139.22% with 47 payments of $294.46 totaling $13,839.62 If you borrow $5000.00 the total you actually borrow is $5075.00, $75 loan fee. They will then charge you an APR of 116.73% with a total number of payments being 84 @ $486.58 each. This means you will have to pay back a total of $40,872.72 on a $5000.00 loan! That's what you call an *** ****in' They admit in their commercial that the money is expensive. |
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I just saw that Western Sky Indian loan rip off commercial so I checked em out. If you borrow $1000.00 you actually borrow $1500.00, $500 of that is a processing or loan fee. You will be charged an APR of 234.25% with 24 payments of $198.19 totaling $4,756.56 If you borrow $2600.00 you will be charged a loan fee of $75 and charged an APR of 139.22% with 47 payments of $294.46 totaling $13,839.62 If you borrow $5000.00 the total you actually borrow is $5075.00, $75 loan fee. They will then charge you an APR of 116.73% with a total number of payments being 84 @ $486.58 each. This means you will have to pay back a total of $40,872.72 on a $5000.00 loan! That's what you call an *** ****in' They admit in their commercial that the money is expensive. They sure do LOL |
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A question I have is this, since the United States has laws restricting percentage rates and these are so high (tribal lands are considered sovereign nations) they either need to lower them to U.S. standards or the FCC needs to forbid them from using the airwaves to promote this company.
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That loan is completely illegal in California and a few other states as well. It is a total ripoff but I'm not sure making it illegal is a good idea. Although these companies definitely need to have laws governing their disclosures about their loans. And they do, and they are upfront about their fees.
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A question I have is this, since the United States has laws restricting percentage rates and these are so high (tribal lands are considered sovereign nations) they either need to lower them to U.S. standards or the FCC needs to forbid them from using the airwaves to promote this company. 
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A question I have is this, since the United States has laws restricting percentage rates and these are so high (tribal lands are considered sovereign nations) they either need to lower them to U.S. standards or the FCC needs to forbid them from using the airwaves to promote this company.
You could lose your Liberal cool card for that comment! |
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"Government is not the solution to our problem,the government is the problem"
Ronald Reagan |
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Pay day loans like this are a problem 
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Edited by
JimmyTheGent
on
Wed 02/29/12 06:33 PM
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Wow. The mob traditionally had what they called a "6-for-5" loan. You borrow $500 today and in one week you owe $600. If you can't come up with the $600, well you better come up with at least $100 - the vig. And next week you owe $600 again. Of course, the consequences of not coming up with the mob's money can be quite severe. This doesn't sound a whole lot better.
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Wow. The mob traditionally had what they called a "6-for-5" loan. You borrow $500 today and in one week you owe $600. If you can't come up with the $600, well you better come up with at least $100 - the vig. And next week you owe $600 again. Of course, the consequences of not coming up with the mob's money can be quite severe. This doesn't sound a whole lot better. This is pretty much the same thing only it's legal and they have to disclose so it's not like people don't know what they are getting into. |
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I also love these commercials for "title loans". Bring in the title to your vehicle and get money. Sure. You agree to their usurious terms and if you default they get your vehicle. What a deal.
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