Western Sky Loans?

Seen this commercial yesterday. Caught a quick glance at the fine print and was a little surprised. Their”Problem Saver” loan is 10 grand at 89.99% interest if I read it right. Think it also stated only 89 payments of roughly $750 per month. Thats only roughly 65 grand to pay off your 10 grand loan.

So who would sign up for this type of loan? They must be fishing for just a few suckers out there to try to get a hold of their homes or something. Had my son run the numbers real quick on this the other day to show him what interest does with a loan.

Ever notice who owns them??

The interest rate is anywhere between 89% and 342% depending on how much you borrow, the more you borrow the less the rate.

They even have the nerve to tack on a loan fee on top of those rates.

Mike the 10K loan is a good deal compared to the lower value loans they offer.

For a $850 loan you pay a $350 loan fee and 342.86%
12 payment of $150.72

I feel like committing financial suicide…got a website?

(kidding)

Isn’t that how you lost your trailer Brian? Couldn’t make the payments.

ouch.

I raised a big stink about this a while back. Due to ownership, are they excluded from predatory lending laws? If they are excluded, I think the tv stations share some responsibility. It’s a stretch but, If its illegal for a property owner to get a kickback for providing a drug dealer a place to solicit, shouldn’t the tv stations share some liability for profiting and providing a place for predatory lenders to solicit?

The sovereign nations continue to find loop holes in our laws that don’t apply to them. It’s sickening.

INCREDIBLE!!!!! Take out a $850 loan, get charged a fee of $350 for taking the loan out so you get $500. Then have to make 12 $150 monthly payments?

I wonder if I can be the bank and play by those rules?

I was just talking with someone about that yesterday, what is the reservations recourse if you chose not to pay them? Can they sue you in our courts? Can they report you to a credit rating agency or go after your assets?

Hmmmm……..

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INCREDIBLE!!!!! Take out a $850 loan, get charged a fee of $350 for taking the loan out so you get $500. Then have to make 12 $150 monthly payments?

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Ummm I hope the people that need that kind of money can and do realize that 5 payments of $100.00 will give them the same net results.

I do know there are other life styles out there that might need that kind of money today and think tomorrow will never come.

Naw, they will just break your legs and run back to the reservation and claim sovereignty.

Wonder if the United States has a extradition treaty with them?

But, on a serious note, if ANYBODY takes a loan with them they deserve what they get.

My favorite part of that commercial is the line “pay off your payday loan once and for all”

Oh yeah, just take out a loan to pay off that loan, that’s a good way to get rid of a loan.

The fine print also says “some documentation required” I’m assuming they loan to almost anyone and have a VERY HIGH rate of default.

I’d just like to say, hey, why the long face, your making money.

I did a little Googling and it sounds like it is actually the old pay day loan companies that are “laundering” loans through big sky to avoid predatory lending laws.

The deal is that it isn’t a bad deal if you need quick cash and can pay it off in 1-2 weeks. Of course, 99% of the people who do these loans are not in that position.

I am still in favor of reopening the treaties and arming the borders.

But most of the credit card companies just went to 25 to 33% too.

Where did you say I can get $10,000 to pay off my debts today?

Almost sounds like that blue hippo computer scam they were running awhile back.

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I raised a big stink about this a while back. Due to ownership, are they excluded from predatory lending laws? If they are excluded, I think the tv stations share some responsibility. It’s a stretch but, If its illegal for a property owner to get a kickback for providing a drug dealer a place to solicit, shouldn’t the tv stations share some liability for profiting and providing a place for predatory lenders to solicit?

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I work in advertising for a TV company. The basic rule is as long as they have a legal product (which this is) we really can’t discrimate. If we did they could come after us. Just like at political time we MUST run any approved ad from the candidates as long as they agree to our prices. We might not be happy with it, but that is the way it is.

Thanks for the clarification. I figured this was the reasoning. Hopefully you charge double for businesses of this nature.

Most guys are probably not looking at the small print . There looking at the big cash and good looking women

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Almost sounds like that blue hippo computer scam they were running awhile back.

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Exactly. I did that. After a while I just stopped paying them and waited 7 years for it to clear my credit.

Now you all know why I don’t own a boat.