Western Sky Financial loan rates....want a good laugh?

TopShelf11 · Jun 14, 2013

Douche bags keep spamming me with their offers, I clicked rates...

Loan Product	Borrower Proceeds	Loan Fee	APR	Number of Payments	Payment Amount
$10,000	$9,925	$75	89.68%	84	$743.49
$5,075	$5,000	$75	116.73%	84	$486.58
$2,600	$2,525	$75	139.22%	47	$294.46
$1,500	$1,000	$500	234.25%	24	$198.19
$850	$500	$350	342.86%	12	$150.72

Borrow 10k and pay back 62k....
Borrow 5k and pay back 41k

You get the idea. What a deal.

SECplayer · Jun 14, 2013

Ridiculous. Never understood why banks have to follow a million rules when it comes to lending money and allowable rates, but these shops can open and charge any rate they want so long as they disclose it.

Only thing worse is those JG Wentworth and other companies who purchase settlements and annuities. They offer about 20% of the net PRESENT value. Guess if the persons dumb enough to accept, that's there fault. Guess the same goes for these loans.

Murphy8276 · Jun 14, 2013

which one of these offers did you take/inquire about before? @)

-murph

TopShelf11 · Jun 14, 2013

SECplayer said:
Ridiculous. Never understood why banks have to follow a million rules when it comes to lending money and allowable rates, but these shops can open and charge any rate they want so long as they disclose it.

Only thing worse is those JG Wentworth and other companies who purchase settlements and annuities. They offer about 20% of the net PRESENT value. Guess if the persons dumb enough to accept, that's there fault. Guess the same goes for these loans.

tribal land.

Murph, yes I've taken the 10k a couple times now...we're gamblers and we always win so paying back 60k on a 10k loan was all good.

aceduecetrey · Jun 14, 2013

SECplayer said:
Ridiculous. Never understood why banks have to follow a million rules when it comes to lending money and allowable rates, but these shops can open and charge any rate they want so long as they disclose it.

Only thing worse is those JG Wentworth and other companies who purchase settlements and annuities. They offer about 20% of the net PRESENT value. Guess if the persons dumb enough to accept, that's there fault. Guess the same goes for these loans.

Its my money and I want it NOW!

beejmi · Jun 14, 2013

had to use one once. Have bad credit. Sunk alot of money into a car that in tun blew up anyway. Got behind on rent, etc

It was pretty horrible to be honest. The only way "out" without it costing too much is to borrow it and then return what you
don't need really fast. You have to be completely desperate to use one of these.

mnmike · Jun 14, 2013

Considering it's an indian bank, I imagine their only customers are drunken indians.

tatehill2000 · Jun 14, 2013

Why don't you get a 10000 loan under that stiffs name!!!! Hahahaha

Betallsports · Jun 14, 2013

I know a guy that knows a guy that Knows another Guy.... if he knows you 2 points, if he knows a friend .. 3 points

TopShelf11 · Jun 14, 2013

tatehill2000 said:
Why don't you get a 10000 loan under that stiffs name!!!! Hahahaha

lol

MotorMouth · Jun 14, 2013

These guys make Tony Soprano look like the tooth fairy.

bigtendominator · Jun 14, 2013

How is this even legal?

JohnnyMac · Jun 14, 2013

bigtendominator said:
How is this even legal?

Because the payday loan people lobby the state legislature (read: bribe) to pass a law making it legal.

gtc08 · Jun 14, 2013

its not legal. they have no way to collect if you cant pay.

BAGIANT · Jun 14, 2013

They aren't allowed to loan in California!

MotorMouth · Jun 15, 2013

Dont Hate the player ,hate the game

ck333 · Jun 15, 2013

I've never seen this commercial with the guy, in our area we always get the cute Indian girl.

BCEAGLE1996 · Jun 15, 2013

Jg went worth does not pay only 20 percent of the net present value. Jg discounts your stream of cash flows at 20 percent. Western sky is much worse. They are earning anywhere from 90 percent to over 300 percent. Much much wirse than jg which is earning close to 20 percent.

TopShelf11 · Jun 15, 2013

bigtendominator said:
How is this even legal?

Cause they are Indians on Indian land, they can charge whatever they want...now states can come back and cap their interest, which a few of them have done.

Betallsports · Jun 15, 2013

I'm sure in the past there have been plenty people that are in a bad way... so they turn to places like this... i'm also guessing that Over 50% never pay the loan off ( default )
But you can get Much better rates on the Streets....