I wrote about the westernsky.com scam back in September and that is still the most popular post on this site. I really hope that people will stop and think before entering into loan agreements at obscene interest and fee rates. These kinds of loans are never going to really help you fix your financial situation, they are predatory and typically put the loan customer at a severe disadvantage.
I have seen some people start receiving calls from a place called cashcall looking to solicit loans after applying with westernsky. It's always a bad sign to me when an application to one company prompts several inquiries from other companies. It sounds to me like they're making some big money SELLING YOUR INFORMATION.
I've seen some people comment on sites that the only reason some people have a problem with it is that it's claimed to be a Native American owned organization.... I really don't care who owns it, when I see people hawking loans with between 139% APR and 194% (as of 4-14-11 for North Carolina Loans)... **** AT A MINIMUM according to their site... **** plus a fee of $75 for the $2600 loan and fee of $500 for a $1500 loan *which seems to be an avenue to say.... well you only want $1500, but the fee for that is very high. If you wanted the $2600 loan you could have it for a much lower fee".... and then your trapped for longer
Interestingly they apparently can't lend in California....
any question why I this westernsky.com is a scam?
I saw one person observe they're relationship with cashcall and point out the bad reputation cashcall has on complaintsboard.com.
Somebody at topix did some quick math on the westernsky interest rates:
Barow $2,600 minus a loan fee of $75.00 =$2,525
Payback on 36 months,$10.761.84
Interest rate, 139.34%
Barrow $1500.00 minus loan fee of $500.00 =$1000.00
Payback on 36 months,$7134.88
Interest rate, 199.98%
and put out a warning to people to be careful. Strangely some people defended westernsky saying to not blame them, there are other payday lenders. These other high interest rate lenders are just as bad a scam as westernsky.com
Okay - WATCH OUT FOR SUCH STEEP INTEREST RATES NO MATTER WHO IT IS. These are obscene! Some of these places charge up to 400% interest. That's even more than Western Sky Financial!!!
I would declare bankruptcy before getting into a loan with rates that high.
We're working our way out of credit card debt and the 20% of a credit card seems like a trap I can't imagine how much the debt would pile up if it were over 100%.
Once upon a time I thought there were usury laws that put limits on the percentage interest rate that could be charged on loans. I thought this was in the 25%-30% range. Unfortunately there isn't such a broad law and some companies would get around it by adding "fees".... Ugh - what a scam!
Please be careful out there and don't make a bad situation worse by getting into such a predatory loan deal as these. Avoid this westernsky.com as well as any other payday loan scams with such outrageous interest rates.
Seriously, if you don't have the money today, do you really think you'll have it one week, or 4? Think about it and you will likely agree that it is fair to call this westernsky.com a scam.
Another thought is to read the ftc's warning on payday loans...
Or take a look at this youtube video of their commercial:
There are so many peoples used credit card. Because credit card is a way of payment by using the plastic cards which are issued to customers for their payment. Plastic business cards
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