Author Topic: With friends like Western Sky...  (Read 5182 times)

Will

  • Pencil Stache
  • ****
  • Posts: 798
  • Location: Vancouver, WA
  • What the deuce?!?!?
With friends like Western Sky...
« on: November 14, 2012, 12:33:58 AM »
Who needs enemies?   Sovereign nations can do what they want!!  Sorry, Western Sky loans are not available to consumers in California, Colorado, Maryland, South Dakota and West Virginia.

Here are Western Sky's current rates. Please be aware that not all applicants will qualify for every loan product or the lowest interest rate for a particular loan product. Some applicants will not qualify for any of the products. Western Sky reserves the right to change the rates and loan products listed below without notice.
        
Loan Product    Borrower Proceeds    Loan Fee    APR    Number of Payments    Payment Amount
$10,000 Loan    $9,925    $75    89.68%    84    $743.49
$5,075 Loan    $5,000    $75    116.73%    84    $486.58
$2,600 Loan    $2,525    $75    139.22%    47    $294.46
$1,500 Loan    $1,000    $500    234.25%    24    $198.19
$850 Loan    $500    $350    342.86%    12    $150.72

Adventine

  • Handlebar Stache
  • *****
  • Posts: 2424
  • Location: Memphis, USA
Re: With friends like Western Sky...
« Reply #1 on: November 14, 2012, 02:47:21 AM »
WTF!

sideways8

  • Stubble
  • **
  • Posts: 123
  • Location: Beach Park, IL, USA
Re: With friends like Western Sky...
« Reply #2 on: November 14, 2012, 06:47:10 AM »
Jeez I think I'd rather take my chances with the mob.

Posthumane

  • Bristles
  • ***
  • Posts: 396
  • Location: Bring Cash, Canuckistan
    • Getting Around Canada
Re: With friends like Western Sky...
« Reply #3 on: November 14, 2012, 08:23:29 AM »
Some of those loans would be illegal in Canada. We have usury laws which criminalize any interest above 60% per annum. Why someone would take a loan with a fee that amounts to 70% of the received amount, and over 200% interest p.a. is beyond me.

KristinD

  • 5 O'Clock Shadow
  • *
  • Posts: 7
Re: With friends like Western Sky...
« Reply #4 on: November 14, 2012, 08:36:14 AM »
Jeez I think I'd rather take my chances with the mob.

You aren't kidding!

Mactrader

  • Stubble
  • **
  • Posts: 142
  • Age: 42
  • Location: Ann Arbor, MI
Re: With friends like Western Sky...
« Reply #5 on: November 14, 2012, 08:41:14 AM »
These are ultra short term lenders are they not? The reason for the crazy high interest is so that they can actually make money on a 2-4 week loan. I don't believe that the idea is that you're supposed to hold on to them for a year.

By no means am I defending the practice.

Posthumane

  • Bristles
  • ***
  • Posts: 396
  • Location: Bring Cash, Canuckistan
    • Getting Around Canada
Re: With friends like Western Sky...
« Reply #6 on: November 14, 2012, 09:14:28 AM »
These are ultra short term lenders are they not? The reason for the crazy high interest is so that they can actually make money on a 2-4 week loan. I don't believe that the idea is that you're supposed to hold on to them for a year.
That's what I thought at first, until I saw that the list also included a repayment schedule. The lowest loan has a payment schedule of 12 payments of 150.72, totaling $1808.64. That's on a borrowed amount of $500... I'm assuming these are monthly payment schedules, so the lowest loan is for one year, and the highest loan is for 7 years (meaning on a borrowed amount of $9925 a person would end up paying 84 monthly payments of $743.49 for a total of $62453.16, or $8912.88 per year).


EDIT: In fact, I just saw on the front page of their site it says this:
Quote
Western Sky is NOT a Payday Lender
Not a short term lender, our loan periods range from 12 months to 7 years
« Last Edit: November 14, 2012, 09:17:44 AM by Posthumane »

MrSaturday

  • Stubble
  • **
  • Posts: 138
Re: With friends like Western Sky...
« Reply #7 on: November 14, 2012, 09:36:38 AM »
The more you borrow the more you save!

capital

  • Bristles
  • ***
  • Posts: 454
Re: With friends like Western Sky...
« Reply #8 on: November 14, 2012, 09:45:27 AM »
Obviously a scummy business, but at least it's vacuuming money into one of the most desperately impoverished parts of the country. Families live piled up together in houses that often don't have heat (and it gets COLD in South Dakota in the winter), and many people don't have cars in one of the emptiest parts of the country, where small villages are an hour or more apart by car. There isn't much by way of employment, either, and the land isn't particularly fertile, which is why the government forced the Indians there.

 

Wow, a phone plan for fifteen bucks!