Western Sky Loans Sounds Good, But Is A BIG Ripoff

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“Playing the best hits on KAPE”

Since: Nov 09

Music City, USA

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#1
Mar 27, 2011
 

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You people watch yourselves out there.

I was watching a commercial for this loan sharking company called Western Sky, which is apparently owned by Native American Indians and includes Natives on their commercial. The actor in the commercial mentions that their loans are expensive, but one can pay them off early to lessen the fees.

I was astonished at the honesty, but I became curious after witnessing the commercial. I by no means am an advocate for debt, in fact I am against debt across the board but I had a little free time and looked them up online.

So here's the catch. Their interest rates are outright ridiculous, which is probably where they make their money, from people who live life just paying the minimum payment for things in life they feel like they cannot live without. So for a $2,600 loan, the annual percentage interest rate is 139.34% and is set up for 36 months...that is well over 10,000 dollars for a 2,600 dollar loan. The second loan is a 1,500 loan with a APR of 199.98 percent, a little over 7,000 dollars if the applicant takes the full three years to pay it back.

Geez. I hope no one is stupid enough to take a loan from them, but if you are, you deserve to have your bank account drained on their behalf.
Special

Madisonville, KY

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#2
Mar 27, 2011
 

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Some laws do not apply to Indian reservations - thus I gather the legal limit on interest does not apply?

However, cash advance places do the same thing and just call it fees instead of interest to get around this interest rate law. The poor get poorer.

“Playing the best hits on KAPE”

Since: Nov 09

Music City, USA

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#3
Mar 27, 2011
 

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Yes. Indian reservations are exempt from many laws in the U.S.

Poor people continue to be poor until they decide that enough is enough and change. It is 5th grade math to understand what these places are charging, I guess I never understood how anyone would even want to use their services.
Anonymous

United States

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#4
Jun 14, 2011
 

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Desperate times call for desperate measures. You shouldn't call people stupid if they have no other way. Just pray that you're never in a situation where you have to seek out a place like this. It's awfully ignorant and presumptuous of you both to make such judgmental remarks.
please

Owensboro, KY

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#5
Jun 14, 2011
 

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No, it IS stupid, but kind of understandable. Kind of like someone lost at sea in a lfeboat with no water. They KNOW better, but they are so thirsty they drink sea water. Which of course, being salt water actually INCREASES their thirst and speeds along dehydration.......

Desperation causes poor judgement, which actually makes the situation worse than it was to begin with. But this USUALLY calls for more sympathy than ridicule. The ridicule might be called for if someone borrowed the money the money to buy, say a vacation or something....but say someone got behind on utilities because of a medical crisis? Yeah, I can see it. I don't recommend it, but I can see it. The fact remains though that most people would be far better off to take the lumps that come with defaulting on whatever financial crisis is at hand than taking the far worse road of going to a PayDay lender or these Indian loan sharks.
not judgemental

United States

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#6
Jul 23, 2011
 

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We can't judge anyone everyone is not blessed to.have good credit or even born with a silver spoon in there mouth. You never know peoples situation i rather them borrow and pay it back then to see them in the system or without food or lights and needless to say I've seen people in crisis apply for emergency food or assistance with rent and utilities and they are denied. This company is not the only one out there doing this look at your rent a centers and with them sometimes its used furniture your paying twice as much for what its worth, look at these car lots that say in house financing or your job is your credit there interests are just as bad or you end up getting stuck with a lemon that you still have to pay for. You have to do what you gotta do to support your family and personally if westernsky was my last resort then hey ill just be paying them a lot of money back and oh yeah one more thing look at a lot of these trade schools charging all this money for classes and yes you get financial aide but then the school still charge you a monthly fee why is that? And then if you don't pay the fee of doesn't go on your credit they simply just say you owe the school and of u want to come back pay what you owe and then you gotta start paying the fees all over again sounds fishy to me money hungry.
Jlok

United States

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#7
Jul 25, 2011
 

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Can u get a loan with them if u have horrible credit?
Jesse

Madisonville, KY

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#8
Jul 25, 2011
 

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Jlok wrote:
Can u get a loan with them if u have horrible credit?
You don't need no loan, get a grant, get a government program...
rwash06

Fairmont, MN

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#9
Aug 8, 2011
 

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Jesse wrote:
<quoted text>
You don't need no loan, get a grant, get a government program...
People who should get government aid aren't always able. I know many people in my area who should be well within income guidelines that are told they make too much to qualify. A family of five, making less than 21K/yr with rent, utilities, food, car, gas, etc, can be turned down for making too much money. Sometimes these "bad choices" are the only thing that will keep a roof over a family's head or food on their table.
Gary

Pratt, KS

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#12
Oct 4, 2011
 

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The woman on the Western Sky tv ad says that Western Sky loans are alot cheaper than payday loans.Not only is this not true it is OUTRAGEOUSLY so. THIS IS A BOLDFACED LIE!!! How dare they say that. I bet that even some loan sharks would be embarassed to charge as much as they do. Perhaps they want to get back at americans for the unjust treatment of the past.Since they are supposedly exempt from US laws they can get away with this.I believe they would use the US justice system to sue people who
don't pay on their loans.They want their law and the US law when it's convinient for them. You can't have it both ways so which is it. Since the US has laws about exhorbitant loan fee's that would do WESTERN SKY no good.Those outrageous fee's would not be enforced by a court. If they continue ,some non indian could stiff them on their loan. I wouldn't do that because i wont have a thing to do with them. Don't be surprised if somebody does.

“Playing the best hits on KAPE”

Since: Nov 09

Music City, USA

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#13
Oct 4, 2011
 

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Gary wrote:
The woman on the Western Sky tv ad says that Western Sky loans are alot cheaper than payday loans.Not only is this not true it is OUTRAGEOUSLY so. THIS IS A BOLDFACED LIE!!! How dare they say that. I bet that even some loan sharks would be embarassed to charge as much as they do. Perhaps they want to get back at americans for the unjust treatment of the past.Since they are supposedly exempt from US laws they can get away with this.I believe they would use the US justice system to sue people who
don't pay on their loans.They want their law and the US law when it's convinient for them. You can't have it both ways so which is it. Since the US has laws about exhorbitant loan fee's that would do WESTERN SKY no good.Those outrageous fee's would not be enforced by a court. If they continue ,some non indian could stiff them on their loan. I wouldn't do that because i wont have a thing to do with them. Don't be surprised if somebody does.
I haven't seen those ads lately. I think that people either wizened up to their crap or legal action incurred.
pollie

United States

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#15
Oct 18, 2011
 

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You think that's bad try mid america title loans they charge over 300 percent interest a 3500 dollar loan woo cost you over 850 dollars a month in interest alone. if you are 1 day late they will get extremely smarty with you and start threatening to repossess your car
beenthere

United States

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#16
Oct 18, 2011
 

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Anonymous wrote:
Desperate times call for desperate measures. You shouldn't call people stupid if they have no other way. Just pray that you're never in a situation where you have to seek out a place like this. It's awfully ignorant and presumptuous of you both to make such judgmental remarks.
You are right, financial diffuculty of today hits us out of noware. And only the ones it has affected and made it thourgh the times of hardship know its rath. Change is definite as everthing lasts not forever.
pollie

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#17
Oct 18, 2011
 

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Didn't know I said anything derogatory towards anyone it sounds to me like you're the 1 that's trying to pick something here.6552
Opinionated

Chicago, IL

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#18
Oct 19, 2011
 

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Western Sky is Cashcall. If you call the number on the website you call Calif. I guess they had to change the name after screwing so many people for so long.

“Playing the best hits on KAPE”

Since: Nov 09

Music City, USA

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#19
Oct 19, 2011
 
Opinionated wrote:
Western Sky is Cashcall. If you call the number on the website you call Calif. I guess they had to change the name after screwing so many people for so long.
They probably went under because no one could pay their crazy rates.
Opinionated

Downers Grove, IL

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#20
Oct 19, 2011
 
I doubt they went under, they had so many bad reviewsit was time to change names.
jennifer

North Salem, IN

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#21
Nov 1, 2011
 

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Jesse wrote:
<quoted text>
You don't need no loan, get a grant, get a government program...
. Good luck with that! Give me a break, since when are you god to judge other people!
Wise one

Lancaster, PA

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#22
Nov 4, 2011
 

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Theres always some company waiting to take advantage of desperate people. Credit card companies, cash advances etc. Just do the investigating before you jump off the cliff
Bronco-33

Atkinson, NH

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#23
Nov 4, 2011
 

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For you people who are saying desperate times calls for desperate measures are full of bull-s---. There are ways to manage without dealing wih such outrageous interest rates as with western sky. I hit rock bottom a couple of years ago with only $110 a month comeing in. Today my credit rateing is over 700 and just bought a house this past June and did this al on my own. So take your sob stories somewhere else.

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