I saw a commercial for westernsky financial loans and tried to read the fine print at the bottom. In the ad the spokes women says the money is "expensive" so I was curious because I thought I saw the annual rate was 116%
So checked out the website, and holy FUCKOLA!!! a 5k loan that will cost over 40k to pay off No I'm not joking, I couldn't believe it, are there REALLY people this stupid out there On a 5k loan there are 84 payments of 486.58 for a total of 41,359.30
Check it out for yourself if you want a cheap laugh, they even charge a $75 loan fee...on approved credit of course, should maybe have a mental exam while your at it
Unfortunately there are way to many stupid people who are taken advantage of with these kind of schemes, and don't even get me started on all the payday loan scam artists out there.
I put the shitsticks who run these places right up there with child rapists, I got no use for them at all and their ability to operate as they do goes to prove all of our lawmakers are corrupt asshats.
It's like spam from 'banks' asking you to log in, through a link, to confirm your details. Just hover your mouse over the link and you will see where the link will take you. They keep sending this crap out, because people keep falling for it. What is also funny is I think I have got only one from the 'bank' I actually bank with. Mind you, they are welcome to go in there and clean me out....they won't find much. The rest of my millions is in a suitcase under my bed, protected by me and my faithful sawn-off
The reason they can charge 116% interest is because the "loaning institution" is on native american land within the U.S. and gets to act as it's own country because of the treaties our government signed with them. So your state's maximum interest rate protections and the FTC can't be enforced and basically they get to rape your bank account if you are desperate enough or dumb enough to take their money.
On the commercial they admit that the money is expensive but they say it's cheaper than a payday advance. So how much more expensive are payday advances? And how is it they don't get held to maximum interest rate laws if they are even more expensive than Western Sky?