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Old 04-05-2010, 07:31 PM   #1
Mr. Happy Sock
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How about a $2500 Loan- At 139% Interest!!!!!

So I was watching TV earlier (Figure that) and on came a commercial that Literally had me rewind and watch over and over and over.

In the commercial, an Indian (Feathers, not dot) is standing against the backdrop of a mountain and says the following-

"How would you like up to $2500.00 almost instantly? Here at Western Financial will lend you this money almost instantly and with no collateral whatsoever. Sure, It's expensive- but you can pay it down quick to not pay as many fees. Call Us now"

Then as the small print is flashed across the bottom of the screen, the fast-talking guy says that Western Sky Financial, LLC, is a Native American-owned business operating within the boundaries of the Cheyenne River Sioux Reservation.

Well, my interest is piqued at this point- If the guy on TV says it is expensive- exactly HOW expensive is it? I rewind the DVR and pause to read the small print. Here is the jist-

- 139% Interest Loan- Yes, 139% INTEREST!!!
- 75$ "Origination" Fee once loan is approved
- 36 Monthly Payments of $297 if loan isn't paid off early (This means you pay $10,692 over 3 years to pay back a $2,500 Loan- WOW)
- Loan can be paid off early with no penalties


I absolutely could not believe what I was reading. How is this legal? I mean- I know Indian Reservations are sovereign nations- BUT to charge a loan 139% interest?!?!?!? How is that allowed? Apparently The Indians have free reign to absolutely and unabashedly rape people without vaseline.

My guessing here is that this Indian Tribe charges these astronomically retarded interest rates knowing most people are going to default on the loans, but thats OK for them because even if people manage to make a few payments, they will take them to court for the rest (Including trumped up fees and penalties I am sure) and get the money garnished.

Plus, what people are going to go for something like this? If this isn't a textbook example of predatory lending, then I don't know what is. The only ones who would be desperate enough to even consider something as absurd as this are most assuredly not going to be able to pay the loan off.

Anyways- Sorry for the long rant, however I just cannot believe in this day and age (And with what went down with the whole predatory lending thing) ANYONE would be allowed to blatantly do something like this.

OH and If you don't qualify for the $2500 Loan, they also have a $1000 Loan.....with a $500 Processing free and 199% Interest! (You will Pay $3900 in 12 months for a $1000 Loan)

Here is the linkto the Terms and Conditions-

http://www.westernsky.com/TermsOfUse.aspx

And the Terms with all the good stuff highlighted-

Western Sky Financial, LLC, is a Native American-owned business operating within the boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America. Western Sky offers personal loans of up to $2,600. Personal loans that are not secured by personal property or collateral like a home or car. You can have your loan proceeds wired to your checking account in one business day after you provide all required documentation and pending credit approval.


The interest rate on our loans is 135% with an APR of approximately 139%. Borrowers may prepay their loans at any time without penalty. There are no upfront fees. If you are approved and your loan is funded, we will collect a $75 loan origination fee from the proceeds of the loan.


In order to apply for a loan, you must be at least 18 years old and have a valid checking account. Western Sky accepts applications from residents of all states except West Virginia, and California. To apply for a loan with Western Sky, you must complete the loan application. Western Sky will pull your credit report to enable us to make a credit decision on your application. We will usually provide you with a preliminary decision via e-mail minutes after you have submitted your application – no matter what time of day or night you apply.


If your application is conditionally approved, you will be asked to fax in a copy of your driver's license, bank statement and a voided check so that the loans proceeds can be funded to your bank account. You will then have an opportunity to review the payment terms and make a decision whether to accept or reject the loan offer. If you decide to accept the offer, you will complete an on-line loan agreement and execute the loan agreement electronically by checking the appropriate boxes using the mouse on your computer. You must execute the online loan agreement in order to receive your loan proceeds.


All loans will be subject solely to the exclusive laws and jurisdiction of the Cheyenne River Sioux Tribe, Cheyenne River Indian Reservation. All borrowers must consent to be bound to the jurisdiction of the Cheyenne River Sioux Tribal Court, and further agree that no other state or federal law or regulation shall apply to this Loan Agreement, its enforcement or interpretation.[/I] The loan agreement contains an agreement to arbitrate all disputes in which borrowers agree to waive their right to a jury trial, to have a court decide any dispute, and to participate in a class action lawsuit, and to certain discovery and other procedures that are available in a lawsuit. If you do not wish your account to be subject to this arbitration agreement, you must advise us in writing. It is not sufficient to telephone us. we must receive your letter or e-mail within sixty (60) days after the date your loan funds or your rejection of arbitration will not be effective. in the event you opt out of arbitration, any disputes hereunder shall nonetheless be governed under the laws of the Cheyenne River Sioux Tribal Nation.



Last edited by Mr. Happy Sock; 04-05-2010 at 07:43 PM..
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Old 04-05-2010, 08:25 PM   #2
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Do you know what the interest is on a two week pay day loan? I'll give you a hint. It's more than 139%. These places are everywhere here in Texas. Guess people will pay any price when they need the money now.

Here's a link to one of these place's rate sheets... 792% APR!!
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Old 04-05-2010, 08:31 PM   #3
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Chump change
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Old 04-05-2010, 08:44 PM   #4
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Where do I apply?!
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Old 04-05-2010, 08:57 PM   #5
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i don't qualify























it says you must be brain dead
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Old 04-05-2010, 09:15 PM   #6
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F*ckin' Indians...
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Old 04-05-2010, 09:34 PM   #7
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I don't see the problem here. Percentages and interest rates are 6th grade math.

If a grown person wants to borrow money at the rate, why not let him?
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Old 04-05-2010, 09:50 PM   #8
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Quote:
Originally Posted by TipRoast View Post
I don't see the problem here. Percentages and interest rates are 6th grade math.

If a grown person wants to borrow money at the rate, why not let him?
This is the mantra of predatory lendors
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Old 04-05-2010, 10:19 PM   #9
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Quote:
Originally Posted by Mr. Happy Sock View Post
This is the mantra of predatory lendors
God I hate that term. They (the customers) are adults. They initiate contact with the company, they are explained the rates. They agree to the terms of the contract. It really is sixth grade math. I call BS on that term. How about another?

This is the mantra of irresponsible exploitational "victims" is correct.
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Old 04-06-2010, 07:04 AM   #10
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6th grade math. Quick, what's the formula for compound interest compounded daily on a 5 year loan?
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Old 04-06-2010, 07:51 AM   #11
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Was it Clare?
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Old 04-06-2010, 07:56 AM   #12
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Yep, pretty much like the payday loans, the only way one would even THINK about such a thing would be if they're paying off WAY early.

I had to use the payday loan stuff a few times after the wife got laid off and we were still living in the wonderfully affordable Boston suburbs. Trick is, I was using them to float the rent (or bill) check an extra couple of days, so they were paid off, usually before the first interest payment was even due. Still hated doing it, but had no choice at the time.
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Old 04-06-2010, 08:16 AM   #13
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Gives new meaning to "getting scalped".
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Old 04-06-2010, 08:18 AM   #14
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I dont see what the big deal is, if you dont want it then dont get it
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Old 04-06-2010, 09:04 AM   #15
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Quote:
Originally Posted by Mr. Happy Sock View Post


I absolutely could not believe what I was reading. How is this legal? I mean- I know Indian Reservations are sovereign nations- BUT to charge a loan 139% interest?!?!?!? How is that allowed? Apparently The Indians have free reign to absolutely and unabashedly rape people without vaseline.
Key words right thar, most likely.
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