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WoW - WesternSky Problem Solver ad - bad, really bad

Valued Contributor

WoW - WesternSky Problem Solver ad - bad, really bad

Watching old Big Bang Theory and there was add for WesternSky Problem Solver loan.  The small print for the 10k loan they were selling was 89% for a term of 84 month repayment (7 years!).  The montly note is about $750!  So to "borrow" 10k you have to pay them $62,000!  How in the hell is that legal? (Oh, they are on an Indian land so they are probably skirting some US lending laws.)

 

I hope no one on this site is considering this "offer."



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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9 REPLIES
Regular Contributor

Re: WoW - WesternSky Problem Solver ad - bad, really bad

I've seen their ads from time to time as well - the one offered the low rate of 200% apr. The commercial even says 'sure the moneys expensive' LMFAO.


Starting: 563 | Current: 748 (TU 8/15) | Goal: 800 | Garden since: 08/10/2015

Valued Contributor

Re: WoW - WesternSky Problem Solver ad - bad, really bad

i seen that ad too lol i find the native american chick attractive tho....

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Valued Contributor

Re: WoW - WesternSky Problem Solver ad - bad, really bad


jsickz32 wrote:

i seen that ad too lol i find the native american chick attractive tho....


+1  (ok, I'm now expecting to be hit with a wet noodle by a moderator Smiley Happy  )



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Senior Contributor

Re: WoW - WesternSky Problem Solver ad - bad, really bad

The sad part is that they wouldn't be airing the commercials if they didn't acheive the desired results...

 

In other words, you just KNOW some number of folks are falling for it...

Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Established Contributor

Re: WoW - WesternSky Problem Solver ad - bad, really bad

Some people do get trapped in this mess. It's almost as bad as getting caught in the vicious cash advance cycle where every week you're paying back and re-borrowing in the same transaction. I hurt for these people really. Same goes for Rent-a-Center/Aaron's all that crap.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Frequent Contributor

Re: WoW - WesternSky Problem Solver ad - bad, really bad

scary but its in their terms so..

Frequent Contributor

Re: WoW - WesternSky Problem Solver ad - bad, really bad

Another company taking advantage of desperate times Smiley Sad

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Established Contributor

Re: WoW - WesternSky Problem Solver ad - bad, really bad

In their terms or not it should be an illegal practice.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Regular Contributor

Re: WoW - WesternSky Problem Solver ad - bad, really bad

Yeah it is terrible that people get trapped in these situations - I wouldn't take a cash advance out if my life depended on it, just way too dangerous.


Starting: 563 | Current: 748 (TU 8/15) | Goal: 800 | Garden since: 08/10/2015