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Just saw this commercial and this can't be real

Valued Contributor

Just saw this commercial and this can't be real

Take a look at this loan service from western sky....

http://www.westernsky.com/General/Rates.aspx

I saw the commercial and noticed the rate at the bottom of the screen and thought it couldn't be real...well looked and the website and was shocked...do people really do this, I mean you must be desperate.

 

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Message 1 of 7
6 REPLIES
Super Contributor

Re: Just saw this commercial and this can't be real

 

"WESTERN SKY FINANCIAL is a Native American business operating within the exterior boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America"

 

I think this pretty much means they can charge whatever interest rates they want......

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 7
Valued Contributor

Re: Just saw this commercial and this can't be real


pizzadude wrote:

 

"WESTERN SKY FINANCIAL is a Native American business operating within the exterior boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America"

 

I think this pretty much means they can charge whatever interest rates they want......


haha yeah I mean the disclose there rates pretty openly but who in there right mind would take a loan from them.

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Message 3 of 7
Blogger

Re: Just saw this commercial and this can't be real

beb86, I'm pretty sure there are plenty of people that would resort to that type of an action.

 

Nothing surprises me anymore.

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Message 4 of 7
Regular Contributor

Re: Just saw this commercial and this can't be real

if you do the math on payday loans it works out to like 400% APR


Starting Score: 600ish in 2007
Highest Score to date: EQ 716 May 2012(lender pull)
Current Score: EQ 685 6-21-12 ; Walmart TU Fico 744 6-05-12
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Message 5 of 7
Established Contributor

Re: Just saw this commercial and this can't be real

Yousa!

 

Interesting, they don't have rates listed for California....but I have seen their advertisements.


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Message 6 of 7
Moderator Emeritus

Re: Just saw this commercial and this can't be real

Message 7 of 7