Great Option for all System Players and Dice Control Experts!

Western Skye Financial, which is owned by an individual Tribal Member of the Cheyenne River Sioux Tribe, is offering a great deal! I immediately thought of all of the people who come to the Wizard of Vegas website trying to get people to help fund their bankroll for their new "system" which is sure to make them millions of dollars. The dice control experts can also use the extra cash flow to pad their bankrolls instead of wasting their time taking on students who would only pay them pittance to what they could be making during the same time at the casino.

You can get a $10,000 loan with only a $75 loan fee ($9,925 to you) with only 84 monthly payments at an APR of 89.68%. That comes out to only $743.49 per month! What a bargain!

Too high rolling for you? Fear not. The Western Skye Financial has a package to suit every need.

You can get a $850 loan with only a $350 loan fee ($500 to you) with only 12 monthly payments with an APR of 342.86%. That comes out to only $150.72 per month!
 
All joking aside, in their disclaimer, 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. So that's how they can get away with this. But how desperate do you have to be to sign up for this? This is legal loan sharking!

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

This is common practice at payday loan places. 342% APR is common. I've seen higher.

Quote: FinsRule

This is common practice at payday loan places. 342% APR is common. I've seen higher.

Yeah, one victim of those pay day loan places went to a lawyer ... and a few months later... the lawyer opened up her own payday loan office since the money was so good.

Quote: FleaStiff

Yeah, one victim of those pay day loan places went to a lawyer ... and a few months later... the lawyer opened up her own payday loan office since the money was so good.

Don't tell the state bar ethics committee, but I'm considering it myself. Nevada looks especially tempting, and regulations are loose.

Quote: FinsRule

This is common practice at payday loan places. 342% APR is common. I've seen higher.

Sure, but that's usually a one time short-term fee expressed as an APR. OneClickCash and UnitedCashLoans both have a $200 fee on an $800 one-month loan. It's a little different when a $5000 or $10000 loan comes with a 72 month payment period at 400% APR. Interest ends up being many times the principal...

you can usually find someone at a baccarat table willing to lend to you for 10% a week, no fee. no compounding.
a comparative bargain.

This is from a complaint site about this company:

"A friend of mine had a loan, these people kept harassing her telling her the cops were going to be at her house in the morning, threatened to have her child taken away, told her if she couldn’t pay it back, she was a loser, and ripped her apart. In the end, they had her SO terrified that she gave them her cc info, and approved them to take 356 dollars. They cleared out her bank account to the tune of 900 dollars. She contacted her bank and came to find out that homeland security is involved with this company. It’s a fraud!!"

I'd gladly pay you Tuesday for a Hamburger today.

Quote: EvenBob

This is from a complaint site about this company:

"A friend of mine had a loan, these people kept harassing her telling her the cops were going to be at her house in the morning, threatened to have her child taken away, told her if she couldn’t pay it back, she was a loser, and ripped her apart. In the end, they had her SO terrified that she gave them her cc info, and approved them to take 356 dollars. They cleared out her bank account to the tune of 900 dollars. She contacted her bank and came to find out that homeland security is involved with this company. It’s a fraud!!"

They might be a fraud, but so is that complaint. Payday loan companies can't take payments directly from credit cards (no loan issuers can); credit cards also aren't associated with bank accounts. And Homeland Security doesn't investigate fraud claims, the DOJ does.

Quote: rdw4potus

They might be a fraud, but so is that complaint. Payday loan companies can't take payments directly from credit cards (no loan issuers can); credit cards also aren't associated with bank accounts. And Homeland Security doesn't investigate fraud claims, the DOJ does.

I'm sure she meant her debit card number, which is tied to
your bank account. Many people think its a credit card. And
HS`might be involved for a totally different reason than fraud.

Quote: EvenBob

And
HS`might be involved for a totally different reason than fraud.

Good point. It sure is good that the bank both had that info and shared it with a private citizen.

No scam when the numbers are CLEARLY presented up front to the customer. I also understand that most of these companies require a checking account so that they debit the account for the payment and NFS can be charged if the money is not there.

Like anything else in life, somewhere personal responsibility has to come into play. You make a committment knowing the terms, you need to pay the money back.

Quote: rdw4potus

Good point. It sure is good that the bank both had that info and shared it with a private citizen.

My bank told me in 2006 that HS was involved in
investigating the bank across the street. Its the
FBI that you never hear about.