Juyemura
Juyemura
  • Threads: 39
  • Posts: 154
Joined: Apr 8, 2012
May 9th, 2012 at 1:47:11 PM permalink
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
Lottery:  A tax on people who are bad at math.
FinsRule
FinsRule
  • Threads: 129
  • Posts: 3917
Joined: Dec 23, 2009
May 9th, 2012 at 2:27:33 PM permalink
This is common practice at payday loan places. 342% APR is common. I've seen higher.
FleaStiff
FleaStiff
  • Threads: 265
  • Posts: 14484
Joined: Oct 19, 2009
May 9th, 2012 at 2:31:21 PM permalink
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.
teddys
teddys
  • Threads: 150
  • Posts: 5529
Joined: Nov 14, 2009
May 9th, 2012 at 3:06:44 PM permalink
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.
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
rdw4potus
rdw4potus
  • Threads: 80
  • Posts: 7237
Joined: Mar 11, 2010
May 9th, 2012 at 3:26:30 PM permalink
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...
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
WongBo
WongBo
  • Threads: 62
  • Posts: 2126
Joined: Feb 3, 2012
May 9th, 2012 at 3:30:55 PM permalink
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.
In a bet, there is a fool and a thief. - Proverb.
EvenBob
EvenBob
  • Threads: 441
  • Posts: 29023
Joined: Jul 18, 2010
May 9th, 2012 at 3:47:11 PM permalink
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 couldnít 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. Itís a fraud!!"
"It's not called gambling if the math is on your side."
aceofspades
aceofspades
  • Threads: 366
  • Posts: 6506
Joined: Apr 4, 2012
May 9th, 2012 at 3:53:45 PM permalink
I'd gladly pay you Tuesday for a Hamburger today.
rdw4potus
rdw4potus
  • Threads: 80
  • Posts: 7237
Joined: Mar 11, 2010
May 9th, 2012 at 3:57:20 PM permalink
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 couldnít 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. Itís 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.
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
EvenBob
EvenBob
  • Threads: 441
  • Posts: 29023
Joined: Jul 18, 2010
May 9th, 2012 at 3:59:51 PM permalink
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.
"It's not called gambling if the math is on your side."
rdw4potus
rdw4potus
  • Threads: 80
  • Posts: 7237
Joined: Mar 11, 2010
May 9th, 2012 at 4:08:01 PM permalink
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.
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
Boz
Boz
  • Threads: 155
  • Posts: 5701
Joined: Sep 22, 2011
May 9th, 2012 at 4:13:26 PM permalink
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.
EvenBob
EvenBob
  • Threads: 441
  • Posts: 29023
Joined: Jul 18, 2010
May 9th, 2012 at 4:20:47 PM permalink
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.
"It's not called gambling if the math is on your side."
  • Jump to: