The $62,528.16 Western Sky Loan

Will they really put up to $10,000 in your bank account by tomorrow, just by trusting you? What do you think?

If you take up Western Sky Financial on its offer, then you are in for a rude awakening. This is what you are subjecting yourself to:

An initial $75 fee is paid to Western Sky. Then $9,925 is put in your checking account. Then you simply make 84 monthly payments of $743.49. If you do the math on all of the fees and interest, it totals to $62,528.16.

Let’s say that after a year of making payments, you realize the futility of trying to repay a 89.68% APR loan over several years. You can call Western Sky to determine what the payoff will be. After 1 year, you would still owe about $9,893.

After paying $8921.88 towards your $9,925 initial loan balance, you would have only paid off about $32. That’s THIRTY TWO dollars in principal, after paying EIGHT THOUSAND NINE HUNDRED TWENTY ONE dollars and some change. Now that’s not really solving any problems is it?

Still an unbelievable number of people are looking for Western Sky holiday loans to give them money to spend on Christmas gifts and other seasonal items. These are the same households that can least afford to repay a predatory loan.

A family that takes out this loan will undoubtedly experience substantial difficulty in trying to repay it. That’s when they can expect to receive countless collection attempts by California-based Cash Call, who is responsible for servicing the loans. If the loan falls 6 months delinquent, then it may be sold to any number of third-party debt collectors.

However, that is not the main problem here. What many debtors are experiencing is a court judgment against them, along with a wage garnishment order sent to their employer. Most employers will heed those garnishment orders, since they don’t realize that the garnishment orders may be illegal. Maryland is one of many states in addition to the FTC to dispute what they call illegal garnishment orders by the predatory lender.

Despite all of the actions against the tribal firm, hundreds of desperate victims continue to flock to these loans. Perhaps they are mesmerized by all of the smoke and mirrors.

Follow me
Latest posts by Kenneth Long (see all)
(Visited 64 times, 1 visits today)