Last night I saw a commercial that I'd seen several times but never really paid much attention. Last night I did, I read the fine print. Holy crap. I checked out their website this morning, and this is what I found. They will loan up to $2600 to anyone with a checking account. At a whopping
139.24% APR. Their ad does say that borrowing the money is "expensive" but when you gotta have it right away, they can help. So...
Loan amount: $2600
APR: 138.24%
Term: 36 months
Monthly payment: $298.94
Total amount paid: $10,761.84
Wow!!! Talk about a tax on the poor. Because only the poor and desperate are going to do this. I happen to think it's wrong and should be illegal. However, since this "company" is owned and operated on an American Indian Reservation, they must be exempt from the same regulations as the rest of the country. Their disclaimer reads as follows:
Western Sky Financial, LLC, is a Native American-owned business operating within the boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America.
The first page of the website says they loan up to $5000. But in the terms of use section it says they make personal loans up to $2600. I haven't done the math, but $5000 at 139% must total over $20k easily. I realize that the Native Americans of my great country had their land taken from them. But maybe allowing them to totally fleece people shouldn't be allowed in their amnesty type exemption from the laws of the land.
Here is the link to the website:
Western Sky FinancialHere is the television commercial:
When the debate is lost, slander becomes the tool of the loser. Socrates