Western Sky Loan commercial???l

[hrsp]

Have you seen the commercials for western sky loans? Its a 100% native american ran company or some shit like that...but it says "yes the money is expensive but its cheaper than a payday advance" Then in the small print on the bottom of the screen it says a typical $5K loan has a APR of 116.73%...And the monthly payment is $486.58 for 84 months!!!!!!! that comes out to $40,872.72 for a 5k loan..I have to be wrong about this right? there is no way anyone borrows 5k and pays 40kback...

so my question is what the hell am i missing here? lol i must have seen it wrong...right? lol THANKS!

[WickedSix]

brother in law took a payday loan and paid it back 4 times over two months later.... injin joe doesn't seem to be miss speaking

[pOrk]

Thats the same scam all those pay day / loan advance places work. Its illegal for them to do that now, unless of course your an Injun

[Crawlin]

What's the difference between them telling you it upfront VS. the MILLIONS of Americans that go Visa/MasterCard racing and/or run up their 100k limit credit cards. Takes them more than just 7 years to pay it back, and I guarantee while the % is less, in the end they are still paying the same amount overinflated total amount.

Dateline did a story on this type of company and in the end, it was started/financed by a white guy who's a minority silent partner. Since the native americans are majority owners they can still charge whatever they want, but were just backed by the rich white guy, haha. Everybody wins!

If you need to resort to that type of loan, you fucked up somewhere along the line anyways, so serves you right.

[GHOSST]

If you need to resort to that type of loan, you fucked up somewhere along the line anyways, so serves you right.

Exactly, those prey on the weak minded and unintelligent who continue to make poor life decisions... sad really.

[spooln30]

Yeah I seen that commercial and laughed my ass off. 116% interest. Don't they rob enough at the casinos?

[brotherbenn83]

The high interest probably attempts to make up for the insanely high amount of people that default on these kinds of loans.

[Car Guy]

^ Bingo!

[Gregor]

Buying back America one casino and pay advance at a time.