I contacted Western Sky (also knonn as Cash Call) to get a short-term bridge loan to cover some unexpected expenses, knowing that I would have the cash within 3 months so to pay the loan in full. They have been the most unprofessional company to work with. They are loan sharks and the interest rate is over 100%. I did the calculation and found that my finance charges would only be about $100, so I felt safe going with them, and due to a big ding on my credit report I was having trouble getting credit through my credit union.
I only needed $1000. The minimum loan amount was $2600. Fine. I turned around and paid them back $1600 immediately. Before my first payment was even due I received a statement from them where the top line on the statement says, in big, black, bold letter "THIS IS AN ATTEMPT TO COLLECT A DEBT". I happen to work in the collections department of a very large company and know that this sort of letter doesn't go out until the person had defaulted. So, Western Sky is assuming, right out of the gate, that I'm a dead-beat. Jeez! Thanks so much!
So today is September 1st and I haven't made my $300 payment yet.....I get paid in 3 days, plus I have a settlement check coming in about 10 days (at which time I will pay off the balance). They started calling me at 8:00 this morning....on the dot! My paperwork clearly states that no late fees are incurred until the 15th, but again...they are assuming I'm a dead-beat. Gee thanks!
I called them as I was irritated that they are calling me non-stop today and I wanted the calls to stop. The representative was extremely pushy and rude and demanded to know what time today I was making my payment. After pointing out that my paperwork said that I had until the 15th she argued with me that I was correct that late fees wouldn't be incurred until the 15th, but the payment is due today...there is NO GRACE PERIOD. Huh?
So I asked her again if there would be any lates fees if I waited until Tuesday and she said "no". So I informed her that she would be getting the $300 on Tuesday, and she needed to know how. I told her I would call in an authorize a payment from my checking account. She needed to know exactly what time I would be calling. Seriously!?!?!?! MY PAYMENT WAS ONLY DUE TODAY! I'M NOT IN DEFAULT!
Also, note that their up-front sales team is very friendly, but that is only to get you to take their loan. Once you sign they drop you like yesterdays trash and won't take your questions any more, and you get turned over to the rude people. Please also know that if you plan to pay off your loan over time, it won't happen. With the interest rate being over 100%, if I have chosen to take the full loan and pay it off over 4 years I would have paid over $12,000......on a $2600 loan. Don't do it!! It won't solve any of your financial problems...it will only create new ones.
Pushy, rude, unprofessional. Avoid these guys at all costs!