• Report: #853551

Complaint Review: Western Sky Financial

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  • Submitted: Tue, March 13, 2012
  • Updated: Thu, August 09, 2012

  • Reported By: FuzzyWuzzaBear — Sacramento California United States of America
Western Sky Financial
Internet United States of America

Western Sky Financial WesternSky Financial, Western-Sky Financial CAVEAT EMPTOR, MAJOR RIPOFF, payday loan, pay day Internet

*Consumer Comment: Consumer Reports Mentioned This Company

*Consumer Suggestion: A Bigger Concern

*General Comment: westernsky financial

*Consumer Comment: But still....fully disclosed...up front!

*Consumer Comment: Yep 89 to over 200% interest

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Well I am happy that I will be the first person to write a ripoff report about this company, Western Sky Financial!!!!!  

CAVEAT EMPTOR, people!  (that means "Buyer Beware")

This company's commercials has a striking female of North American Indian heritage talking frankly and a bit TOO matter-of-fact-like, about getting up to $5,000 deposited into your checking account overnight, and gives a phone number to call and/or a website address to go to in order to apply for said funds.

This woman even goes so far as to say, "Sure, the money's expensive, but it's a lot cheaper than a payday advance", whilst the fine print flashes across the screen during the last 4 seconds of the commercial.

Rewinding and pausing the commercial showed me information that made my jaw hit the floor!

This loan is NOT cheaper than a payday advance loan!  Not by a long shot!

Let's say you get the maximum $5000 deposited into your checking account.  

The monthly payment is $486.58 per month at an interest rate of 116.73%.  To pay this loan back monthly, you'd have to consent to paying Western Sky 84 payments of $486.58.....or a grand total of $40,872.72!   

That is more than EIGHT TIMES the amount of the original loan over a 7 year period!!!!!  

If you think you really need $5000 or anything like that kinda money and this offer looks really good to you, be not fooled by the matter of fact talk.  It's almost a bit too blaise for my tastes, and the very tone of this person's voice raises alarm bells and red flags in my mind even if I didn't stop and rewind the DVR to read the fine print.

People, you do not need this kind of trouble!  Give this company a very WIDE BERTH and sell something of value or work a few more hours overtime to raise needed funds.

Take advantage of this offer and you will never get out from under the debt this company will create for you!!!!!!!!


This report was posted on Ripoff Report on 03/13/2012 11:24 PM and is a permanent record located here: http://www.ripoffreport.com/r/Western-Sky-Financial/internet/Western-Sky-Financial-WesternSky-Financial-Western-Sky-Financial-CAVEAT-EMPTOR-MAJOR-RIP-853551. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 Consumer Comment

Consumer Reports Mentioned This Company

AUTHOR: Karl - (U.S.A.)

Consumer Reports spotlighted this company in its current issue. Look inside the back page. It is a shame that people who have bad credit and have to use some company like this are taken advantage of to this extent. I realize that the company needs to ensure that they are paid but I'm sure that an individual can find less expensive money.
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#2 Consumer Suggestion

A Bigger Concern

AUTHOR: John - (U.S.A.)

If you check their ad closely they mention that they are located on the 'exterior boundaries' of the Sioux reservation. Basically, they are in the reservation as far as the law is concerned. This means that they are immune from any US laws regarding collections. Indian reservations are treated as sovereign nations with their own set of laws. It opens up other worrisome doors that you need to be very concerned about. Can a delinquent customer be arrested by tribal police? Can you be extradited to the reservation for tribal court? Can your wages be garnished without a court hearing? Research the contract VERY carefully before signing up..............
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#3 General Comment

westernsky financial

AUTHOR: John Wingo - (United States of America)

Me and my wife saw this commercial one nite, so we were  curious and just wanted to see what kind of scam THIS is. So I actaully called them after we did the math on a loan for $5K. The person I spoke with explained it very clearly for me, as far as I can tell. You WILL end up paying back over $40K if you make the payments for the full 84 mos. You CAN pay it off much earlier than that if your financial situation will allow you to.  The interest rate doesn't change, but the option is still there. But like any deal..."enter at your own risk"
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#4 Consumer Comment

But still....fully disclosed...up front!

AUTHOR: Southern Chemical and Equipment LLC - (USA)

The bottom line...



All loan fees and overall cost is disclosed up front!!



After all, you have the ability right from the start to decide if you want to do business with them or not!



So, where, exactly is the "rip off"?



Did they not comply with the advertised terms and rates?



How, exactly, were you "ripped off"??



The only people that will enter into such a deal are either just too dumb to read and comprehend, and/or have such horrible credit that no one else will touch them!



Either way, it was YOUR CHOICE to VOLUNTARILY accept those terms or not.



It was a choice.

If you made the wrong one, that's on you.



No rip off.





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#5 Consumer Comment

Yep 89 to over 200% interest

AUTHOR: Robert Walker - (United States of America)

Here are the rates from the website

 Here are Western Sky's current rates.
Western Sky reserves the right to change the rates and loan products listed below without notice.

Loan Product                 Borrower Proceeds  Loan Fee  APR         Number of Payments                      

 $10,000 Loan               9,925                          $75       89.68%      84    of        $743.49                                 
$1,500 Loan                   $1,000                      $500      234.25%    24     of       $198.19    


 $10,000 loan
is $ 64,412

$1,500 loan
costs $4756.56

 

Ouch
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