• Report: #1019081

Complaint Review: westernsky finacial

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  • Submitted: Sat, February 23, 2013
  • Updated: Sat, February 23, 2013

  • Reported By: dennis — ishpeming Michigan United States of America
westernsky finacial
Internet United States of America

westernsky finacial cash call meny other names owned by mr.webb cash call services the loan i was behind on a 5000.00 doller loan of 2 months my payments are 486.00 per month for 80 months for a total of 40000 intersen being absolutely absurd i have called the bbb which ive found out they ha Internet

*Consumer Comment: They are scumbags

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western sky finacial  nothing more then loan sharks which should fall under the rico act ive been told if i pay off half of the 5000 i owe the payments remain the same the length of the loan shortens the interest is roughly 139 percent so if i paid half the loan what would the interest be if the payment remains the same also the loan was purchased by cash call out of anahiam calif 2 weeks after i took the loan out so how can it be considered to still be finaced under indian resevation if it is being serviced out of anahiam calif ive contacted the insurance regulation comm in my state they are not a lisciened lender in michigan also the federal goverment regulates interest rates however it was took out apperently on a resevation but sold to cash call so how can cash call still charge above regulated interest rates  i borrowed the money as my daughter was going to college i borrowed it ill pay it back i understand this but dont completely understand the logic of gov setting interest rates and not following threw in some instances ive contacted meny bbb as well companys of mr. webb have a f= rateing sincerely dennis m lyons

This report was posted on Ripoff Report on 02/23/2013 10:09 AM and is a permanent record located here: http://www.ripoffreport.com/r/westernsky-finacial/internet/westernsky-finacial-cash-call-meny-other-names-owned-by-mrwebb-cash-call-services-the-lo-1019081. 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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#1 Consumer Comment

They are scumbags

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

Here is some information for you

Tribal Payday Lenders Are Not Exempt from Federal Regulations By Kenneth Long on April 2, 2012

While Western Sky Financial continues making sky-high interest rate loans, other payday lenders who claim tribal affiliation have been targeted by the Federal Trade Commission. The FTC's latest action sends a message that lenders cannot skirt state usury limits by hiding behind the teepee.

As further insult to Native Americans, most of these payday loan companies are not run by tribal associations. Instead, they are owned by individuals who claim tribal affilitation as a means for ignoring state usury laws.

Payday Financial LLC was previously sued in 2011 for violations of debt collection consumer protection laws. Now AMG Services Inc and a whole slew of related entities are being sued by the FTC for similar violations. Among the violations include failing to properly disclose the cost of the loans in advance, which is a violation of the Truth in Lending Act. They also threatened to arrest debtors for nonpayment of their loans, which violates the Fair Debt Collection Practices Act
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