WOW what a scam...

[ELVIS]

its expensive to be broke.

god bless.

[Whiteboy]

I wish i could get in to that.

[Chili]

I really hope someone is not desperate enough to get a loan from Western Sky Financial. I saw one of their ads on tv and noticed the disclaimers at the bottom in the small print. not believing what I saw I took to the internet to verify and indeed I saw what I thought I saw.

This is a chart I copied from their website. http://www.westernsky.com/General/Rates.aspx
I don't think even loan sharks charge this much interest on loans.

Loan Borrower Loan APR Number Payment Amount
Amount Proceeds Fee of Payments Amount Repaid
$10,000 $9,925 $75 89.68% 84 $743.49 = $62453.16
$5,075 $5,000 $75 116.73% 84 $486.58 = $40872.72
$2,600 $2,525 $75 139.22% 47 $294.46 = $13839.62
$1,500 $1,000 $500 234.25% 24 $198.19 = $4756.56
$850 $500 $350 342.86% 12 $150.72 = $1808.64

The chick says right on the commercial that their money is not cheap. It's not a scam when you know what you're getting yourself into.

[Jasonone]

Shit should be illegal

[Chili]

Shit should be illegal

It is not the government's job to protect morons from themselves.

[Silverback]

It is not the government's job to protect morons from themselves.

it is illegal for any other bank or company to do it. They all have maximum interest regulations in place now.

This is an Indian owned company located on an Indian reservation, and they do not have to follow the same banking regulations.

[Chili]

it is illegal for any other bank or company to do it. They all have maximum interest regulations in place now.

This is an Indian owned company located on an Indian reservation, and they do not have to follow the same banking regulations.

I know and understand all of that, I used to work for a "bank". But none of that impacts what I said.

[Jasonone]

Its not about protecting morons from themselves. If that were the case we'd all need protecting at one point or another. Its about predatory practices. Offering money for rediculous rates to people who can't comprehend the situation they're in is like a pediphile offering candy to a kid. Its just a lure.

[Chili]

Its not about protecting morons from themselves. If that were the case we'd all need protecting at one point or another. Its about predatory practices. Offering money for rediculous rates to people who can't comprehend the situation they're in is like a pediphile offering candy to a kid. Its just a lure.

Yeah. Morons. You just agreed with me.

[Silverback]

I know and understand all of that, I used to work for a "bank". But none of that impacts what I said.

i should have multiquoted both of you it was really in response to the "should be illegal" and your response together

[Chili]

i should have multiquoted both of you it was really in response to the "should be illegal" and your response together

Haha, gotcha. I should have known better.

[Jasonone]

Morons aren't people incapable of comprehending their situation, morons are people who know better and act contrary to the knowledge at hand. Kinda like being intentionally thick... being ignorant doesn't make one a moron. Just makes them unaware.

[dmh165638]

These places are under the microscope right now. I have a buddy working in collections for one of these places while he looks for another job and they have been flooded with federal auditors for months. The have a terrible time collecting on these loans because legally they don't have the authority to do much to the borrower.

[Chili]

Morons aren't people incapable of comprehending their situation, morons are people who know better and act contrary to the knowledge at hand. Kinda like being intentionally thick... being ignorant doesn't make one a moron. Just makes them unaware.

But they are not ignorant, the information is right there. If they cannot comprehend everything they see, they are morons. Or maybe they see it, and choose to ignore it in order to satisfy their "give it to me now" attitude. Figuring they will just deal with the payments later. Many of those are the ones that "have intentions" to pay it back quickly.

http://www.thefreedictionary.com/moron

1. A stupid person; a dolt.
2. Psychology A person of mild mental retardation having a mental age of from 7 to 12 years and generally having communication and social skills enabling some degree of academic or vocational education. The term belongs to a classification system no longer in use and is now considered offensive.

1. a foolish or stupid person
2. (Psychology) a person having an intelligence quotient of between 50 and 70, able to work under supervision

1. moron - a person of subnormal intelligence

[VaderTT]

These places are under the microscope right now. I have a buddy working in collections for one of these places while he looks for another job and they have been flooded with federal auditors for months. The have a terrible time collecting on these loans because legally they don't have the authority to do much to the borrower.

They can't do much to collect on any unsecured loan.