Don`t Take A Loan Out With Western Sky Bank [Pic]

Submitted by: kitten_soup 5 years ago Misc

They use, what some call, fuzzy math.
There are 59 comments:
Male 283
I propose that it was a dyslexic typo. 48 months is a standard time frame of 4 years. 84 months is 7 years, an odd amount. Thus, I suspect that you would "only" pay $23,355.84 for a $5,000.00 loan. I wonder if, should you pay it off early, it would a slightly smaller amount? Btw, it certainly is a better deal than was given to them upon the initial encounter with Europeans; they don`t trade with beads anymore. For which I give kudos to them. However, all the money in the world (probably) can`t stop the slow erosion of culture, or assimilation into the society that swarms around.
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Male 260
The Native Americans are regaining ground quickly.
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Male 83
Think I`ve seen their commercials - isn`t this the lender that says (to paraphrase) "sure its expensive, but we`re giving you a loan without any collateral." If only the mob thought of that slogan and paid their taxes...
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Male 408
i dont care she is hot
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Male 500
omg i`ve seen that commercial
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Female 833
there`s a short term lender here in the uk offering over a 5000% APR.
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Male 2,085
@Ilikelogic - Not an error, check out their website.
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Female 2,525
Yikes. That`s over half my monthly rent.
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Male 39
Being a slacker i haven`t bothered to read all comments..BUT 84 months 7 years at over 100% interest i reckon that is about right....any one who has a mortgage should know that , don`t know why i bothered really , a drattard who can even spell the word "to" , i shouldn`t have even bothered.....
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Male 997
@DiePSPolice True but there are other reasons for paying a minimum. I`m at uni and I leave about £15 on my credit card and pay a little bit of interest on by paying just the minimum instalments. However because I have a few years of paying all utility bills on time, and all credit card bills and phone contract bills on time I have an extremely good credit rating in time for when i want to get a mortgage for a house. Among the increased overdrafts,credit cards and store cards I can secure £14,500 worth of short term credit yet (student loans excluded) I`m still only in debt by £15.
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Male 185
Playing devil`s advocate here... if you have seen the commercial, she does say it`s "not cheap". So - you have been warned. :)
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Male 153
@edgarska amen, bro. Amen.
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Male 522
natives don`t pay taxes so they have that kind of dough. also, they`re not very smart.
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Male 505
Ilikelogic - in the UK a loan company (Wonga) recently took down an ad encouraging students to use short term loans with interest rate of 4214%. The reason given? So they wouldn`t get into debt. Many `payday` loan companies have higher rates.
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Male 1,045
I`m more annoyed by the incorrect use of "too" than the charges.
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Male 69
@ Ilikelogic, not an error, this is banking.. they have a YEARLY interest rate of 116.78%, some morons actually fall for it :/
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Male 550
You take 12 payments instead of 84.
12* 486.58 = 5,838.96
5838.96/5000 = 116.78 %
Probably/hopefully a copy/paste error
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Male 4,902
That`s insane
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Male 258
In the UK at the moment there`s a rash of these `pay day` loan sharks (oops, i mean companies). One of the most impressive APR I have seen to date is just over 4000%....

In an economic cimate like this, what comes slithering out from underneath stones to make money on the misery (and greed and stupidity) of other human beings is really quite depressing.
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Male 1,745
who the hell can afford this, wouldn`t their delinquency rate be like 99.9%?
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Female 94
= warning: politically incorrect statement ahead =

So they are too lazy to build casinos to take our money now?
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Male 36,512
READ THE FINE PRINT!!!!

It`s important! Yet sometimes people just don`t get it, eh?
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Male 15,510
@Neagle

I was thinking just the exact same thing
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Male 1,674
"Credit approval is not guaranteed..." Can you imagine what horrible credit you must have to not qualify for a loan with >100% APR?
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Male 2,422
Indian givers.
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Male 1,404

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Male 329
I just like that the person that took the time to try to prove the math was wrong grammar failed (too- to)
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Male 535
I think Pocahontas over there is looking to screw the white man...
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Male 493
That`s not a typo, and it`s not fuzzy math - a 116.73% APR is a 9.7275 monthly interest rate. You are definitely getting screwed if you do this - your first month`s interest is 5000*.097275, or $486.375, which means of your first payment of $486.58, only ~2 cents of your money is going to pay off the principal (bringing your principal down to $4999.795.

After a year, you`ve only paid off ~$4.31 and still owe $4995.69.

After 2 years, you`ve paid off $17.45 and owe 4982.55.

It looks like you do in fact end up paying it off at week 84, as they claim (though you only have to make a ~$325 payment that month). At which point you`ve paid off the $5000 and paid an additional $35,711.14 in interest.

BTW, any of you carrying a balance on your credit card and paying the minimum payment are losing money in exactly this way, so watch out.
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Male 103
They are legally allowed to do this because they`re not technically in the U.S. They are part of a Native American Reservation which doesn`t have to follow the federal laws. That`s why they can have casinos and sell cigarettes so damn cheap.
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Male 914
"I HATE HATE HATE these loan deals--it`s legalized sharking, and the leaders of this program should be in prison. They prey on ignorance."

They prey on desperation. And the reason the interest rates are so high is because they service the least creditworthy people in the world, and the vast majority of the borrowers end up defaulting on the loan anyway. If they didn`t charge these interest rates, they probably wouldn`t be able to exist.
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Male 11,740
It`s sad that this is legal. Some people are so hard up for cash they`ll do whatever it takes and most of the time they don`t even bother reading the fine print.
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Male 914
Jesus Christ, haven`t any of you f*cktards ever heard of a payday loan?

"How can you typo a 2 with an 8? No matter which number input method you`re using, the 2 and the 8 aren`t even close to each other."

Anyone that dials a lot of phone numbers and uses a lot of calculator pads might take issue with that statement.
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Male 3,578
@Phosphoreign
wrong all "payday loan" have rates like this.
there are no laws limting Interest Rates on this kind of loan
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Male 1
It`s not a typo, the payments match the interest rate.

I don`t remember the name of the company, but years ago I got a check in the mail for $4000. It was a scam like this. If you cashed the check, you were agreeing to the loan terms which were a lot like here. I didn`t do it, but a friend of mine also got it and did cash it.
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Male 25,416
Sounds like a score... win!
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Female 2,674
How can you typo a 2 with an 8? No matter which number input method you`re using, the 2 and the 8 aren`t even close to each other.
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Male 308
It ain`t no typo... they say right on the commercial, "it may be expensive" and it`s legal, because they are on an indian reservation in California... not part of the US, not subject to our laws... oh, they`ll give you the money all right...
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Male 17,512
Must be a typo, should be 24 months not 84. If not that`s a hell of a lot higher interest rate then they are advertising.
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Male 506
How is this legal?
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Male 255
kinda like OSAP, provincial loan service for Ontario post-secondary students.
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Male 2,085
If you fall behind, do just break your legs, or scalp you?
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Male 3,430
I thought everyone knew about these scam artists.

Another company that you should avoid using is Beezid/Quibids/BidCactus/ any other penny auctions.

They charge you a dollar per bid then you have to pay the final price. They also reset the clock to 15 seconds for every bid when the timer is under 15 seconds, until they have made their money or if they, the company, wins.
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Male 3,631
$40,872.72 for a $5,000.00 loan. Talk about sucking the lifeblood of our people!
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Male 224
At that interest rate the loan would be paid off in the first year. Unless it`s calculated monthly in which case the interest would be more than the repayments.
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Male 495
I hate how the play up the whole Indian thing, the guy even talks slowly like every racist portrayal ever.
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Male 701
Heap big rip-off
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Female 51
Thank you Mechawolf. Took the words right outta my brain.
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Male 663
Damn thievin injuns.
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Female 1,798
I HATE HATE HATE these loan deals--it`s legalized sharking, and the leaders of this program should be in prison. They prey on ignorance.
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Male 687
seems fair
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Male 2,345
40K for a 5,000K loan???

who the f would be that stupid??
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Male 165
Wow, those sneaky indians. Native Americans are always trying to keep the white man down. First with their casinos and now this.
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Male 809
It`s 40,872.72 not 40 million.
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Male 388
i`ve seen this commercial time and time again, and never have i noticed this O_O
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Male 185
it says its a native american bank....
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Male 315
Too borrow? WTF is too borrow?
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Male 104
Damn ingins
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Female 368
Link: Don`t Take A Loan Out With Western Sky Bank [Pic] [Rate Link] - They use, what some call, fuzzy math.
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