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Category: Misc
Date: 01/24/12 02:35 PM

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

  1. Profile photo of kitten_soup
    kitten_soup Female 18-29
    368 posts
    January 24, 2012 at 2:36 pm
    Link: Don`t Take A Loan Out With Western Sky Bank - They use, what some call, fuzzy math.
  2. Profile photo of jav805
    jav805 Male 18-29
    104 posts
    January 24, 2012 at 2:41 pm
    Damn ingins
  3. Profile photo of MechaWolf
    MechaWolf Male 18-29
    315 posts
    January 24, 2012 at 2:43 pm
    Too borrow? WTF is too borrow?
  4. Profile photo of asurazero
    asurazero Male 18-29
    185 posts
    January 24, 2012 at 2:43 pm
    it says its a native american bank....
  5. Profile photo of mega_luis15
    mega_luis15 Male 18-29
    388 posts
    January 24, 2012 at 2:43 pm
    i`ve seen this commercial time and time again, and never have i noticed this O_O
  6. Profile photo of AtheistAlien
    AtheistAlien Male 30-39
    809 posts
    January 24, 2012 at 2:45 pm
    It`s 40,872.72 not 40 million.
  7. Profile photo of Stardust6702
    Stardust6702 Male 18-29
    165 posts
    January 24, 2012 at 2:46 pm
    Wow, those sneaky indians. Native Americans are always trying to keep the white man down. First with their casinos and now this.
  8. Profile photo of jamie76
    jamie76 Male 30-39
    2346 posts
    January 24, 2012 at 2:49 pm
    40K for a 5,000K loan???

    who the f would be that stupid??
  9. Profile photo of skytz1337
    skytz1337 Male 18-29
    687 posts
    January 24, 2012 at 2:49 pm
    seems fair
  10. Profile photo of PsychGeek
    PsychGeek Female 18-29
    1798 posts
    January 24, 2012 at 2:50 pm
    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.
  11. Profile photo of wake_n_bake
    wake_n_bake Male 18-29
    663 posts
    January 24, 2012 at 2:53 pm
    Damn thievin injuns.
  12. Profile photo of beangirl
    beangirl Female 30-39
    51 posts
    January 24, 2012 at 2:59 pm
    Thank you Mechawolf. Took the words right outta my brain.
  13. Profile photo of danagamer
    danagamer Male 30-39
    701 posts
    January 24, 2012 at 3:01 pm
    Heap big rip-off
  14. Profile photo of Lobotomy
    Lobotomy Male 13-17
    495 posts
    January 24, 2012 at 3:04 pm
    I hate how the play up the whole Indian thing, the guy even talks slowly like every racist portrayal ever.
  15. Profile photo of Swash
    Swash Male 30-39
    224 posts
    January 24, 2012 at 3:05 pm
    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.
  16. Profile photo of Suicism
    Suicism Male 18-29
    3625 posts
    January 24, 2012 at 3:24 pm
    $40,872.72 for a $5,000.00 loan. Talk about sucking the lifeblood of our people!
  17. Profile photo of DuckBoy87
    DuckBoy87 Male 18-29
    3147 posts
    January 24, 2012 at 3:29 pm
    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.
  18. Profile photo of Dad4Life
    Dad4Life Male 50-59
    2067 posts
    January 24, 2012 at 3:34 pm
    If you fall behind, do just break your legs, or scalp you?
  19. Profile photo of beardtats
    beardtats Male 18-29
    255 posts
    January 24, 2012 at 3:41 pm
    kinda like OSAP, provincial loan service for Ontario post-secondary students.
  20. Profile photo of Ruffiana
    Ruffiana Male 30-39
    506 posts
    January 24, 2012 at 4:10 pm
    How is this legal?
  21. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17515 posts
    January 24, 2012 at 4:13 pm
    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.
  22. Profile photo of Phosphoreign
    Phosphoreign Male 30-39
    309 posts
    January 24, 2012 at 4:48 pm
    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...
  23. Profile photo of LillianDulci
    LillianDulci Female 18-29
    2674 posts
    January 24, 2012 at 4:51 pm
    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.
  24. Profile photo of Fatninja01
    Fatninja01 Male 30-39
    25408 posts
    January 24, 2012 at 4:54 pm
    Sounds like a score... win!
  25. Profile photo of RobWilJas
    RobWilJas Male 30-39
    1 post
    January 24, 2012 at 5:01 pm
    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.
  26. Profile photo of dm2754
    dm2754 Male 40-49
    3283 posts
    January 24, 2012 at 5:11 pm
    @Phosphoreign
    wrong all "payday loan" have rates like this.
    there are no laws limting Interest Rates on this kind of loan
  27. Profile photo of intrigid
    intrigid Male 18-29
    914 posts
    January 24, 2012 at 5:12 pm
    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.
  28. Profile photo of freddyferret
    freddyferret Male 40-49
    11742 posts
    January 24, 2012 at 5:13 pm
    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.
  29. Profile photo of intrigid
    intrigid Male 18-29
    914 posts
    January 24, 2012 at 5:17 pm
    "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.
  30. Profile photo of TheLargeOne
    TheLargeOne Male 30-39
    103 posts
    January 24, 2012 at 5:30 pm
    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.
  31. Profile photo of DiePSPolice
    DiePSPolice Male 30-39
    493 posts
    January 24, 2012 at 5:39 pm
    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.
  32. Profile photo of Magickrat
    Magickrat Male 40-49
    535 posts
    January 24, 2012 at 5:46 pm
    I think Pocahontas over there is looking to screw the white man...
  33. Profile photo of plastinum
    plastinum Male 30-39
    329 posts
    January 24, 2012 at 5:51 pm
    I just like that the person that took the time to try to prove the math was wrong grammar failed (too- to)
  34. Profile photo of Neagle
    Neagle Male 30-39
    1407 posts
    January 24, 2012 at 6:12 pm

  35. Profile photo of xiquiripat
    xiquiripat Male 18-29
    2423 posts
    January 24, 2012 at 6:37 pm
    Indian givers.
  36. Profile photo of BlankTom
    BlankTom Male 30-39
    1674 posts
    January 24, 2012 at 6:58 pm
    "Credit approval is not guaranteed..." Can you imagine what horrible credit you must have to not qualify for a loan with >100% APR?
  37. Profile photo of Angelmassb
    Angelmassb Male 18-29
    15511 posts
    January 24, 2012 at 7:04 pm
    @Neagle

    I was thinking just the exact same thing
  38. Profile photo of 5Cats
    5Cats Male 50-59
    31771 posts
    January 24, 2012 at 9:30 pm
    READ THE FINE PRINT!!!!

    It`s important! Yet sometimes people just don`t get it, eh?
  39. Profile photo of Mooberry
    Mooberry Female 18-29
    94 posts
    January 24, 2012 at 9:47 pm
    = warning: politically incorrect statement ahead =

    So they are too lazy to build casinos to take our money now?
  40. Profile photo of paperduck
    paperduck Male 18-29
    1745 posts
    January 24, 2012 at 10:11 pm
    who the hell can afford this, wouldn`t their delinquency rate be like 99.9%?
  41. Profile photo of number696969
    number696969 Male 30-39
    257 posts
    January 24, 2012 at 10:48 pm
    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.
  42. Profile photo of xCYBERDYNEx
    xCYBERDYNEx Male 18-29
    4903 posts
    January 24, 2012 at 11:37 pm
    That`s insane
  43. Profile photo of Ilikelogic
    Ilikelogic Male 40-49
    550 posts
    January 24, 2012 at 11:49 pm
    You take 12 payments instead of 84.
    12* 486.58 = 5,838.96
    5838.96/5000 = 116.78 %
    Probably/hopefully a copy/paste error
  44. Profile photo of pwnlord
    pwnlord Male 18-29
    69 posts
    January 25, 2012 at 12:18 am
    @ Ilikelogic, not an error, this is banking.. they have a YEARLY interest rate of 116.78%, some morons actually fall for it :/
  45. Profile photo of Edgarska19
    Edgarska19 Male 18-29
    1045 posts
    January 25, 2012 at 12:53 am
    I`m more annoyed by the incorrect use of "too" than the charges.
  46. Profile photo of Finker
    Finker Male 40-49
    505 posts
    January 25, 2012 at 3:48 am
    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.
  47. Profile photo of bomb_tom
    bomb_tom Male 18-29
    522 posts
    January 25, 2012 at 4:33 am
    natives don`t pay taxes so they have that kind of dough. also, they`re not very smart.
  48. Profile photo of HAHAyousuk
    HAHAyousuk Male 18-29
    153 posts
    January 25, 2012 at 6:09 am
    @edgarska amen, bro. Amen.
  49. Profile photo of blk954
    blk954 Male 30-39
    182 posts
    January 25, 2012 at 6:26 am
    Playing devil`s advocate here... if you have seen the commercial, she does say it`s "not cheap". So - you have been warned. :)
  50. Profile photo of Mr_Pedo_Bear
    Mr_Pedo_Bear Male 70 & Over
    997 posts
    January 25, 2012 at 6:41 am
    @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.
  51. Profile photo of jaymeister
    jaymeister Male 30-39
    39 posts
    January 25, 2012 at 7:04 am
    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.....
  52. Profile photo of zombunny
    zombunny Female 18-29
    2525 posts
    January 25, 2012 at 7:20 am
    Yikes. That`s over half my monthly rent.
  53. Profile photo of Dad4Life
    Dad4Life Male 50-59
    2067 posts
    January 25, 2012 at 8:34 am
    @Ilikelogic - Not an error, check out their website.
  54. Profile photo of Flibmeister
    Flibmeister Female 18-29
    833 posts
    January 25, 2012 at 9:14 am
    there`s a short term lender here in the uk offering over a 5000% APR.
  55. Profile photo of eduardoleon
    eduardoleon Male 18-29
    500 posts
    January 26, 2012 at 12:17 am
    omg i`ve seen that commercial
  56. Profile photo of grapehead
    grapehead Male 18-29
    408 posts
    January 26, 2012 at 11:18 am
    i dont care she is hot
  57. Profile photo of verbosity
    verbosity Male 30-39
    83 posts
    January 27, 2012 at 5:57 pm
    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...
  58. Profile photo of lyonartime
    lyonartime Male 18-29
    260 posts
    January 28, 2012 at 10:37 am
    The Native Americans are regaining ground quickly.
  59. Profile photo of sunday_scour
    sunday_scour Male 18-29
    283 posts
    January 29, 2012 at 1:50 pm
    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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