sky-high LOAN WTF

Doxiedad · 7 months

Yeah, those loans are predatory. They keep trying to make them illegal but the lobbyists keep stopping it.

At least now they have to better disclose upfront how much the loan is going to cost you.

GuntripAnalysis · 7 months

Your rates soar like eagle

thatguy1977 · 7 months

She did say that the money is expensive...

autocorrector · 7 months

116.73% interest. Wow.

JW10 · 7 months

smalltool · 7 months

We have Wonga in the UK, APR >4000%.

secretvictory · 7 months

for perspective: 84 months equals seven years.

beefjerkier · 7 months

If they can get away with this, then I bet they can get away with an Indian reservation version of Megaupload!

thubada · 7 months

That's like the ads on TV for computers where all you need is a checking account. I think its Tronics Country who will sell you about 300 dollars of hardware for a total of 2500$.

Hyptic · 7 months

I looked up the company because I honestly didn't believe it. Yup it's true, http://www.westernsky.com/General/Rates.aspx WOW. This is not legal in Canada, you can only charge I believe it's $20-$22 on each hundred borrowed.

heathherlynn · 7 months

they do say "the moneys expensive.." thats ridiculous

Qweef · 7 months

Every month that lady in the ad personally jacks you off as well NOW WHAT??????

Mostfoul · 7 months

Have to drink lots of fire water to agree to those terms.

HalfaTaterTot · 7 months

since when is "$40,872,72" the way to write out a number let alone money?

Shelobe · 7 months

That comma should be a period. 40,872.72.

smek2 · 7 months

It gets even better.
I think this is about revenge.

9-1-Holyshit · 7 months

I thought student loans were bad. Shit.

ImmaRoxiStar · 7 months

Damn sneaky indians always trying to keep the white man down.

GavinRC · 7 months

Check out quickquid.co.uk. APR 1734%. ಠ_ಠ ... They even have a advert on tv.

unevendoll · 7 months

wow.. I love learning new things everyday!

munkyxtc · 7 months

Even in the commercial the dude says something along the lines of "Now, these loans aren't cheap..." I guess he wasn't kidding.

xCaffeineQueen · 7 months

-"Yes, the money is expensive."

I always wondered what their catch was. Holy crap!

Edit: Corrected the quote taken from the commercial.

SicDigital · 7 months

I got behind on my taxes. This is pretty much how the IRS calculates their payment plans.

Astrogator · 7 months

Looks like some form of stupidity tax. I approve.

Sir_Richfield · 7 months

Well, even when we ignore the possible typo and that even without it (somebody claimed they meant 48 month) it's still a fuckton of money to pay for 5000 bucks.... IF I could afford paying around $500 PER MONTH!, I fucking wouldn't need a $5.000 loan, would I?

anonoman925 · 7 months

I have to hand it to them - they're selling those smallpox blankets back to us.

Boots2Asses · 7 months

Hey how are ya hey how are ya

cjt09 · 7 months

Payday loans aren't a new invention, they've been around for several decades now (although they are illegal in several states). It's true that the interest rates are very high, this is for good reason: they're meant to be very short-term loans and many, many people default on their loans--they're risky. No one is getting rich off payday loans.

As far as being predatory, it's true that they're designed for people who need money before their next paycheck, but at the same time realize that people aren't stupid. They realize that the interest rates are incredibly high, but when you need to choose between paying the electric bill and getting a loan, you're going to get the loan.

BornOnFeb2nd · 7 months

Well, fuck... paying us back for that smallpox misunderstanding I guess...

BBQsauce18 · 7 months

They are trying to get enough money back to buy back their land.

GhostSongX4 · 7 months

I refuse to use, what appears to be a Native American Money Lending company, that doesn't choose the obvious name: Indian Givers.

Calloutman · 7 months

I think this is meant to be a very short term loan, you'd only take it out to say, pay a bill or something, and then repay the loan with your next salary instalment. A week of interest isn't going to be too much.

arbivark · 7 months

you know for sure that the local little league is going to throw the big game tomorrow. you could make some big money if you only had $500 to bet. so you call sky-high,and pay them back in three days. that's how their customers think.

or, you meet a guy whose brother has a grow-op,and he will sell you a pound of weed for $400. so you call sky-high,and plan to pay them back in three days.

if you have your car title to put up as collateral, you can get a better interest rate.

subsequent · 7 months

Confirmed.

SRowan · 7 months

That's over $40,000 for a $5,000 loan? Truly WTF.

trebiluk · 7 months

....dependent on underwriting GUIDLINES.... not dependent on English....

WOW.

themightybaron · 7 months

A fool and his money are soon apart.

itscrunchtime · 7 months

It's not as bad if you consider the time value of money

msiekkinen · 7 months

I bet they're friends with Ticketmaster on facebook

wtf_apostrophe · 7 months

You think that's bad? Try 4,214%. Fuck.

zoo32 · 7 months

And I'm assuming that interest compounds - you could pretty much fuck someone over for the rest of their lives assuming they don't file for bankruptcy - good job America!

Anal_Justice_League · 7 months

'too borrow'

~sigh~

Drensk · 7 months

Too borrow..

acog · 7 months

The OP is highlighting a typo in the ad. It meant to say 48 months. The interest rate is right in the ad: 116.7%, which is $486 per month for 48 months. Total payments $23,355, which does indeed work out to 117% interest compounded over 4 years. Which is still outrageous but not quite as bad as the typo makes it seem.

spider2544 · 7 months

The mafia has better rates, and less damaging consequences for missing a payment.

glassonion87 · 7 months

They're just getting back at whitey

full disclosure: I'm whitey

91Jacob · 7 months

This is nothing compared to the shit Wonga does. With a representative APR of 4,214%, after seven years of no repayments made on a £100 loan, you would owe no less than £23,500,000,000,000 (23.5 trillion pounds, around $36.5 trillion), almost tripling the US National Debt (estimated at $14.3 trillion).

While this is unlikely to happen, it still scares me that businesses are even allowed to use such a high APR.

Canadian_Infidel · 7 months

Uh... I would gladly start a company that makes loans like that. How do I do it?

jable91 · 7 months

So there are a lot of dumb people out there....i wonder if any of them got a loan from the wahwah indians and spent 7 years and $40,000 actually paying it, jesus christ fuck the world.

ctini1189 · 7 months

too borrow? Is it just much too borrow? Need to tone down the borrow level because it's too borrow?

thepopdog · 7 months

I guess you could say they are being a bunch of INDIAN GIVERS

TheKloKloYo · 7 months

Are you fucking kidding me.

BrokenInternets · 7 months

By slowly financially crippling other underprivileged minorities the native Americans are exacting their revenge on the white man.

mzr · 7 months

Paleface has fucked us for years, now it is our turn.

dbbo · 7 months

Link to the actual company website: http://www.westernsky.com/General/Rates.aspx

werdunloaded · 7 months

Forever A-Loan

CreamWithinADream · 7 months

Payback for the Indian Removal Act.

WTF

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