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Western Sky will give you $5,000 in your checking account. All you have to do is pay them back almost $41,000 over the next 7 years.. (imgur.com)

submitted ago by Wild__Card__Bitches

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[–]l1vewire 87 points88 points ago

Forever a Loan.

[–]Wild__Card__Bitches[S] 7 points8 points ago

Couldn't have said it better.

[–]Sanoie 0 points1 point ago

More like forever a repost

[–]l1vewire 2 points3 points ago

Meh, I posted the forever a loan thing first, on the same sort of thread. I'm okay with it.

[–]TribalJuju 29 points30 points ago

YES, THE MONEY IS EXPENSIVE BUT THERE IS NO BACKGROUND CHECK OR CREDIT REQUIREMENT.

[–][deleted] 3 points4 points ago

So it's a drug money/fake id loan?

[–]TheKronk 3 points4 points ago

No, they just make you sign away everything you own as collateral. Then, when you can't pay back their batshit insane interest rates, they claim everything you own and make a tidy profit.

[–][deleted] 0 points1 point ago

Seems like that could be illegal for some reason.

[–]TheKronk 0 points1 point ago

It's because they operate out of an Indian reservation, so regulators can't touch them

[–][deleted] 1 point2 points ago

Laws are weird.

[–]hockeystickmadness 17 points18 points ago

I've said this once, and I'll say it again:

Her spirit animal must be a loan shark.

[–]batoutheartist 11 points12 points ago

the only way they are getting away with this is to be on the Res. otherwise they would get popped for usury laws.

[–]TheRealSlartybardfas 2 points3 points ago

Do usury laws exist anymore? I thought the credit card companies paid elected officials to get them all revoked.

[–]WalterMatthau 1 point2 points ago

You are wildly incorrect.

[–]TheRealSlartybardfas 1 point2 points ago

The little ? at the end of the sentence means that I wasn't sure. Thanks for the info.

[–]Huskyfluff 10 points11 points ago

Dat APR O_O

[–]Wild__Card__Bitches[S] 5 points6 points ago

Speak of the devil, I just saw another one of their commercials, saying they can give you $10,000. Only gonna cost you $62,500 over the next 7 years.

[–]JasonZX12R 0 points1 point ago

Payday loans are much the same. Some people on my wife's side of the family are stuck in them. Really take advantage of people who are financially uneducated.

You get the loan because you cant afford something, then you can barely afford to pay it back, forcing you to take another one out. Viscous cycle.

[–]Dormont 6 points7 points ago

116.73% compounding interest. Here I thought BoA was bad.

[–]travisburnsred 9 points10 points ago

Indian giver

[–]medicguy 2 points3 points ago

guess it pays

[–]travgram 4 points5 points ago

opie and anthony did a lil bit on this. and some peeps called in and said they borrowed but said fuck paying it back and they did nothing but send letters asking for their money

[–]gmikoner 14 points15 points ago

Shit like this is why recession

[–]Barb0 5 points6 points ago

Recession is why shit like this.

[–]embolalia 5 points6 points ago

You accidentally a word. Though, somehow, it your post hilarious.

[–]mont94 2 points3 points ago

thats probably the reason i said i wouldn't get a loan from them if my life depended on it. and my dad thought i hated native americans. and it was just the fact it looked fishy.

[–]brownfield84 2 points3 points ago

I saw the ad for $10,000 today on the Rays/Yankees game. I saw the interest rate and rewound it. 84 monthly payments of like $780 with an 89% interest rate.

[–]snakeoilkid 2 points3 points ago

"All loans will be subject solely to the exclusive laws and jurisdiction of the Cheyenne River Sioux Tribe, Cheyenne River Indian Reservation. All borrowers must consent to be bound to the jurisdiction of the Cheyenne River Sioux Tribal Court, and further agree that no other state or federal law or regulation shall apply to this Loan Agreement, its enforcement or interpretation. The loan agreement contains an agreement to arbitrate all disputes in which borrowers agree to waive their right to a jury trial, to have a court decide any dispute, and to participate in a class action lawsuit, and to certain discovery and other procedures that are available in a lawsuit." ಠ_ಠ

[–]Wild__Card__Bitches[S] 1 point2 points ago

Sign on the dotted line, and we'll just take away all of your rights.

[–]jsct 2 points3 points ago

Lawyers of Reddit:

Since this is probably only legal on the reservation, will courts off the reservation enforce the debt? Do they just get to pick what parts of the law apply?

[–]Grantonius 6 points7 points ago

To be fair, they do tell you that the loan is expensive.

[–]Wild__Card__Bitches[S] 8 points9 points ago

Over 8x the original amount of the loan? "Expensive" doesn't quite cut it.

[–]Grantonius 1 point2 points ago

Yeah, but you have to admit its kind of funny.

[–]Wild__Card__Bitches[S] 6 points7 points ago*

It is pretty funny, but also sad that people are naive enough to believe it.

[–][deleted] 2 points3 points ago

Believe what?

[–]epicwinguy101 8 points9 points ago

It.

[–]embolalia 0 points1 point ago

Believe that it's not predatory lending.

[–]dogz_n_catz 0 points1 point ago

That's just to cover their ass in court.

[–]ProfBatman 6 points7 points ago

I'd just pay them in beads.

[–]aptsm[!] 1 point2 points ago

I'd just pay them in Trident gum.

[–]Tyranichomp 7 points8 points ago

Fucking native americans

[–]completej 7 points8 points ago

Pokercuntas

[–]Wild__Card__Bitches[S] 1 point2 points ago

I see what you did there

[–]Tyranichomp 0 points1 point ago

As do I and might I say, me gusta sir

[–]Jetmann114 4 points5 points ago

Repost, but upvoting because this is fucked up in so many ways.

[–]raisin920 1 point2 points ago

Do people actually do this? :/

[–]Wild__Card__Bitches[S] 1 point2 points ago

I guess so, otherwise I'm sure they wouldn't be in business. I don't know who would be dumb enough to get themselves into that kind of debt.

[–]Shimster 0 points1 point ago

there was a report of some loan shark in the UK where they would loan people on benefits money and the return rate was something close to 1,000,000 the people on benefits were forced to hand over the money as soon as they got it, the old lady behind it got jailed after a few years investigation found it was some old women in her 70s.

[–]smapple 1 point2 points ago

Am I the only one who thinks her facial expression is suited for this add?

[–]joshy1234 1 point2 points ago

Seems legit. A 117% interest rate is not normal, but on meth, it is.

[–]YourMothersMustache 1 point2 points ago

Thanks congress! http://en.wikipedia.org/wiki/Usury

[–]huckstah 5 points6 points ago

Sad that Native Americans are reduced to casino's and loan-sharking. Corporations are clearly manipulating them based on the fact that the reservations are immune to laws that exist to PROTECT the public from crap like this.

[–]btgoss 2 points3 points ago

They had to do something. The market for Dream Catchers and Turquoise jewelry really dried up after the peak during the 80's Hair Band Metal years.

[–]MadWombat 0 points1 point ago

Having fewer laws is double-edged. On one side you get shit like this. On the other side, Native Americans are pretty much the only ones who can open a casino outside of NV.

[–]michaelshow 0 points1 point ago

taking back America, one nickel at a time

[–]Wild__Card__Bitches[S] -1 points0 points ago

Exactly, they make it sound like a quick loan. While mentioning nothing about the astronomical interest rate trap they've set for the unknowing consumer.

[–]epicwinguy101 0 points1 point ago

It is a quick loan, and they mention the rates right on the ad.

[–]anonemouse2010 0 points1 point ago

In typical tiny print flashed for a second.

[–]Wild__Card__Bitches[S] -1 points0 points ago

I think you're missing the point. The fact that you are going to owe $36,000 more than you borrowed is supposed to make you wtf.

[–]epicwinguy101 0 points1 point ago

Well, it certainly keeps me from getting the loan. But high prices aren't WTF to me at least. If they were, ebay has some great WTF for overpriced items.

[–]clintmk96 0 points1 point ago

so thats how they can do it

[–]travgram 0 points1 point ago

Fairly sure that they live on a reserve and that they cannot make you pay the money back.

[–]happybadger 0 points1 point ago

Couldn't they sue you after a set period of time?

[–]twistedfork 0 points1 point ago

If they did sue you it would have to be in a federal court.

[–]brownfield84 0 points1 point ago

Relevant

[–]BioSim00 0 points1 point ago

Damn Native Americans, always sticking it to the white man.

[–]jsct 0 points1 point ago

After those payday loan places got hit with regulations capping their interest rates, these guys popped up. Only legal because they're on a reserve.

[–]rollerboogie 0 points1 point ago

Usury? Guess not because they're in Indian territory?

[–]theRuns1 0 points1 point ago

I have a hard time defending the "man" but if you read it carefully (right tot left) it states that a typical loan, not this exact card will force you to pay that. But it would be funny if true.

[–]Wild__Card__Bitches[S] 0 points1 point ago

We'll their commercials say that can put up to 10,000 in your account. So if a typical loan is less than that they're screwing you even more.

[–]Djheath84 0 points1 point ago

Cheaper than a pay-day loan... Damn I hate these commercials!

[–]Triarch 0 points1 point ago

You've got to admit, though; she's pretty hot. That's the only positive thing about this.

[–]Contentwithlosing 0 points1 point ago

They're slowly taking back the land that was rightfully theirs.

[–]mdxterra 0 points1 point ago

I live in Maryland, where Western Sky was ordered to Cease and Desist. One Maryland resident was given a rate of 1,825%. Here are the aliases and affiliated companies listed in the document. Stay away from them:

  • Western Sky Financial, LLC
  • Western Sky Funding, LLC
  • Western Sky
  • Great Sky Finance, LLC
  • Great Sky Finance
  • GS Finance
  • Great Sky
  • GSKY
  • Great Sky Cash
  • PayDay Financial, LLC
  • Lakota Cash
  • Lakota Cash, LLC
  • Big Sky Cash
  • Big $ky Cash
  • Red Stone Financial, LLC
  • Red River Ventures, LLC
  • Management Systems, LLC
  • Martin Webb

[–]bubbal 0 points1 point ago

Yes! Let's all protect grown adults from making their own decisions!

[–]Wild__Card__Bitches[S] 0 points1 point ago

When that grown adult defaults on this loan, who do you think picks up the slack? Yeah, tax payers.

[–]bubbal 0 points1 point ago

What? Do you have any idea what you're talking about? Part of the reason the interest rate is so damn high is the high risk of default with a lack of major collateral.

[–]Wild__Card__Bitches[S] 0 points1 point ago

I'm pretty sure US bankruptcy laws don't apply on the reservations, therefore, no way to clear that debt that can't be paid. Any person who is going to take a loan like this, will end up using some sort of public assistance while trying to pay it off. I'm just saying, it is not going to just be that persons's problem, in someway it's going to fall back onto others.

[–]bubbal 0 points1 point ago

Which is a problem with how public assistance is meted out, no?

Don't get me wrong, these glorified loan sharks are total scum, below even Cash4Gold on the "scammy sack of shit" scale, and anyone who takes a loan from them is an idiot.

But people should be free to make idiotic mistakes if they so choose. And they should also be free to fail after they make those mistakes.

[–]Wild__Card__Bitches[S] 0 points1 point ago

I get what you are saying. Of course there is a problem with public assistance mixed in there. No doubt they are huge scum bags, but I would just assume save someone else the pain and keep it from potentially affecting others.

[–]camelhorse -2 points-1 points ago

Those fucking Indians...oh, sorry, Native Americans.

[–]Havokk -2 points-1 points ago

How the fuck do things like this exist? I still can't understand how rent-a-center or other awful places alike keep attracting customers.

http://i.imgur.com/2iQMY.jpg

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