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Thread: 116% is the LOWEST APR this place offers... for the well- qualified

  1. #1
    Has Proven That I Have No Life Outside Of ROTW
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    116% is the LOWEST APR this place offers... for the well- qualified

    I was watching TV last night, when one of those commercials came on offering to put money into my bank account by tomorrow. To their credit, they said, "It's not cheap, but..." I got a quick glance at the fine print/ disclaimer on the screen, and thought that I saw something about "116% APR..." but, really, is that possible?

    So I looked it up online... Western Sky. Turns out, 116% is for the "Jumbo" loan... if you are only going to borrow $1000, you'll be paying 234% interest.

    Borrow $5000: Costs you $40,872 (8X what you borrowed)
    Borrow $2525: $13,840 (5 1/2X what you borrowed)
    Borrow $1000: costs you $4757 (4 3/4X you borrowed)


    Look for yourself:
    http://www.westernsky.com/

    Here are Western Sky's current rates. Please be aware that not all applicants will qualify for every loan product or the lowest interest rate for a particular loan product. Some applicants will not qualify for any of the products. Western Sky reserves the right to change the rates and loan products listed below without notice.

    Borrower Loan Number Payment
    Proceeds Fee APR of Payments Amount
    $5,000 $75 116.73% 84 $486.58
    $2,525 $75 139.22% 47 $294.46
    $1,000 $500 234.25% 24 $198.19
    Last edited by Kdog; 03-06-2012 at 12:19 PM.

  2. #2
    Old Timer PapaOwl's Avatar
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    Yeah, but you can have the money by tomorrow.

    So if I day trade and make $500 on a 15K transaction in one day the annual return is 1216%

  3. #3
    Pontificator MrsG's Avatar
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    Kind of like a mortgage...
    "I find the whole business of religion profoundly interesting. But it does mystify me that otherwise intelligent people take it seriously."
    -Douglas Adams

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    True... but I am pretty sure that if you have the skills to day- trade at that level of success, you probably don't need a quickie loan like this.

    The people who do (think that they) need a quickie loan probably tend to be less informed, less educated, and/ or very desperate. It seems that it would be easy for somebody not well versed in financial transactions would be tempted to borrow this quick cash, without fully realizing just how much its long term cost is. My guess is that it preys on people's weaknesses, no matter how you look at it.

  5. #5
    Old Timer PapaOwl's Avatar
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    It abolutely preys on the weakest and should be scrutinized. The payday loan places are not much better.

  6. #6
    Mountaineering Leader dakonthemountain's Avatar
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    Of course, if this was a California Corp. they would be violating all kinds of State usury laws. However Western Sky is a South Dakota Corp. There are not limits there, which is why so many high interest credit card companies are located there.

    Law or no law, it is legal thievery, and I believe, morally reprehensible.

    Dak
    So. Everywhere I went, there I was! What on earth would we do without friends and chosen family??!! I don't want to know!!

  7. #7
    Old Timer PapaOwl's Avatar
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    Spot on Dak.

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    Has Proven That I Have No Life Outside Of ROTW TAFKAT's Avatar
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    Law or no law, it is legal thievery, and I believe, morally reprehensible.

    I couldn't say this to a member of the nations with a straight face.

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