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:
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