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Legalized Loan-sharking


Draco-REX

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Saw the ad for Western Sky loans and read the fine print. HOLY SHIT! Their best rate is 89.68%! You get under 10K and end up paying over 50k! Or you can borrow just $850 and pay 342.86%. :dumb:

 

I'm amazed this is legal.

 

http://www.westernsky.com/General/Rates.aspx

 

They even have the gall to put a "Responsible Lending" link at the bottom of their page. Unbelievable.

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WESTERN SKY FINANCIAL is owned wholly by an individual Tribal Member of the Cheyenne River Sioux Tribe and is not owned or operated by the Cheyenne River Sioux Tribe or any of its political subdivisions. WESTERN SKY FINANCIAL is a Native American business operating within the exterior boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America.

 

I assume it's because of that.

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Reminds me of the time I saw a nice truck on a JD by Ryder lot, before I knew what that was.

 

I went in asking how much the truck was, since there was no price on it. They told me. So I tried to buy it, cash money, said they can't do that. They would only finance it and it was like 20% interest.

 

sham. The prey on people with poor money habits.

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I was reading the whole thing saying in my head "yeah well I bet Brown gets donations too".

 

Then they actually talked about it.

 

1) Bravo to the author of that article.

 

2) I AM OUTRAGED!!!!!!!

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There is some personal lending that is not legal in Ohio. Where you front a portion of the loan amount and you obtain a much higher rate then any bank, that is based on the applicants credit report.

 

I would like to be able to do this, but it is not open to Ohio Residents

http://www.prosper.com/invest/individual_loans.aspx

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