Western Sky loans

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SST55

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Yikes! I've seen their ads on TV. Read about them elsewhere today and couldn't believe their rates.

Loan Product Borrower Proceeds Loan Fee APR Number of Payments Payment Amount
$10,000 Loan $9,925 $75 89.68% 84 $743.49
$5,075 Loan $5,000 $75 116.73% 84 $486.58
$2,600 Loan $2,525 $75 139.22% 47 $294.46
$1,500 Loan $1,000 $500 234.25% 24 $198.19

$500 fee on a $1,000 loan? 234.25% interest? $4756 payback?
10k loan = $743 a month for 7 years =$62,453.00 !!!!
They say their rates are less than Payday loans,,,What is paydays interest rate?

So,we don't need regulation in the financial sector huh?
 
What do they do? Scalp ya? Those rates are worse than what the mob, aka Mafia, charges. Not that I know anyone in the mob. anymore,,,,
 
SST55 said:
Yikes! I've seen their ads on TV. Read about them elsewhere today and couldn't believe their rates.

Loan Product Borrower Proceeds Loan Fee APR Number of Payments Payment Amount
$10,000 Loan $9,925 $75 89.68% 84 $743.49
$5,075 Loan $5,000 $75 116.73% 84 $486.58
$2,600 Loan $2,525 $75 139.22% 47 $294.46
$1,500 Loan $1,000 $500 234.25% 24 $198.19

$500 fee on a $1,000 loan? 234.25% interest? $4756 payback?
10k loan = $743 a month for 7 years =$62,453.00 !!!!
They say their rates are less than Payday loans,,,What is paydays interest rate?

So,we don't need regulation in the financial sector huh?
Click to expand...

Holy crap :eek:
 
SST55 said:
What do they do? Scalp ya? Those rates are worse than what the mob, aka Mafia, charges. Not that I know anyone in the mob. anymore,,,,
Click to expand...

Idk what they do. But its in the small print. I got on their site once just to see and was blown away
 
I'd like to know how a $180 debt turns in to $500 overnight. I've been paying down my CrapitalOne debt, which came as a result of them not allowing me to pay the bill at all when it was managable. Now, they're blackmailing me for $500.

Yeah, we don't need regulation of the financial sector :sarcasm:

Wall Street has too much power.
 
So Andy, you paid your bill when it was "allowing me to pay the bill at all when it was managable". So IOW you weren't making your payments on time and the minimum amount specified?
You do realize there are penaties for missed/late/less than minimum payments don't you? And that interest accrues not only on your balance but also on those fees charged. How dare they! You agreed to the terms when you signed up and now they're the bad guy for holding poor little ol' you to them?

Welcome to the grown ups table.
 
We've almost had to resort to doing a loan with them a few times in the last year. We just couldn't bring ourselves to accept the loan origination fee. As bad as the interest rate is, we could sort of accept that due to our poor credit rating, but taking out a $800 loan to borrow $500 or a $1500 loan to borrow $1000 was just something we couldn't bring ourselves to do. We would have only had to pay that interest rate for a few months until our income tax refund came in, but the confiscatory initial fee was just too much to swallow.

These people prey on those who have little to no other choice.
 
Sorry to hear of your situation Ben1. Supposedly if you pay them off early you still owe the full amount of interest as a penalty. I realize they're on a indian reservation but it is a banking function crossing state lines. Why aren't fed laws on exorbitant interest applied? Heard horror stories about Payday loans too. Very true that that prey on those with no other choices.
 
SST55 said:
So Andy, you paid your bill when it was "allowing me to pay the bill at all when it was managable". So IOW you weren't making your payments on time and the minimum amount specified?
You do realize there are penaties for missed/late/less than minimum payments don't you? And that interest accrues not only on your balance but also on those fees charged. How dare they! You agreed to the terms when you signed up and now they're the bad guy for holding poor little ol' you to them?

Welcome to the grown ups table.
Click to expand...

NOT, not "now". I'd go online to pay it and had a $0 balance. I called them on the phone and they said I didn't have a balance. I knew this was inaccurate. Then I got a call from their debt collections. I won't go too much in to this, but this has gone on for a year. They tried saying they didn't have my address on file, which is bull**** because they were mailing bills to said address for a year.

I'm aware how it works, and I've been playing their games since last summer. Unfortunately, to them, this is all a game. I've paid $480 in the last few months. A 19% interest plus a $35 late fee does not add up to $475 in one month. The letter they sent me is extortion and blackmail.
 
CapitalOne even admitted, several times, that there were human errors on their end and did nothing to rectify the situation -- said they couldn't afford to do it :bsflag: they can afford million dollar commercials to air on every network every four minutes and is one of the most profitable companies in the world and can't afford to rectify problems they admit to, and admit were caused by human error.

I had a fight with my bank (BB&T) last summer that lasted a week or so. I went to another branch and it was quickly corrected.
 
Good ole' CapitalOne -- I'm on the phone with their people in India or wherever the **** they are now and this is going to end with me throwing the phone out the window.
 
Magic was right, it could be raining supermodels and you'd get hit with a *****.

Obviously Andy you don't know how it works. You wouldn't be in this situation if you did. You say you know you had a balance, they said you didn't. Got that in writing? Why not? Bet ya they can't find the tape of your call.
Andy I'm damm close to 3 times your age and I've had a few bumps in my road of life too but not even close to the shear numbers that I've read of yours in just a few short years.
Everything, especially financial dealings, goes in writing. Not a saved email on your computer either, print it out.
You have a choice, today you have to protect yourself or carry a tube of lube. Decision is yours.
 
After talking to them, I'm CONVINCED CapitalOne is a criminal organization.

Once this debt goes away, I am never doing business with them again.
 
SST55 said:
Magic was right, it could be raining supermodels and you'd get hit with a *****.

Obviously Andy you don't know how it works. You wouldn't be in this situation if you did. You say you know you had a balance, they said you didn't. Got that in writing? Why not? Bet ya they can't find the tape of your call.
Andy I'm damm close to 3 times your age and I've had a few bumps in my road of life too but not even close to the shear numbers that I've read of yours in just a few short years.
Everything, especially financial dealings, goes in writing. Not a saved email on your computer either, print it out.
You have a choice, today you have to protect yourself or carry a tube of lube. Decision is yours.
Click to expand...

I'm sure they "can't find the tape" of these phone calls as well. :) But I'm sure I can find the cache from my old computer since it hasn't been used since last spring.

So, they told me every payment I made didn't actually pay anything off. When I made a $180 payment, they charged my account $185 in fees. When the $44 payments were made, they were adding $45 in fees. I have the payments I made in writing and have, in writing, where CapitalOne would not charge interest payments or late fees to the account as long as I was making payments.

They told me that it's not supposed to work that way and that a payment plan is not supposed to bring down or pay off your balance :confused:
 
That's right Andy, they singled you out and are screwing with ya. Can't wait for your rant when you find out they've reported you as being deliquent to the credit agencies.
 
Damn, that place is insane.

"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.

© 2011 Western Sky Financial, LLC. All Rights Reserved."

A sovereign nation? Are reservations not subject to US laws? I honestly don't know.
 
97forever said:
Damn, that place is insane.

"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.

© 2011 Western Sky Financial, LLC. All Rights Reserved."

A sovereign nation? Are reservations not subject to US laws? I honestly don't know.
Click to expand...

I'm not sure exactly but I believe tribes are viewed as nations within nations, but I think US law is supreme, I'm not an expert on it though.
 
97forever said:
A sovereign nation? Are reservations not subject to US laws? I honestly don't know.
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Not really, just some. Just think about the state of Oklahoma, my old home state. There are absolutely no Indian reservations in that state, only sovereign nations, seven to be exact. About the only thing that is common with US laws are felonies and even those can be hard to prosecute. Indian treaties are alive and well and especially since Wounded Knee back in '73.
 
CapitalOne sent me something to inform me they are revisiting my case, after the two hours I spent on the phone with them this week. They said they might be willing to forgive half of my debt if I've paid the other half off by June. They're also saying that my account should not be charged any interest fees or late fees if I am making the payments on time and gave me a number to call (outside of customer service) if any additional charges are added as long as I'm making my monthly payments at a minimum of $40.

Who says bitching doesn't accomplish anything? :)
 
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