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Beware of the Western Sky Finance Scam!
By Archana Sabesan on May 21, 2012

worried-by-Ramzi-Hashisho-(1).jpgThere may have been a time in your life where you needed a large amount of cash immediately, but you just did not know how to get it. It is probably at this time that payday loan and signature loan commercials appealed the most to you, since they provide a speedy and no hassle system to get this money. However, are these really helping you out, or are you just getting pushed further and further into debt?
The Western Sky Finance Loan is one that you may have seen over and over on the television. They are a Native American-owned finance company, operating within the Cheyenne Sioux Reservation. The commercial states that you can get up to $10,000 overnight. This all sounds good and well, especially if you are in need of fast money. However, this brings with it some disadvantages, the main one being the extremely high rates of interest.

Let's say you want to borrow $10,000 from Western Sky to pay off some expenses. You will receive almost all of that money after paying a $75 application fee. This does not sound too bad, but now it is time to start repaying. By contract, you now have to pay $743.49 per month for 84 months (7 years) which comes out to a total of over $60,000. For a $10,000 loan, you would be over $60,000 in debt. How crazy does that look and sound? That is something you definitely do not want! It is beyond outrageous.

They start by asking your personal information, and then after they have what they need, you are bound by the contract to abide by the rules. You end up being almost six times more in debt than you started. I would definitely say that that is a lose-lose situation which you do not want to get stuck up in.

If you just do a bit of researching and thinking, you can avoid getting caught up in these scams. Do not be reeled in by the immediate gratification of getting money, because more often than not, the small print reveals the "scam" part. Be careful when giving out your personal information. Actually, don't even give it out unless you know for sure (110%) that it is not a scam!
Image adapted from original by Ramzi Hashisho
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