When the guy in the "Western Sky" ad says their money isn't cheap, he ain't kidding.

[markw]

I've been seeing this ethnic native American on TV a lot recently hawking their loans, but always slipping in a quick disclaimer that they are not cheap.

Now, having worked for a tax prep company that could not offfer short term, high interest loans, which were paid off within two to three weeks when the IRS sent the refund, I got curious just how bad these things could be since they offer much, much longer terms with no secured means of payment.

Well, I found out. Holy Schneikies!!!

I'm surprised this is even legal. Oh wait, in some states, it isn't.

I hope nobody here ever falls for this and, please, try to warn others should the subject arise.

 

[tattoo_Dan]

there is a guy with a "payday loan" co that does & says the same thing here.
seems like it should be illegal

 

[mtrycrafts]

I've been seeing this ethnic native American on TV a lot recently hawking their loans, but always slipping in a quick disclaimer that they are not cheap.

Now, having worked for a tax prep company that could not offfer short term, high interest loans, which were paid off within two to three weeks when the IRS sent the refund, I got curious just how bad these things could be since they offer much, much longer terms with no secured means of payment.

Well, I found out. Holy Schneikies!!!

I'm surprised this is even legal. Oh wait, in some states, it isn't.

I hope nobody here ever falls for this and, please, try to warn others should the subject arise.

WOW, that is outrageous. But the people who go for these are desperate and may not be well informed about the costs.

But, who would make this illegal? You would need a government to do it, more regulations to hold some businesses in check.

 

[its phillip]

lots of payday loan places are worse! scams like that should be illegal.

 

[jeffsg4mac]

There only needs to be a law that caps interest rates to something like 25 percent max. That would solve the problem.

 

[gholt]

I think they have capped it for military, Just outside military bases, there used to be a swarm of these businesses. They just ought to go away. Taking atvantage of the misinformed.

 

[markw]

Just to add more fuel to the fire...

"Their terms of use are equally blunt: “All borrowers must consent to be bound to the jurisdiction of the Cheyenne River Sioux Tribal Court, and further agree that no other state or federal law or regulation shall apply to this Loan Agreement, its enforcement or interpretation.” Shkiggidy-ba-blamzoid!! Since the business operates in a sovereign nation that exists within our own, you can’t get help from either your state or the USA if you end up having beef."

I got this snippet from another article on these guys. So, I guess it's just their way of getting back at us for taking their land from them.

 

[darien87]

At least I know why I haven't heard of this company. Looks like CA's attorney general put the Kibosh on these scheisters.

 

[mtrycrafts]

lots of payday loan places are worse! scams like that should be illegal.

There only needs to be a law that caps interest rates to something like 25 percent max. That would solve the problem.

Yes, but money talks in congress. They tried but failed.

 

[Adam]

Yes, but money talks in congress.

Is that why we're so far in debt? Someone tell Congress to stop borrowing from these people!