Western Sky Payday Loans Reviews

Western Sky Payday Loans ReviewsWestern Sky Payday Loans says they can get up to $10,000 into your bank account overnight. If you’re in a jam, this might seem like the perfect savior to get you out of it, but of course there has to be some sort of strings attached, such as a very high interest rate, or lots of these.

They are run by one tribal member of the Cheyenne River Sioux Tribe, and make it clear that they conduct business within the Cheyenne River Sioux Reservation, which is a sovereign nation that just happens to be located within the USA. This allows them to sidestep several federal and state laws that put caps on the amount of money you can lend in the form of a payday loan, which is why you see these rather large loan amounts.

One thing that makes them different is they are installment lender, so rather than having to pay the loan off on your next payday, you can pay it off in chunks so that you can keep enough in your pocket to make it through your financial struggle. But the payment amounts themselves can be staggering, and we don’t quite know how this wonder sleeps at night.

Finding Legitimate Western Sky Payday Loans Reviews

There’s almost no way someone would come forward and admit that they used the service because there is absolutely no way this could ever help your financial situation. And definitely no one would ever be able to honestly say that they were happy that they went with it. There’s no financial jam that this could help you out of, perhaps only temporary, before creating an even bigger jam trying to pay them back.

Not Really a Payday Lender
Western Sky does not fit the mold of a regular payday loan company, because they are able to offer much more money than your typical payday loan lender will allow. This means that they shouldn’t be looked at in the exact same way, but you should also realize that they are in the business to make money, and are not there to do you any favors.

They feature some of the most outrageous rates you’ll ever see, and on the $10,000 loan example living in the state of Michigan you’ll end up paying back over $60,000 borrow it. Going with a smaller example, if you borrowed just $850 you end up paying back $1800, and you only end up receiving $500 because of the $350 fee they take out.

Let’s take a middle-of-the-road example that most of us can relate to. Say you have transmission trouble on your car or truck and you need to get it fixed in order to go to work. So you want to borrow $2600 in order to get your car running normally again. The first kick in the chin is that you’ll only receive $2525 after they take out their $75 loan fee. Next month you have to pay back $294. Doesn’t sound too bad, right? But settle in because you got 46 more of those payments to make, for a grand total of almost $14,000. You could probably buy another car for that price. Of course, you can always pay back the principal to avoid having to pay all those monthly payments, but that would entail coming up with the remaining balance at any given point.

Our Recommendation
We’re going to recommend against going with Western Sky if you’re looking for a payday loan or a payday loan alternative. While the large loan amounts might attract you, the enormous payback amounts should leave you staggering away deliriously. No matter how dire your financial situation is, a loan from a lender like this is not going to make it any better, and could potentially run you into the ground.

If you have a big financial problem that will not be fixed by a $600 or $700 payday loan, this might seem like your only alternative because it bank is not going to lend you that kind of money unless you have some form of collateral, and friends and family don’t like to part with such big chunks because it might put the relationship in danger. If you do dabble with the loan like this make sure you have a solid plan on how you’re going to repay it, such as a tax return you’re expecting, or some other chunk of cash that’s headed your way.

We can’t imagine a scenario in which Western Sky Payday Loans would make anyone’s financial situation more bright.

Western Sky Payday Loans Reviews

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{ 1 comment… read it below or add one }

Troy September 2, 2012 at 11:44 am

Thank you for the insight , I almost went down this wrong path . I’m going to tough it out

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