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But Western Sky only pretended not to charge an upfront fee. Here’s how it worked: Imagine that you wanted $500. You might have had to take out a $850 loan, from which Western Sky took $350 upfront.
Western Sky Loans Are No More, but We Can All Learn a Valuable Lesson Western Sky Loans was a predatory lending company that caused a lot of headaches for a lot of people.
Western Sky Personal Loans- Don't Let the Sky Fall on You Description Personal Loans from Western Sky Financial: The riskiest personal loan product I've ever seen, bar none.
Western sky charges you a pre pay fianance fee on top of your loan and they interest for $1500 instead of $1000. On there commericals they also state a fraud advertisement. "this will help your credit score".
Since Western Sky was not the true lender of these payday loans, and neither CashCall nor its borrowers had any substantial relationship with the tribe, then state lending laws apply.
The Division’s examiner reviewed the loan terms for the loans made by Western Sky and determined that the terms triggered the licensing requirements of the small loan law, violated the small loan rate order and are void subject to the provisions of Massachusetts General Laws chapter 140, section 110.