Is Western Sky Just A Legal Loan Shark, An online Loan Scam or a Legitmate Way To Borrow Money?

For those who have seen the commercials on television, Western Sky says you can borrow up to $5000 in one day with no credit check and no collateral.  According to Western Sky, all you need to get a quick cash loan is a checking account. For those who are desperate for cash this may sound like the answers to your prayers and even after understanding the terms you may still elect to go ahead with it.  However, many people just really need to see the terms spelled out clearly so they know what they are getting themselves into.

Instant Cash Loans At What Cost?

Western Sky is a legitimate way to get instant cash loans online but the terms may be too much to be considered reasonable.  Some complaints against Western Sky includes them being considered a legal loan shark.  The interest rates on most of the loans are well over 100 percent, some even going over 200 percent.  For example, according to Western Sky, for someone in Alabama taking out a loan here is an example of what you will have to pay back:

Loan Product Borrower Proceeds Loan Fee APR Number of Payments Payment Amount
$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


Looking at this example, if you take out a loan for $5,000 you will have to pay $486.58 over 84 installment loan payments.  After you pay back your original $5000 plus interest, you will have paid $40, 872.72 (486.58 x 84).  Only you can decide if it is worth borrowing $5, 000 and paying back $41, 000.  People do this all the time with mortgages and other loans, however, the interest rates are never usually this high.


Quick Cash Loan Online With No Credit From Western Sky: Worth It?

To some people who may be desperate for cash maybe but most often many people who borrow really do not know how much they are going to be paying in installments. If they saw the actual end figure, many would think ten times before borrowing money in this manner. Unfortunately when you have bad credit there are very little options out there for people who need emergency cash from no-credit loans.  Make sure you know exactly what you are getting into.


Something Else To Consider With This Kind Of Quick Cash Loan

Western Sky is owned and operated by an Indian Reservation which is inside the United States but is a Sovereign Nation-which means it has its own laws. If there is a problem and you have to sue them, you have to do it in their tribal court.  Here is what it says in their terms and conditions:

"All loans will be subject solely to the exclusive laws and jurisdiction of the Cheyenne River Sioux Tribe, Cheyenne River Indian Reservation. 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. The loan agreement contains an agreement to arbitrate all disputes in which borrowers agree to waive their right to a jury trial, to have a court decide any dispute, and to participate in a class action lawsuit, and to certain discovery and other procedures that are available in a lawsuit. If you do not wish your account to be subject to this arbitration agreement, you must advise us in writing. It is not sufficient to telephone us. we must receive your letter or e-mail within sixty (60) days after the date your loan funds or your rejection of arbitration will not be effective. in the event you opt out of arbitration, any disputes hereunder shall nonetheless be governed under the laws of the Cheyenne River Sioux Tribal Nation."

 Unless you know something about the laws of the Cheyenne River Sioux Tribal Nation, you should probably look for another source for getting quick emergency cash online.

The phone number for Western Sky is 1-866-SKY-1224


Related Articles:  PayDay Panda Emergency Loans


Reference Rates Term Of Use

Other Emergency Loan Sources

  1. Learn How You Can Get A Free Car If You Have Low Income
  2. Help Paying Rent and Buying Groceries
  3. I Need Emergency Cash To Bail Someone Out Of Jail
  4.  I Need A Car Today: Car Loans With No Credit
  5.  More Places You Can Go To Get Help Paying Rent
  6. Ten Dollar PayDay Loans



Other Great Articles

Printable Job Applications

Houses under $50, 000