I was watchingÂ TV the other night, and a commercial for Western Sky came on.Â The commercial stated that you could have up to $5,000 deposited into your account by the next day.Â The next thing that was said is what really got my attention.Â The lady speaking on the commercial said ‘yes, the money is expensive, but it’s still cheaper than a payday loan.’Â They are admitting that the interest rate is high! I had to know how high.
I put my DVR to work, and rewound the commercial to a point where there was extremely small writing at the bottom of my screen.Â What I read next was shocking;
“Terms for aÂ $5,000 loan are 116.73% interest rate with 84 monthly payments of $486.58″
I was astounded that they can actually charge 116.73%!…