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payday loans
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Western Sky Loan Review
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Western Sky Loan Review

Yesterday I received an email from a lady named Kathy (not her real name) and she was inquiring on the options she had available to her for getting out of her payday loan debt.

Like many people in America she had a financial emergency pop up and she just didn't have the financial resources to fix the problem, she tried to get a loan from a few friends but unfortunately they were in no position to help her.

She even asked her employer if he could help her but that was a bust as well, and the banks credit requirements were well out of reach as well. So she turned to getting a payday loan.

Now payday loans are ok if you can pay them off within the two week period, but if you can’t (any many people cannot) you may end up getting caught in the payday loan trap.

What’s A Payday Loan Trap?

Getting caught in the payday loan trap can happen faster than one would think, what happens is when the loan is due most people do not have the full amount to pay the loan off – so the lender will allow you to roll the loan over.

This means all the borrow has to do is pay the interest and the roll over fee, this roll over fee is usually around $45 and they will extend the loan for another two weeks.

Here’s the catch – another two weeks goes buy and the borrow still cannot pay the loan off in full so they roll the loan over again. Well most lenders can only do this a few times, so what does the borrow do?

He/she will go get another payday loan from another lender and use that loan to pay off the first loan – but now the borrower still has a new payday loan that he/she cannot pay off in two weeks and the cycle repeats itself.

So Kathy said she heard of a company called Western Sky, and they offer unsecured loans up to $10,000 would they be a source she could use to pay off her loans?

I told her that she MUST do her due diligence regarding any company offering solutions for paying off payday loans.

She needs to go into things with her eyes wide open and if she understands everything and agrees with everything and knows exactly what is expected of her and she is ok with it –then yes use the service.

Western Sky does offer unsecured loans up to $10,000

You are subject to credit approval and they do not provide loans if you live in California, Colorado, Maryland, Missouri, South Dakota and West Virginia.

A $10,000 loan has an APR (annual percentage rate) of 89.68% - the loan is over 7 years – that’s 84 payments – and your monthly payments will be $743.49 – with a $75 loan fee. So you would get $9925.00.

If you took the full term to pay this $10,000 loan off you will be paying back $62,453.16

A $5075 loan with an APR of 116.73% with a $75 loan fee – so a $5000 loan with 84 payments at $486.58 per month – you would pay back a total of $40,872.72

A $2600 loan at an APR of 139.22% with a $75 loan fee – so a $2,525 loan with 47 payments at $294.46 per month - you would pay back $13,839.62

A $1500 loan at an APR of 234.25% with a $500 loan fee – so a $1000 loan with 24 payments at $198.19 per month - you would pay back $4756.56

A $850 loan at an APR of 342.86% with a $350 loan fee – so a $500 loan with 12 payments at $150.72 per month - you would pay back $1909.64

Like I said if she is comfortable with the above terms and fully understands everything that western sky offers then yes this can be a solution to paying off her payday loans.

Prior to using any resource for getting rid of your payday loans it’s best to source out all your options.

Such as a payday debt consolidation loan from a qualified loan consolidation company, the advantage to this type of loan is there is no need to qualify for the loan; the terms are over 6, 12 or 18 months depending on your personal situation.

And your payments will be far less than what you are paying now in interest and fees being charged by your lender.

There are many qualified companies that offer consolidation loans, just make sure you do your due diligence and you know and agree with all their terms and conditions before using any service.

I hope you found this article helpful – please share it and feel free to comment below.


Street Talk

Amazing how they trap you.

Reply
  about 9 years ago
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