I have been getting a lot of emails over the past month or so asking my opinion on the company called Western Sky.

Now if you have not heard of this company, they are all over TV and the internet offering their services. – in a nut shell they offer unsecured loans for up to $10,000.

They are owned by a company called Cash Call which again offers payday loans.

So just yesterday I got a phone call from Debbie (not her real name) and she straight out asked me if western sky was a scam – and I told her no they are not – but I did have a caveat to that answer.

And it was this; no matter what solution you decide including western sky to use to get out of your payday loan debt, first make sure you do your due diligence.

Simply put make sure you understand everything about the terms of service with the company you are considering to do business.

If everything works for you then yes do business with them, if it does not or you have a gut feeling that something is just not right, then don’t it is as simple as that.

Just because someone is offering what may seem like the perfect solution NEVER take what they say at face value – that’s how most people get into the payday debt loan cycle – all they focus on is getting the money – not what happens after they have it.

So let’s use western sky as an example: (this loan information and rates are from their website)

Ok they have several different loan amounts that they offer but let’s just take a look at two of them. Even though these are unsecured loans you still need to qualify for any of the loans they offer.

So they do offer a $500 loan, however the option with them is an $850 loan because they have a $350 loan fee – you get $500 but you have to take out a $850 loan to get the $500. (Make sense?)

Alright the loan is over a period of one year and your monthly payments for the loan would be $150.72 – so for a $500 loan, well really it’s an $850 loan you would be paying back $1909.64.

Ok let’s say you need to borrow their full amount unsecured loan, that’s $10,000.

On a $10,000 there is a $75 loan fee – so you would get $9,925.00. Now this loan is over 7 years, which means you will be making payments for the next 84 months.

Your monthly payments are $743.49. So for this $10,000 loan you would pay back western sky a total of $62,453.16.

Personally these terms don’t work for me; I know of other services that are available that can be used to get out of payday loan debt.

But as I said earlier if these terms work for you and you completely understand what you’re getting into then use their service.

But if not take your time to source out other options; such as a payday loan debt consolidation program – you do not have to qualify for the program and the terms are as short as 6 months.

Hope you found this information helpful – and please feel free to share this article.