Have you seen these ads from Western Sky, the Native American-owned personal loan company? I usually don’t pay attention to commercials, but when part of the ad said ‘yes, the money’s expensive, but…’ I got a little curious.
They will loan you $5,075 today and all you have to do is make 84 easy monthly payments of $486.58. Don’t break out the calculator, I’ll do it for you. That’s $40,872.72! Oh, plus the $75 loan origination fee.
A loan of $10,000 will end up costing over $63,000! and all this I’m sure is for people with 800+ credit scores, like those 0% financing promotion the car dealers use for ‘very well qualified’ customers.
Native Americans got a pretty raw deal but damn. I guess it’s true what they say. Payback is a bitch.