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Western Sky Financial Sued for Charging Interest Rates as High as 355per cent

Western Sky Financial Sued for Charging Interest Rates as High as 355per cent

Western Sky Financial, a South-Dakota-based online loan provider that’s become infamous because of its sky-high interest levels, is finally being sued.

Ny State Attorney General Eric T. Schneiderman announced that his office has filed a lawsuit against Western Sky for charging rates that far exceed what is permissible under New York law tuesday. In line with the Schneiderman loan providers perhaps not certified because of hawaii of brand new York can not charge an interest that is annual more than 16 per cent. Western Sky charges interest levels because high as 355 per cent.

Yes, you read that right: 355 per cent.

You’ve probably seen Western Sky’s TV commercials, which perform up the business’s native heritage that is americanit has ties to Southern Dakota’s Cheyenne River Sioux tribe) and tout the fact you will get as much as $10,000 in a single time without security. Continue reading Western Sky Financial Sued for Charging Interest Rates as High as 355per cent