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Posted On December 8, 2020 In Investigation With 50 Views

Western Sky Is Dead; Unsecured Loan Scams Go On

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Western Sky Is Dead; Unsecured Loan Scams Go On

You might be under the impression that the company’s still in business if you’ve recently looked for a loan from online lender Western Sky Financial.

Western Sky supposedly shut its doorways in 2013, immediately after state regulators cracked straight down on its sky-high interest levels for unsecured loans. The organization did call itself a n’t payday loan provider, nonetheless it offered customers loans at yearly rates in excess of 300per cent. Because of this, it encountered appropriate battles in at least five states and had been entirely prohibited in dozens more. During summer of 2015, Western Sky was at the headlines once again as it ended up being obligated to refund customers huge amount of money through appropriate settlements.

But its web site is practical and is apparently soliciting borrowers today, 2 yrs following the business closed up shop. There’s an “Apply” switch, and it connects you to one of a variety of third-party lenders offering personal loans if you call a phone number listed on the site.

Thank you for visiting the field of small-dollar financing, where in fact the company that lent you cash may legitimately disappear completely the next day, yet still be around to gather your instalments as the web site trolls for brand new borrowers. (more…)

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