How does western sky work

Not financial advice/legal advice:

Western Sky works like this:

Apply for a loan online or over the phone at 866-759-1224. A credit report will be pulled to help the company make a credit decision.

Once conditionally approved, fax the company a copy of your driver's license, bank statement and a voided check.

Review the payment terms and decide if you would like to accept or reject the loan offer.

Complete an on-line loan agreement and execute it electronically.

A $75 loan origination fee from the proceeds of the loan will be collected immediately. Your loan is then disbursed to you electronically.

Only those 21 years and older with a valid bank account can apply. Applications are not accepted from California, Maryland, South Dakota and West Virginia residents.

Current interest rates vary between 89.68% and 342.86%. $5,000 borrowed at 116.73% with a payback period of 84 months will result in $35,872.72 in interest.

Loan periods range from 12 months to 7 years. There is no prepayment penalty.

Western Sky Financial operates within the boundaries of the Cheyenne River Sioux Reservation, a sovereign nation within the US.

Just in! Martin "Butch" Webb, the owner of Western Sky Financial is currently facing legal action from the FTC and state authorities. He is accused of "illegal lending and collection practices, operating without a license in states and dodging state limits on interest rates." Webb has responded with, "I think we're serving a group of people that are underserved by conventional banking." "Their demands aren't being met."