Holy crap. Predatory lending isn't dead.

[crackhabit]

Just saw a commercial for unsecured loans up to $10k from Western Sky Financial for get this....89% APR! The fine print says it's for 84 monthly payments of $743.99. Interesting note, the company is owned and operated on a Native American reservation.

[SoundersChick]

There was another western sky commercial that had an interest rate of 116%. If anyone takes one of those loans they are crazy.

[ESF]

No, predatory lending is not dead. These payday lenders try to set up shop on Native American reservations to try to skirt state rules, but the FTC has been trying to go after them.

www.huffingtonpost.com/2012/04/04/payday-lenders-indian-tribes_n_1401155.html

There's also a lot of predatory lending to small businesses, because most laws against it only govern lending to individuals and consumers, and not commercial debt.

Slightly related. Within walking distance of my apartment, there are about 6 payday loan stores. They advertise their rates and it is horrible! Pay $20 to get $200. Sad thing is that at least 2 new stores have opened in the last 6 mths.
I honestly live in a decent area. Not great, it is downtown, but it isnt a slum.

[vegas]

We have no usury limit in our state, so there are pay day loan shops on practically every corner and the interest rates are astronomical.

[kzoomaggie]

DH and I saw this commercial earlier today too!!! We both were laughing at how CRAZY that is!!!

[amoosed]

This commercial is offensive on so many levels.

[kcpokergal]

Well, that is better than the 900% interest that some pay day loan places charge.