"It Is Expensive, But There Is No Collateral Required"



In the commercial, the spokesman claims “Yes, the money is expensive, but there is no collateral required.” This is a common theme within the payday loan industry.

Before you borrow money from Western Sky, look at their Rates page which describes the APR as well as the loan fee that will be assessed depending on the loan amount you are requesting.
The APR, or Annual Percentage Rate, is the amount of interest you will be required to pay back within a year.

When loan companies do not require collateral or high credit scores to approve a loan, it is
generally because the APR they charge is extremely high. In the case of Western Sky, the lowest available APR is 116.73% and can be as high as 215.03%. This means that if you borrow $5,000 from Western Sky at 116.73% APR and take the full 84 months to pay it back,
you will have paid $35,872.72 in interest.

Talk about getting scalped!