Western Sky problem solver loan is a problem causer

Taking out this high interest loan is one of the dumbest financial moves you could make. Your desire to find money to cover rent and security deposit will come at too high a price if you choose the problem solver loan offered by Western Sky Financial.

Nevermind the fact that Western Sky Financial is being sued by a number of states over illegal loan practices. Nevermind that the company often files garnishment orders with customers’ employers even though the tribal court that ordered the garnishments has no jurisdiction over non-tribal borrowers.

If for no other reason, don’t take out the loan simply because it is a complete ripoff. You are doomed to be broke for life if you agree to stupid loan terms such as those offered by Western Sky and other predatory lenders.

Unsuspecting victims often respond to the television commercials featuring actress Amanda Howell. The commercials seem so believable, especially since they are aired on major cable channels.

Borrowers are often in a pinch where they have to move quickly. They lack the cash to cover the move in costs (security deposit, first month’s rent). They have credit issues so they are normally denied when they try to borrow money.

To show you how ridiculous Western Sky’s terms are, you can make a year’s worth of payments and you still owe almost the entire amount that you borrowed. The interest is so high that you cannot reasonably repay the loan, especially considering your other expenses each month.

The result is an even worse credit rating, legal action and wage garnishments. How can you possibly afford your rent payments after you have spent the loan proceeds and now cannot afford to repay the loan?

So you obviously know that Western Sky would be a poor choice given the predatory loan that should be called the problem creator loan. However, you may still need help getting the money you need to make a move. Consider alternatives to the high priced problem solver loan.

Skip payday lenders. Bypass the high interest consumer finance loans. If you must get a loan to pay your rent, start with a credit union.

The best scenario of course is if you qualify for either a grant or an interest-free loan through one of the many local rental assistance agencies that serve lower income families. These are always better options than the profit driven loans offered by predatory lenders. Each rental assistance program has its own criteria, so it is best to contact an intake representative or case manager to inquire about your qualifications. It just might be the best decision you ever made.

On the other hand, if you are still determined to trash your finances, talk to one of Western Sky’s current or former customers to see if they regret their decision. It is doubtful they will tell you the loan solved their problems!