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Has anyone else seen the 866-SKY-1224 commercial?
Me | 8/14/12 | GeorgiaDawg32

Posted on 08/14/2012 3:05:09 AM PDT by GeorgiaDawg32

It runs several times a day and I finally paid attention to the "fine print".

Interest rate on a 10k loan is 89.66%, payments $743.99 for 84 months.

Now, I'm not against a private business lending money at an interest rate, but doesn't 89.66% seem a little high?


TOPICS: Chit/Chat; Miscellaneous
KEYWORDS: 2012; cheyenneriversioux; corruption; indianloansharks; loansharks; sioux

1 posted on 08/14/2012 3:05:14 AM PDT by GeorgiaDawg32
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To: GeorgiaDawg32
You are not portraying this company fairly. 89.68% is the lowest rate. It goes up to 342.86%. And not everyone qualifies.
2 posted on 08/14/2012 3:11:28 AM PDT by BipolarBob
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To: GeorgiaDawg32

It’s not high enough if no one pays back - obviously those loans are priced for very poor credit borrowers that no one else will lend to.


3 posted on 08/14/2012 3:15:11 AM PDT by major-pelham
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To: GeorgiaDawg32

They are loan sharks.


4 posted on 08/14/2012 3:17:11 AM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: GeorgiaDawg32

That’s what we call good, old-fashioned usury.


5 posted on 08/14/2012 3:19:34 AM PDT by ronnyquest (I spent 20 years in the Army fighting the enemies of freedom only to see marxism elected at home.)
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To: GeorgiaDawg32

As well as being loan sharks which I advise staying as far away as you can it’s a really creepy commercial. Loan sharks are predators


6 posted on 08/14/2012 3:20:09 AM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: GeorgiaDawg32
It would be interesting to find out who is behind this company and what their connections are. I thought there were anti-usury laws against high interest rates.

By the way I just learned of a 62 year old widow who lost her job and tried to get a loan from a lender she found on the Internet to meet unexpected expenses. Some one phoned her and got her bank account number and other information and drained her bank account of the few thousand dollars of savings she had.

7 posted on 08/14/2012 3:21:45 AM PDT by detective
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To: GeorgiaDawg32

They’re indians. They scalp people. It’s what they do.


8 posted on 08/14/2012 3:26:40 AM PDT by Jemian
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To: GeorgiaDawg32

But wait, it gets worse than just the suicidal interest rate:

“All loans will be subject solely to the exclusive laws and jurisdiction of the Cheyenne River Sioux Tribe, Cheyenne River Indian Reservation. All borrowers must consent to be bound to the jurisdiction of the Cheyenne River Sioux Tribal Court, and further agree that no other state or federal law or regulation shall apply to this Loan Agreement, its enforcement or interpretation. The loan agreement contains an agreement to arbitrate all disputes in which borrowers agree to waive their right to a jury trial, to have a court decide any dispute, and to participate in a class action lawsuit, and to certain discovery and other procedures that are available in a lawsuit. ... in the event you opt out of arbitration, any disputes hereunder shall nonetheless be governed under the laws of the Cheyenne River Sioux Tribal Nation.”


9 posted on 08/14/2012 3:26:47 AM PDT by mvpel (Michael Pelletier)
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To: mvpel

Precisely. They are not bound by the laws of any state or the US Gov. because they are operating on their tribal lands and following their tribal laws.


10 posted on 08/14/2012 3:29:49 AM PDT by Jemian
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To: GeorgiaDawg32

But the gal IS a cutie...


11 posted on 08/14/2012 3:36:49 AM PDT by prisoner6 (Right Wing Nuts bolt the Constitution together as the loose screws of the Left fall out!)
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To: mvpel

Holy crap. It’s indentured servitude.


12 posted on 08/14/2012 3:37:24 AM PDT by GeorgiaDawg32 (This tagline for rent. Contact GeorgiaDawg32 for pricing and excellent financing options.)
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To: GeorgiaDawg32

I was under the impression that loan sharking was against the law, and that there were federal statutes governing - and severely penalizing - usury.

How is it that this business is allowed to exist?


13 posted on 08/14/2012 3:39:45 AM PDT by Jack Hammer
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To: GeorgiaDawg32

I listen to to much talk radio but I heard of a city in CA that borrowed 100 million to fix up their schools. Since they did not want to raise taxes to pay the note off some brainiach thought of 40 year bonds with the first payment 20 years from the date they bought it..

Can you see where this is going?

That 100 million is going to cost the city 1 BILLION.

I wonder if they borrowed the money from the same company.

I have seen some of the ads for these loan sharks. “our loans are expensive” ya.. That is a understatement.


14 posted on 08/14/2012 3:41:18 AM PDT by cableguymn
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To: Jack Hammer

It’s an Indian group on a reservation. State/federal laws don’t reach that far.

Their rates are on par with most payday loan companies. However, their maximum amount is much higher.


15 posted on 08/14/2012 3:43:46 AM PDT by cableguymn
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To: GeorgiaDawg32

It’s outrageous interest.

The simple answer is, don’t borrow money from them.


16 posted on 08/14/2012 3:53:03 AM PDT by Nervous Tick ("You can ignore reality, but you can't ignore the consequences of ignoring reality.")
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To: cableguymn

Strange - and even bizarre - that the federal government allows these guys to do this sort of thing and yet won’t allow them to sell cigarettes.


17 posted on 08/14/2012 3:53:26 AM PDT by Jack Hammer
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To: Jack Hammer
Strange - and even bizarre - that the federal government allows these guys to do this sort of thing and yet won’t allow them to sell cigarettes.

The feds won't let them cannibalize an existing revenue stream (source of graft). It's ok for them to go out and make a new one of their own.

18 posted on 08/14/2012 4:04:04 AM PDT by thulldud (Is it "alter or abolish" time yet?)
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To: Jemian

That’s cool. Explain why they get to vote in U.S. elections, though., among other things.


19 posted on 08/14/2012 4:06:24 AM PDT by Freedom4US
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To: Nervous Tick
Revisiting the Western Sky…It’s STILL Expensive BY BOB MANISTA

“I notice you don’t recommend any alternatives,” the reader sent. I e-mailed a reply directly, but it bares repeating to the full audience. If a writer was scribbling about what a bad idea suicide is — if that author’s intent was to point out that suicide is bad, that it ends discussions of future alternatives, that it affects more than just the victim, and that one needs to carefully consider one’s place in the universe before committing the act — that’s enough. I don’t think there’s an implicit obligation for that writer to explore whether it’s better to use a rope over a gun or pills over a razor. Same kind of discussion here. Just because I intend to demonstrate just how expensive Western Sky’s loans are doesn’t mean I owe you fifty other ways to commit financial suicide. Critically speaking, an alternative for those hard up for cash and considering a loan through Western Sky or any other online sub-prime unsecured lender might be sticking up a gas station or bank, but I wouldn’t recommend it.

20 posted on 08/14/2012 4:08:34 AM PDT by mvpel (Michael Pelletier)
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To: prisoner6

Yeah she is, only reason why I, and most guys, watch the commercial. I really don’t have a problem with what they’re doing. They tell you it’s expensive upfront and the fine print has the gory details. If you’re in a temprorary situation and need a quick fix they might be worth considering.


21 posted on 08/14/2012 4:11:21 AM PDT by MtBaldy (If Obama is the answer, it must have been a really stupid question)
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To: GeorgiaDawg32

Yeah but....don’t you get a free gift of a set of Ginsu knives with every loan?


22 posted on 08/14/2012 4:13:38 AM PDT by libertarian27 (Check my profile page for the FReeper Online Cookbook 2011)
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To: GeorgiaDawg32

We did purchase Manhattan from the Indidans for next to nothing so I guess they’re just trying to get even,

“Rcvd. 7 November 1626

High and Mighty Lords,
Yesterday the ship the Arms of Amsterdam arrived here. It sailed from New Netherland out of the River Mauritius on the 23d of September. They report that our people are in good spirit and live in peace. The women also have borne some children there. They have purchased the Island Manhattes from the Indians for the value of 60 guilders. It is 11,000 morgens in size [about 22,000 acres]. They had all their grain sowed by the middle of May, and reaped by the middle of August They sent samples of these summer grains: wheat, rye, barley, oats, buckwheat, canary seed, beans and flax. The cargo of the aforesaid ship is:

7246 Beaver skins
178½ Otter skins
675 Otter skins
48 Mink skins
36 Lynx skins
33 Minks
34 Muskrat skins

Many oak timbers and nut wood. Herewith, High and Mighty Lords, be commended to the mercy of the Almighty,

In Amsterdam, the 5th of November anno 1626.”

Your High and Mightinesses’ obedient, P. Schaghen
http://www.thirteen.org/dutchny/interactives/manhattan-island/1/


23 posted on 08/14/2012 4:13:54 AM PDT by outofsalt ("If History teaches us anything it's that history rarely teaches us anything")
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To: MtBaldy

She may be cute, but her brothers are big hairy guys in leather jackets with no sense of humor.


24 posted on 08/14/2012 4:19:57 AM PDT by Lonesome in Massachussets (The Democratic Party strongly supports full civil rights for necro-Americans!)
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To: BipolarBob

I was going to say...that seems low compared to some of the predatory lenders I’ve seen on late-night TV.


25 posted on 08/14/2012 4:20:13 AM PDT by FLAMING DEATH (Freedom of speech is delicious. It tastes like chicken.)
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To: Jack Hammer

They’re not considered “white’.


26 posted on 08/14/2012 4:21:47 AM PDT by FLAMING DEATH (Freedom of speech is delicious. It tastes like chicken.)
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To: Jack Hammer

They can sell them. I don’t think they are allowed to ship them. State taxes and what not.


27 posted on 08/14/2012 4:33:43 AM PDT by cableguymn
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To: GeorgiaDawg32

It seems to me that if Indians want to engage in modern commerce, like loans, gas stations, casinos, they need to do so under modern America laws. If they want to stay where they are are worship the sun, fine. But they shouldn’t be receiving these special privileges.


28 posted on 08/14/2012 4:35:06 AM PDT by Vision ("Did I not say to you that if you would believe, you would see the glory of God?" John 11:40)
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To: Freedom4US

Explain why they get to vote in U.S. elections, though., among other things.


They support the right people... They also get government welfare.


29 posted on 08/14/2012 4:35:15 AM PDT by cableguymn
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To: libertarian27

Gensu tomahawks.


30 posted on 08/14/2012 4:52:52 AM PDT by Eric in the Ozarks (I didn't post this. Someone else did.)
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To: GeorgiaDawg32

>> Interest rate on a 10k loan is 89.66%, payments $743.99 for 84 months.

Not sure that your math is correct. $743.99/month for 7 years on a 10k loan is only 29.925%. At 89.66%, the monthly payment would be something like $10508.


31 posted on 08/14/2012 4:59:16 AM PDT by vikingd00d (chown -R us ./base)
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To: Jack Hammer
I was under the impression that loan sharking was against the law, and that there were federal statutes governing - and severely penalizing - usury.

Actually not. A number of years ago lobbyists from major banks succeeded in amending the federal banking laws to allow them to conduct interstate business under terms that would violate state anti-usury laws. That's why credit cards are issued from places like South Dakota or Delaware since those states don't have strict anti-usury laws.

The net result is mainstream credit card companies charging rates that would have been illegal forty years ago. It is ironic that banks today insist that there would be no credit available to anyone if they couldn't charge such high rates, but they were successful for many years under the state anti-usury laws.

We can thank the federal government for legalizing loan sharking.

32 posted on 08/14/2012 5:13:17 AM PDT by freeandfreezing
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To: GeorgiaDawg32

Rent-to-own arrangements charge over 300% interest.

Predators on the ignorant.

http://www.dailyfinance.com/2011/06/23/rent-to-own-deals-are-a-massive-ripoff-consumer-reports-finds/


33 posted on 08/14/2012 5:22:32 AM PDT by P.O.E. (Pray for America)
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To: GeorgiaDawg32

The American Indian gets back at the white man!

(Their spokeslady is HOTT!)


34 posted on 08/14/2012 5:22:40 AM PDT by texson66 (In the words of Kent Brockman, "As for myself, I welcome our new commie overlords...")
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To: mvpel
“All loans will be subject solely to the exclusive laws and jurisdiction of the Cheyenne River Sioux Tribe

Tribal law supersedes even federal law.

I had a friend that adopted a Native American child. The adoption was completed in NY state court and they had full custody etc....

4 years later an "uncle" shows up and demanded custody. He took it to tribal court and the child was taken from my friend.

No appeal because he did not have standing with the court since he was not a native American.

35 posted on 08/14/2012 5:24:58 AM PDT by Hope for the Republic (The 1st amendment is protected by the 2nd amendment)
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To: Freedom4US

You’re asking me to explain policies of the Bureau of Indian Affairs and other US governments? You mean, laws are supposed to be rational?


36 posted on 08/14/2012 5:40:01 AM PDT by Jemian
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To: Jack Hammer

Being stupid is not against the law so why should usurious interest rates be?


37 posted on 08/14/2012 6:14:26 AM PDT by Sequoyah101 (Half the people are below average, they voted for oblabla.)
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To: BipolarBob
You are not portraying this company fairly. 89.68% is the lowest rate. It goes up to 342.86%. And not everyone qualifies.

Which begs the question; if interest rate is a reflection of risk then how bad does your credit have to be not to qualify for a loan charging 342.86% interest?

38 posted on 08/14/2012 6:25:22 AM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: freeandfreezing

If you are getting screwed by the government... thank a lobbyist and a weak minded, vain power hungry politician.

Hey congresscritter old buddy old pal, you’re the greatest, let’s do dinner. How about we fix you up on a date with this hot babe and make a “donation” to your campaign fund. We just love you and think you are just a Great American. Why, you are such a brilliant strategist and have such vast business experience from all your years of kissing babies and screwing people you’d fit right into our organization. We’ll pay you a million a year to help us with our public relations or something like that.

We need a tariff on cane sugar to protect the American Farmer (flags wave, patriotic music plays and red white and blue rockets go off). Do you think you could help out with that on your committee to help out the American Farmer? Heck no, there’s nothing in this at all for us, we just make corn syrup.

Why heck no, this high fructose corn syrup is just as healthy as cane sugar. It’s all bad for you really isn’t it? No, we just want to protect the American Farm Family. This corn syrup is Made in America from American Corn, nothing finer. Same stuff as cane sugar, just different by one or two molecules.

And so it goes every single day somewhere in this corrupt nation that once was a Republic and is now nothing more than a rabble.


39 posted on 08/14/2012 6:28:10 AM PDT by Sequoyah101 (Half the people are below average, they voted for oblabla.)
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To: Jemian
They’re indians. They scalp people. It’s what they do.

Post of the day.

40 posted on 08/14/2012 6:30:21 AM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: GeorgiaDawg32

Got a prison record ... we don’t care.
Don’t have a job ... we don’t care.
Dont expect to pay us ... THAT’S when we care


41 posted on 08/14/2012 6:31:02 AM PDT by dfwgator
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To: vikingd00d
Not sure that your math is correct. $743.99/month for 7 years on a 10k loan is only 29.925%. At 89.66%, the monthly payment would be something like $10508.

Just ran the numbers in Excel - pmt(0.29925/12,84,-10000) = pmt of $285.43. pmt(0.8966/12,84,-10000) = pmt of $748.93. To get to a monthly payment of $10508, you have to have a rate of 1,260%. A flat 100% rate on $10,000 gets you a payment of $834.34 over 7 years.

42 posted on 08/14/2012 6:44:18 AM PDT by IYAS9YAS (Rose, there's a Messerschmitt in the kitchen. Clean it up, will ya?)
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To: MtBaldy

They do one with a guy too and I imagine the ladies would not mind watching him. I always enjoy watching the babe. She has what James Taylor might have called a “pretty little pout” in her delivery. She’s definitely the right choice for that commercial.

Shark money has its place. The payday loan is not that place. I used shark money to help finance acquisition and rehab of a rental property. I now have decent equity and a good cash flow. (Real estate shark money is much cheaper than Cheyenne River Sioux money. My “APR” turned out to be about 21 percent.)


43 posted on 08/14/2012 7:51:57 AM PDT by jimfree (In Nov 2012 my 12 y/o granddaughter will have more relevant executive experience than Barack Obama)
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To: GeorgiaDawg32

Wow...I couldn’t believe my eyes when I saw that Commercial.

Thank you for the validation that I am NOT seeing things that aren’t there! :-)

BTW, my tribe does not engage in that sort of thing. However, we have been criticized by Dr. Savage for hunting whales.


44 posted on 08/14/2012 8:59:41 AM PDT by left that other site (Worry is the Darkroom that Develops Negatives.)
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To: detective

It’s funded by an Indian consortium run off an Indian Reservation.

US laws need not apply.

It’s 150 years past the Indian wars. Do we really need to maintain Indian reservations and still have the Bureau of Indian Affairs?


45 posted on 08/14/2012 9:23:42 AM PDT by hattend (Firearms and ammunition...the only growing industries under the Obama regime.)
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To: GeorgiaDawg32

Usury.


46 posted on 08/14/2012 9:26:16 AM PDT by Tolerance Sucks Rocks (Obama should change his campaign slogan to "Yes, we am!" Sounds as stupid as his administration is.)
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To: freeandfreezing

I see. Thank you. It’s a bit shocking, actually, isn’t it.


47 posted on 08/14/2012 2:32:13 PM PDT by Jack Hammer
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