How are loan companies like Western Sky legal?
It was my understanding that the federal government had put a limit on the amount of interest that can be unnecessarily charged. How it it legal to charge 360% interest on a loan? Is it bc of special rules that apply to Native Americans? For instance you can't have casinos on land in MS, but there are two on the Choctaw Indian Reservation.
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first piece of advice--don't use western sky for loans.
there is no federal law against casinos or high interest loans. reservations MUST follow ALL federal laws. They do not however need to follow state laws. so if the state bans casinos, that does not apply to reservation lands. those lands are held by the federal government.
western sky is also privately held. in other words its not a tribal business even though it is on the reservation. its not just white people who can be greedy, you know. that doesn't mean all are just like this doesn't mean all natives are greedy either.
you don't choose a private loan that undesirable. Their $5000 mortgage is paid back over 80 4 months (7 years) at $486.fifty 8 according to month. 80 4 x $486.fifty 8 = $forty,872.72 So, in case you borrow $5000, you have pay back over $forty,000!
Western Sky is on an indian reservation and thus can operate outside some federal regulations.
Woo Woo indians do it on the reservation and that makes them immune to most of the rules.