Good Or Bad Idea:: Western Sky

[Everett]

Ok so i see there commercials all the time for a 10,000 consolidation
loan with no collateral. I do really need the cash right now i'm just a
little hesitant on doing buisness with this kind of organization. Any chance
you guys have had or know anyone that has dealt with them before? I don't
want some indian coming to my door and breaking my legs for missing
a payment

[scarab]

Loan Product Borrower Proceeds Loan Fee APR Number of Payments Payment Amount
$10,000 $9,925 $75 89.68% 84 $743.49
$5,075 $5,000 $75 116.73% 84 $486.58
$2,600 $2,525 $75 139.22% 47 $294.46
$1,500 $1,000 $500 234.25% 24 $198.19
$850 $500 $350 342.86% 12 $150.72


this cant be true?

you pay $64,400 over7 years to get the $9,925, and thats the bargain of this lot
Do not get caught up in this.

[G.I.Jim]

Stay as far away from these types of loans as possible. 1st of all, I don't think they just give you money. They pay off up to $10,000 worth of your debt, and instead of you paying several companies x amount of $ each month, you pay this company one payment which is less. The catch is that you'll never get caught up. You'll pay out your ass for years, and it will also affect your credit score. Anyone who deals in finance will tell you this. Best of luck to you though. Times are extremely tight all over thanks to this current administration.

[Don]

You'd be better of going through bankruptcy than doing this. I'm assuming your credit is already shot. Just knock it out in one fell swoop and start over again. You're young enough to recover.

[Everett]

You'd be better of going through bankruptcy than doing this. I'm assuming your credit is already shot. Just knock it out in one fell swoop and start over again. You're young enough to recover.

Well i have no credit actually but i have bad medical bills from a hospital stay
a few years ago and i also have a closed bank account on my record as well.
I'm just really strapped for cash at the moment. Really freakin sucks.

Thanks for your replies guys.

[Peartree12249]

No no and no. loan sharks will give you better rates!

[JRNYMAN]

Robbing a bank is a better and shorter-term deal. If you don't get caught, hey that's great! If you do, you'll go to prison but your sentence will still be shorter than the time it will take you to pay off those predators! DON'T DO IT! I know it's soooooooooo tempting and they make it so easy to get the money but you will so regret it down the line. They're setup purposely so that people who make the minimum payment every month will be paying their loans back for eons!! There are better ways to get quick cash. For instnace... Donate plasma - they pay serious $$ here for plasma as opposed to just giving blood.

[Everett]

Well anyone wanna loan me ten grand???? Drew???

[Everett]

Robbing a bank is a better and shorter-term deal. If you don't get caught, hey that's great! If you do, you'll go to prison but your sentence will still be shorter than the time it will take you to pay off those predators! DON'T DO IT! I know it's soooooooooo tempting and they make it so easy to get the money but you will so regret it down the line. They're setup purposely so that people who make the minimum payment every month will be paying their loans back for eons!! There are better ways to get quick cash. For instnace... Donate plasma - they pay serious $$ here for plasma as opposed to just giving blood.

Been there done that with the plasma. Got less then a hundred every week. Also had to deal with
coming back multiple times in the same week due to high blood preassure. Also kept getting bruises at the injection site(s). This was way back right after high school '05/'06ish.

[KenTheDude]

I'm sure you have some stuff around your house that is of value that you don't use or need anymore. Craigslist/eBay/garage sale that stuff off. I had some old car parts that I recently sold on eBay and made several hundred. Today I sold a dog house log cabin that my dog never used for $50. Sold a breakfast table and chairs that were too big for the room and sold them for the exact same amount I paid for a brand new smaller set. There's creative ways to make money. Spring is here....mow your neighbor's grass. Great exercise and make money...a win-win.

There are 3 basic ways to get money:

1. Receive a loan/gift/inheritence/return on investment, etc.

2. Provide a service

3. Provide a product

Just figure out which one is the easiest/best way for you and get creative (while still keeping it legal).

[Everett]

Just figure out which one is the easiest/best way for you and get creative (while still keeping it legal).

Where's the fun in that?

These are the times i wish i was a chick. Hooters would've had
my name written all over it

[steveo777]

You'd be better of going through bankruptcy than doing this. I'm assuming your credit is already shot. Just knock it out in one fell swoop and start over again. You're young enough to recover.

What he said.

The very definition of banktupt is having negative cashflow after all your bills are paid, causing a need to borrow money to make ends meet. For some this is a temporary situation, but for most who work within the parameters of wage + hours = income, there is no way taking on additional long term debt solves anything! Any predatory lender is taking a huge risk on you, hence the high finance charges. A large portion of those to whom they lend to will not be able to service the debt and will result in them having to write off many bad debts.

If you, in fact, cannot service your existing debt, borrowing more money is just putting a temporary band-aide on a longer term problem. In a couple months you are really fucked! Then what? If you are that far under water, as Don says, you might be better off just declaring bankruptcy. There are several ways to pull out of this:

File for bankruptcy and get your payout vs. your paycheck under control. (if you habitually live beyond your means, you will be right back where you are)
Quit some bad habits that will allow more of your income toward your bills. (Smoking, Drinking, Rock Concert Tickets, lottery tickets, etc.)
See a debt management specialist. Some of them can help you negotiate lower payments.

Here is a concept: Find a way to increase your income. Get a better paying job and if you aren't presently capable of that, get training that will qualify you for a higher paying job.

Money is the root of all evil, conversely, so is the lack of it!

Good luck Everett!


PS - Many people who are truely bankrupt have been held back for years! Why? Because they can't even afford to pay the bankruptcy attorney to file their case for relief! ($1000-$1200)

[Don]

See a debt management specialist. Some of them can help you negotiate lower payments.

I would advise against this. The majority who attempt this end up usually going bankrupt anyway after six months. The only difference being you've wasted a couple more thousand dollars that you could have used for BK attorney and a secured credit card afterwards to start rebuilding your credit.

[steveo777]

See a debt management specialist. Some of them can help you negotiate lower payments.

I would advise against this. The majority who attempt this end up usually going bankrupt anyway after six months. The only difference being you've wasted a couple more thousand dollars that you could have used for BK attorney and a secured credit card afterwards to start rebuilding your credit.

You are probably correct, Don. Do I sound like someone who has been down this road before? Absolutely! After a few dark years I had to file myself. It took less than a year to be able to buy a car and have a couple credit cards. It only took two years to be able to buy a home. 2008 and the California economy brought us down hard! Tough times never last. Bankruptcy does not carry the same stigma it once did. In my parent's age, you were an absolute POS, bannished from the island, if you filed. Times have changed. You must, however, adjust to your new economy. The realization that I now make a fraction of my former income has caused me to be extremely cautious about what I spend and how I spend it, as well as what I consider a "true need".

[scarab]

You could always sell that spinning keyboard platform you have.