What is the problem solver $10,000 personal loan from Western Sky? It's just that, a personal loan, even if you have bad credit or no credit from Western Sky Financial to consolidate debt or solve a particular financial problem you may be having at a any time. Whether you have good credit or bad credit, Western Sky offers this $10,000 personal loan to you. Although the interest rates for the problem solver loan is very high, according to Western Sky, there is no prepayment penalty. This means you can pay off the loan at any point. Here is what Western Sky Financial says:
"Application Time is typically less than 5 minutes Western Sky is NOT a Payday Lender
Not a short term lender, our loan periods range from 12 months to 7 years with NO PREPAYMENT PENALTY"
What Is The Interest Rate For The Problem Solver $10,000 Personal Loan from Western Sky?
The interest rate for this $10,000 personal loan is a whopping 89-90 percent. Now, to be fair, compared to some of Western Sky's other loans' interest rates, this is considered good. However, in the world of borrowing and lending in general, this rate could be considered predatory. Obviously, it's up to you whether or now you need the money bad enough to take this risk. You should really shop around for loans with better interest rates. Even if you have bad credit, they are out there.
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What are The Payment Terms For the Problem Solver $10,000 Personal Loan From Western Sky?
If you take out a problem solver personal loan you will be obligated to pay $741 per month for 84 months. So what does this mean to you? It means that for your initial $10,000 (or actually $9,925) after their fees are taken you, you will end up paying back $62,423 over the period of the loan. You really need to take a look at that number and see if that's something you are willing to do. Short of paying for a life threatening operation, bailing someone out of jail, or a real pressing emergency, it's hard to see why someone would take part in this loan. Unless of course, you have every intention of taking advantage of the "no prepayment penalty" benefit and paying the loan back early.
Read about Other Options For Personal Loans Below:
Western Sky Problem Solver Commercial
How Do I Know If This Type of Personal Loan Even If I Have Bad Credit Is For Me?
Well you should consider the reason why you need to get this loan. If it's an emergency or as the name of the loan is to "solve a problem" then it's something that you may want to consider. However, you MUST make sure you read the terms carefully and understand just how much you are expected to pay back. You can ask if there is a way to pay the loan back earlier without suffering with that high rate of interest over the long period of time, then it's something that you should definitely ask. Meaning, ask if you can prepay the loan without incurring a penalty of any sort.
You should also know that Western Sky is not governed under US consumer laws. It is governed under Indian sovereign law. So seriously, if you know nothing about Indian law and tribal court procedures, you really should look into other options of getting emergency cash fast.