You might be under the impression that the company’s still in business if you’ve recently looked for a loan from online lender Western Sky Financial.
Western Sky supposedly shut its doors in 2013, immediately after state regulators cracked straight down on its sky-high rates of interest for signature loans. The organization didn’t phone itself a payday loan provider, nonetheless it offered customers loans at yearly prices greater than 300per cent. Because of this, it encountered battles that are legal at minimum five states and ended up being entirely prohibited in dozens more. Within the summer time of 2015, Western Sky was at the headlines again as it had been forced to refund customers huge amount of money through appropriate settlements.
But its site is practical and is apparently soliciting borrowers today, 2 yrs following the business shut up shop. There’s an “Apply” switch, and it connects you to one of a variety of third-party lenders offering personal loans if you call a phone number listed on the site.
Welcome to the field of small-dollar financing, where in fact the company that lent you money may legitimately vanish the next day, but nevertheless be around to gather your instalments as the internet site trolls for brand new borrowers. Continue reading