Jon Stewart and Colbert are off. I’ve had too much cable news. The Internet is dead tonight. I’m clicking.
If you would have told teenage Geoff his TV would have Channel 1407 he would have laughed!
OMG — Smokey and the Bandit II is on. It’s like Smokey and the Bandit I, but with less attention to quality and detail.
Burt Reynolds’ buddy, ex-stuntman Hal Needham, was the director. The movie serves as the Stuntman’s Full Employment Act of 1981. Unfortunately, by today’s standards it is ridiculously cheesy!
I looked away for a moment. When I came back there an attractive woman was onscreen offering unsecured loans up to $10,000.
“…in your bank account by tomorrow, based on trust in you.”
The company is Western Sky Financial. Text at the bottom of the screen explained,
“100% Native American-owned business operating on a Native American Reservation.”
I read mouse type. That’s the little text sometimes seen in advertisements. It’s often too small to easily read and on the screen too little time to finish.
I hit pause. This was going to take a few minutes.
First to the web and Western Sky’s homepage. The on-screen proclamation of Native American ownership is further parsed.
WESTERN SKY FINANCIAL is owned wholly by an individual Tribal Member of the Cheyenne River Sioux Tribe and is not owned or operated by the Cheyenne River Sioux Tribe or any of its political subdivisions. WESTERN SKY FINANCIAL is a Native American business operating within the exterior boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America.
Now back to the TV screen. Mice type midscreen says $10,000 will cost 84 monthly payments of $743.99. That’s an APR of 89.68%! Paying the note to its full term requires $62,495.16… for $10,000.
Other loans with shorter terms have APRs as high as 342.86%!
Growing up I lived in New York which had usury laws limiting interest rates. Quaint concept. They’ve been gone for decades.
I am astounded this loan product exists. How could someone take these terms? How could someone offer them?