There may have been a time in your life where you needed a large amount of cash immediately, but you just did not know how to get it. It is probably at this time that payday loan and signature loan commercials appealed the most to you, since they provide a speedy and no hassle system to get this money. However, are these really helping you out, or are you just getting pushed further and further into debt?
The Western Sky Finance Loan is one that you may have seen over and over on the television. They are a Native American-owned finance company, operating within the Cheyenne Sioux Reservation. The commercial states that you can get up to $10,000 overnight. This all sounds good and well, especially if you are in need of fast money. However, this brings with it some disadvantages, the main one being the extremely high rates of interest.
Let’s say you want to borrow $10,000 from Western Sky to pay off some expenses. You will receive almost all of that money after paying a $75 application fee. This does not sound too bad, but now it is time to start repaying. By contract, you now have to pay $743.49 per month for 84 months (7 years) which comes out to a total of over $60,000. For a $10,000 loan, you would be over $60,000 in debt. How crazy does that look and sound? That is something you definitely do not want! It is beyond outrageous.
They start by asking your personal information, and then after they have what they need, you are bound by the contract to abide by the rules. You end up being almost six times more in debt than you started. I would definitely say that that is a lose-lose situation which you do not want to get stuck up in.
If you just do a bit of researching and thinking, you can avoid getting caught up in these scams. Do not be reeled in by the immediate gratification of getting money, because more often than not, the small print reveals the “scam” part. Be careful when giving out your personal information. Actually, don’t even give it out unless you know for sure (110%) that it is not a scam!
Every summer, Archana works at Kumon, a math and reading workshop, tutoring children between the ages of three and 18 in these subjects. She used to be enrolled in this program herself, so this allows her to connect with the students and give them the one-on-one help that they need. Archana is also currently a member of NC State’s Psychology Club, Rotaract Club, and EKTAA (NC State’s premiere South Asian Student Organization).
Archana was born in India, and moved to North Carolina with her immediate family when she was 7 years old. She speaks mostly Tamil, the native language of South India, and English in her home. In addition, having taken Spanish classes since 6th grade, she can speak and understand it pretty well too. Archana enjoys spending time with her family and friends, watching movies, listening to music, and going to the gym. She also loves to travel, and hopes to travel the world one day and learn about all the different cultures!
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