Sky Money Loan: Western Sky Online Money Loan

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If you are planning on getting a Western Sky online money loan you should read the interest rates very, very carefully. Even though it may be easier to get an online money loan through Western Sky you really have to weigh the long-term cost of borrowing the money over the short-term financial troubles you are facing now.

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Let’s take a look at the cost of borrowing emergency cash from a Western Sky online money loan. Let’s take for example if you wanted to take out a $1,500 emergency loan from Western Sky what would the cost to you be? You will only get $1000 after all the fees are taken out and you will have to pay back the money at 234 percent interest rate. See the example below for taking out a 1,500 emergency cash Western Sky online money loan.

Example of Borrowing a $1,500 Western Sky Online Money Loan

Ok, so I’m using $1,500 as an example so you can get the picture. Before you borrow a Western Sky online money loan, make sure you go to their rates page and do the math. We can see from their rates page that to borrow a $1,500, you will be paying $500 out of that money as a loan fee. The other loan amounts only require a $75 loan fee so it seems the smaller the Western Sky online money loan amount, the higher the loan fee. It doesn’t make sense why you should be taking out a loan for $1000 and paying a $500 loan fee. If it makes sense to you then let’s go ahead and move forward.

After taking out the loan and paying the $500 loan fee, your interest rate will be 234.25 percent.

You are then required to pay 24 monthly payments of $198.19, which is what you should really be looking at when you decide to take out a Western Sky online money loan. So let’s do the math.

198.19 x 24 = $4756.56 for essentially a $1000 Sky money loan since they take $500 out of it for a loan fee. This example is only for the $1,500 with is really a $1000 loan. Whatever loans. For $1000 you are better off taking out a ‘ten dollar payday loan‘ which means the interest rate is fixed at $10 per $100. So you will be paying back $1,100 as opposed to close to $5000 by taking out a Sky money loan.

There are many things to consider before taking out a Western Sky Online Money Loan. Here are some other articles you can look over:

Are there any complaints against Western Sky?

Sky Loans As Seen On TV

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Sky Money Loan: Western Sky Online Money Loan, Seekyt
General Contributor
Janice is a writer from Chicago, IL. She created the "simple living as told by me" newsletter with more than 12,000 subscribers about Living Better and is a founder of Seekyt.