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Western Sky Financial Sued for Charging Interest Rates up to 355percent

Western Sky Financial, a South-Dakota-based lender that is online’s become infamous because of its sky-high rates of interest, is finally being sued.

Ny State Attorney General Eric T. Schneiderman announced that his office has filed a lawsuit against Western Sky for charging rates that far exceed what is permissible under New York law tuesday. In accordance with the Schneiderman loan providers perhaps not certified because of the state of the latest York can not charge an interest that is annual more than 16 per cent. Western Sky charges rates of interest since high as 355 %.