Western Sky Financial, a lender who came under numerous state and federal microscopes for extreme interest rates, will stop making loans next week.
Oregon regulators have cracked down on Western Sky, a South Dakota-based company which advertised its loan program in an aggressive broadcast campaign. The company allegedly practiced without a proper license and charged interest rates as high as 342 percent.
Washington DFI Issues Statement of Charges Against Five Unlicensed Online Lenders, Including Western Sky Financial
The Washington Department of Financial Institutions is seeking restitution, prohibition from operating in the state and $669,300 in fines from five unlicensed online lenders owned and operated by Martin Webb. “These companies are preying on financially struggling Washington consumers with loans at unconscionable repayment terms,” said DFI’s Deborah Bortner.