Western Sky, whose advertisements warn consumers that its loans are "expensive," and two affiliated companies are being sued by Attorney General Eric Schneiderman for violating New York state usury laws (See Petition). The action, filed in Manhattan Supreme Court, alleges Western Sky personal loans carry annual interest rates ranging from 89.26 percent to more than 355 percent—far in excess of the permissible interest rates under New York usury laws of 16 percent to 25 percent.
Schneiderman claims Western Sky, CashCall Inc. and WS Funding worked in concert to make usurious loans to New Yorkers. According to the suit, Western Sky advertises and makes the loans, WS Funding buys them from Western Sky and CashCall services the loans, collecting the allegedly usurious interest and fees.
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