Payday lender Western Sky Financial to stop funding loans on Sept. 3

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Payday lender Western Sky Financial to stop funding loans on Sept. 3 Aug 28th 2013, 04:27 By Danielle Douglas  /  Washington Post /  August 27, 2013 This is a summary. To read the whole story subscribe to BostonGlobe.com WASHINGTON — Western Sky Financial, a prominent online lender that offers short-term loans at triple-digit interest rates, said it will stop funding loans on Sept. 3 amid mounting legal battles with authorities in several states. The decision arrives as state and federal regulators are clamping down on payday lending, a burgeoning industry that operates under a patchwork of laws. These loans carry high interest rates and balloon payments that can trap Americans in a cycle of debt, critics say. Industry groups say payday lenders are being persecuted and argue that they serve a need that is not being met by traditional banks. Officials at Western Sky did not respond to requests for comment, but the firm explicitly said on its website that it will no longer provide loans as of September. Full story for BostonGlobe.com subscribers. © Copyright 2013 Globe Newspaper Company. Get the full story with unlimited access to BostonGlobe.com. Just 99¢ for 4 weeks. Get Access Now More articles in Personal finance

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