User uShare Login | Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.

26° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options



 Winter Storm for November 30, 2015

Snow Outlook

Severe Weather

State Radar

Click here for local closings & delays

Send photos to

Storm Center Update



[0] My Saved Articles
Back to all news


Find local businesses
on the KELO Pages!


Timber Lake Overnight Loan Company Sued

November 20, 2012, 12:03 PM by Ben Dunsmoor

Timber Lake Overnight Loan Company Sued

A South Dakota company advertising its high-interest signature loans on national TV and radio is under scrutiny by several states and the Federal Trade Commission.

Martin 'Butch' Webb, who is a member of the Cheyenne River Sioux Tribe, is running his businesses from Timber Lake on the Cheyenne River Indian Reservation.

Western Sky Financial is one of Webb's companies.  It offers up to $10,000 in signature loans overnight.

But when you take a look at some of the interest rates on the loans on the company's website, you'll find an $850 loan can have up to a 343 percent interest rate.

Attorneys General from Colorado and Missouri and the Maryland Commissioner of Finance and Regulation have filed lawsuits against Webb and his loan companies.

The Federal Trade Commission has also filed a lawsuit saying Webb's companies on the reservation are engaging in unfair and deceptive credit practice and illegally garnishing wages.

But in one case a lawsuit in Illinois against Western Sky was thrown out because the loan agreements say any disputes with the company have to be settled under tribal law on the reservation.

We'll tell you why the company is coming under scrutiny nationally, while at the same time providing valuable jobs on the Cheyenne River reservation, tonight on KELOLAND News.

Previous Story

Next Story




View business

You may also like

Fired GEAR UP Worker Defends Stacy Phelps

11/24/2015 6:05 PM

When the state pulled its multi-million dollar GEAR UP contract from Mid Central Educational Co-Op in September, all the current GEAR UP workers were ...

Full Story | Watch
Great Western Bank Buys Home Federal For $140M

11/30/2015 3:37 PM

The combined companies are projected to have $11.3 billion in assets, $8.5 billion in loans and $8.6 billion in deposits.

Full Story
Bison Ranch Owner By Turner Gets Permit For Feedlot Addition

11/25/2015 1:35 PM

Stanley County commissioners have approved a feedlot at a bison ranch owned by media mogul Ted Turner.

Full Story
Cyber Monday Sales Bring Down Target Website

11/30/2015 10:03 AM

Target’s website went down during Cyber Monday shopping Monday morning.

Full Story
City Of Sioux Falls Buying Homes In Area that Floods

11/24/2015 6:05 PM

Homeowners have the option to voluntarily sell their house if they are concerned about flooding or if they have had problems with flooding. By tearing...

Full Story | Watch