This is an archive of a consumer complaint published against American Web Loan at Scamity.com on 16-Apr-15.
Business Details –
- Name: American Web Loan
- Address: 522 N. 14th St., Box 130
- City: Ponca
- State: Oklahoma
- Country: United States
- Phone: 877-636-1353
- Website: https://americanwebloan.com/
Original Complaint against American Web Loan published at Scamity.com on 16-Apr-15 says, verbatim –
My husband called this company for a $1000 loan. He was required to set up 2 automatic payments per month from our checking account for $300.00 each. (a total of $600.00 per month) He was told that these payments would pay the interest as well as a portion of the principle balance of the loan. Unfortunately, this was not true. Unless we paid above and beyond the $600 per month, 0 dollars of the principle was acutally paid off. For example, after 2 months of paying on the loan at $600 a month, we still owed $1000.00. How is this even legal? We were finally able to pay off the loan in full and in the end, we paid $4,600 for a $1000.00 loan. This is a scam!! Even if your kids are starving and your electricity has been turned off, this route will NOT be worth it. DO NOT be a fool like we were. Do NOT get a loan from American Web.