American Web Loan Review

1/5 - (4 votes)

This is an archive of a consumer complaint published against American Web Loan at Scamity.com on 06-Dec-14.

 

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 06-Dec-14 says, verbatim –

I am so mad at myself for taking out this loan! I've never done a payday advance loan, but I was in a less than ideal situation at the time and really needed the money. My ex husband quit paying child support several months ago and so I've been the sole supporter for myself and 2 kids. I had already spent my savings and needed something extra to give my kids a good birthday and Christmas coming up so that they didnt have to be punished for their father's ignorant decisions. Anyway I was approved for $1100 loan and it was explained to me that my payment would be $330 every 2 week pay period with an additional finance fee of $330 plus a little interest. It was my understanding that the money my so-called 'payment' would be applied to my balance and if i wanted to pay 'extra' i could do that as well. I was thinking no big deal, i've paid quite a bit in income taxes this year and had estimated I'd get a decent refund back in the next 2 months and that I would just pay off this loan then. Boy was I completely wrong!!! I have just made my 3rd payment of $330, so was thinking not to much more to go and would have it all paid back plus the fee/interest. I noticed my online account still reflect the original $1100 balance, so I called the customer serivce number a few days ago and the rep told me the $330 is just the finance fee every 2 weeks. Unless I'm paying extra on top of that, my balance won't go down until the 13th payment…i said 13???? That would be $4,290 I would have paid at that point. The guy sends me another copy of my loan terms – i noticed this was was labeled in capital letters 'DUPLICATE' – and i'm reading through the terms again and realize this is worded completely different than the original loan terms I received. I noticed on this 2nd copy they sent, it does have a statement explaining that your regular payment doesn't apply to the principal balance. I completely understood these terms , but thats not the terms they sent out in the beginning. I think this is very fishy! I'm still looking back through emails to locate the original copy of the terms to show as my proof, but I'm curious if anyone else has thought the same thing? This is highway robbery. If Congress no longer lets credit card companies sell us unncessary options, then I don't understand how these Indian Tribe companies are still able to get away with such fraudulent and misleading terms. I still can't pay this loan off for at least another month in a half, so I cringe just thinking how much money i'm throwing in the garbage paying this $330 every 2 weeks. I really wish a class action suit was in the works. Has anyone already talked to an attorney or filed anything with the courts???

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