AMERILOAN is Ripping me off, barrowed 400.00 the end of June 08 and as of the 18th they have taken out 700.00 Internet

What is happenening is that your loan is auto-renewing every two weeks.

The debits that were taken out of your account were for finance charges only.  None of the funds were applied to your original loan amount.  After a certain number of weeks they will start debiting the finance charge plus 50 to apply towards the loan amount.

So this is a breakdown of how it works:

$400 borrowed - Finance charge $30/$100 borrowed.

Week 2: $120 (Finance charge only) - $400 Loan owed.

Week 4: $120 (Finance charge only) - $400 Loan owed.

Week 6: $120 (Finance charge only) - $400 Loan owed. 

Week 8: $170 ($120 Finance charge) - $50 towards loan - $355 owed.

Week 10: $160 ($105 Finance charge) - $50 towards loan - $300 owed.

Week 12: $145 ($90 Finance charge) - $50 towards loan - $250 owed.

etc., etc., etc.

These type of loans need to be paid off as quickly as possible.  You usually have to contact them prior to the debit scheduled date to instruct them to take the loan amount plus finance charge otherwise it continues to auto-renew.

This should have been explained in your truth in lending paperwork you received when you applied for the loan.  Or any of the other loan paperwork for that matter.

Now that you have changed your account you should prepare yourself for numerous nasty calls and possibly an attempt to garnish your wages.

Good luck.