ED Magedson – Founder
American Web Loan522 N. 14th St., Box 130 Ponca City, Oklahoma USA
American Web Loan AWL (owned by the Otoe-Missouria Tribe) Quick-Cash Lender (owned by the Otoe-Missouria Tribe) Ponca City Oklahoma
I was in a desperate situation in which I needed a sum of money quick.
I began an internet search and found American Web Loan. I applied online @ American Web Loan. American Web Loan then called my phone very quick.
The representative from American Web Loan, was very fast in stating the terms of payment. Because I BADLY need the money, I borrowed $700 from American Web Loan in 2013 before the holidays. The interest rate was not at all clearly stated. When I spoke with the representative with American Web Loan, it was explained to me that I would owe the total of my loan which was $700.00 + a $210.00 interest payment.
I was paying $210 every 2 weeks and payment was automatically deducted from my checking account on my pay day per their terms. That part of information American Web Loan was super clear about.
After the third deduction, I called American Web Loan, to see if I could make my final payment plus the interest rate I was originally quoted. It was then that they hit me with "their truth", which was that the $210.00 which was being deducted every two weeks thus far was only an interest payment. None of the three payments I had already made had gone towards my loan balance. I was of course mortified and extremely upset.
In total they took a total of $1200.00 (interest) + $700 (principal loan balance). I paid American Web Loan almost three time more than the original loan.
I encourage all consumers to stay far away from this lending institution known as American Web Loan and to do your research thoroughly.
Signed jilted "former" customer of American Web Loan.
This report was posted on Ripoff Report on 03/05/2014 04:52 PM and is a permanent record located here: http://www.ripoffreport.com/r/American-Web-Loan/Ponca-City-Oklahoma-74601/American-Web-Loan-AWL-owned-by-the-Otoe-Missouria-Tribe-Quick-Cash-Lender-owned-by-the-1128589. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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