- Report: #1000863
Complaint Review: American Web Loan
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| American Web Loan
Internet United States of America |
|
American Web Loan I borrowed 800.00 thinking it would be high interest but worth it as I needed quick fix to my finances. Ended up paying back 2000.00 in less than 2 months. Internet
*Author of original report: Response to Angela
*General Comment: "Didn't Know" Your Options
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I attempted to borrow money for a quick fix to overspending during Christmas shopping. I applied online and shortly after received a phone call from a woman who said I was approved for 800.00. She said the terms would be sent to me via email. I gave them my payday dates when I originally applied. I don't remember discussing fees but I figured it would be a high interest rate like other pay day loan type places.
Every two weeks 240.00 was taken out on my payday. After the fourth time I finally decided to look and make sure that the last payment because I thought 160.00in interest seemed about right, as I had now paid $960.0! When I found the web site and put in my information it showed I still owed 800.00. I called the number to find out what I really owed. The guy told me I was only paying in the interest rate. I was furious and to him I was done and wanted my loan to end! He said I could pay it off today but it would be $ 1040.00!
I asked to speak with his boss since he said there was nothing he could do to help me! "Carla" came on the phone and immediately had an attitude. I was pretty much in tears stating I would never agree to pay 480.00 a month for 7 months on an 800.00$ advance! She said that was what I had agreed to by not going in after one week and paying the loan off! I never knew that was even an option. I tried to explain that to her and she kept telling me I was being rude and should have not agreed if u had a problem paying. I was mortified, I have never felt so taken advantage of! They are awful people and need to be shut down!
Every two weeks 240.00 was taken out on my payday. After the fourth time I finally decided to look and make sure that the last payment because I thought 160.00in interest seemed about right, as I had now paid $960.0! When I found the web site and put in my information it showed I still owed 800.00. I called the number to find out what I really owed. The guy told me I was only paying in the interest rate. I was furious and to him I was done and wanted my loan to end! He said I could pay it off today but it would be $ 1040.00!
I asked to speak with his boss since he said there was nothing he could do to help me! "Carla" came on the phone and immediately had an attitude. I was pretty much in tears stating I would never agree to pay 480.00 a month for 7 months on an 800.00$ advance! She said that was what I had agreed to by not going in after one week and paying the loan off! I never knew that was even an option. I tried to explain that to her and she kept telling me I was being rude and should have not agreed if u had a problem paying. I was mortified, I have never felt so taken advantage of! They are awful people and need to be shut down!
This report was posted on Ripoff Report on 01/21/2013 09:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/American-Web-Loan/internet/American-Web-Loan-I-borrowed-80000-thinking-it-would-be-high-interest-but-worth-it-as-I-1000863. 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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Search Tips#1 Author of original report
Response to Angela
AUTHOR: Tammy - (United States of America)
SUBMITTED: Sunday, January 27, 2013
I do not agree with your comment to my report that I knew what I was getting into. That was exactly my point. If I had known I would have never agreed. I thought I was paying it off early as they were taking out 480.00 a month. I am an extremely hard working mother of three who is also a registered nurse and work very hard for my money. I did one payday loan in my life and I borrowed 300.00 and paid back 350.00 a month later.
I thought I would be doing the same thing. I would never have taken the trouble to write this letter or call the company if I thought otherwise. Unless you work for the company I cannot imagine why you would accuse me otherwise. My "Point" Angela was that I did not know that such companies existed nor did I think it was legal to charge 832% interest.
My case has since been resolved in that a QA representative from this company called me and apologized for the way I was treated after they reviewed my phone call and agreement. So obviously I was justified in my outrage.
I thought I would be doing the same thing. I would never have taken the trouble to write this letter or call the company if I thought otherwise. Unless you work for the company I cannot imagine why you would accuse me otherwise. My "Point" Angela was that I did not know that such companies existed nor did I think it was legal to charge 832% interest.
My case has since been resolved in that a QA representative from this company called me and apologized for the way I was treated after they reviewed my phone call and agreement. So obviously I was justified in my outrage.
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What's this? #2 General Comment
"Didn't Know" Your Options
AUTHOR: Angela - (United States of America)
SUBMITTED: Tuesday, January 22, 2013
"...what I had agreed to by not going in after one week and paying the loan off! I never knew that was even an option."
Why would immediately paying off a high-interest loan not be an option? When you enter an agreement with any financial lender, you're given every detail of the agreement (no matter how fair you think it is, the fault is on you for agreeing in the first place). You admit that you were aware of the high interest rate, and it's reasonable to assume that you understand that interest will accumulate on top of whatever loan amount you requested.
This would be a justified complaint if you had paid off your loan early, and was somehow charged interest that would have accumulated past your pay date.
My point: You knew exactly what you were getting into, and instead of using the product responsibly (using a short-term lender for a legitimately short-term problem), you got yourself into a spiral of debt and you're now trying to blame the company for something you definitely could have anticipated.
Why would immediately paying off a high-interest loan not be an option? When you enter an agreement with any financial lender, you're given every detail of the agreement (no matter how fair you think it is, the fault is on you for agreeing in the first place). You admit that you were aware of the high interest rate, and it's reasonable to assume that you understand that interest will accumulate on top of whatever loan amount you requested.
This would be a justified complaint if you had paid off your loan early, and was somehow charged interest that would have accumulated past your pay date.
My point: You knew exactly what you were getting into, and instead of using the product responsibly (using a short-term lender for a legitimately short-term problem), you got yourself into a spiral of debt and you're now trying to blame the company for something you definitely could have anticipated.
Respond to this report!
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