• Report: #1000863

Complaint Review: American Web Loan

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  • Submitted: Mon, January 21, 2013
  • Updated: Sun, March 09, 2014

  • Reported By: Tammy — Clinton Louisiana United States of America
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

*Consumer Comment: Ask to see what you're getting into...

*Consumer Comment: Read Agreements

*Consumer Comment: "Terms and conditions"

*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!

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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REBUTTALS & REPLIES:
1Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Ask to see what you're getting into...

AUTHOR: Adrienne Marie - ()

Are you saying you never recieved an agreement? I have mine and it was emailed to me prior to me "signing" anything. If you didn't understand the agreement, ask questions. If you never recieved an agreement, you have grounds to sue them. If you DID and decided to skim it over and take the reps word for everything, your fault. Everything you need to know about your loan is in the agreement. Plain and simple. I still don't know where you got the idea that $160 is considered high interest on an $800 loan. The fact that you assumed that $160 was "about right" shows you did not read your agreement. I would say it's a dubious at best for you to claim you didn't recieve one. You didn't have an understanding from the get go. You got yourself into a situation you didn't like so of course it's someone elses fault. I would be a little more careful aboiut the decisions you make considering you have three little ones to take care from. If they did something fraudulent, gather your evidence and sue them. Prove it! Simple

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#2 Consumer Comment

Read Agreements

AUTHOR: Adrienne Marie - ()

I just got a small loan of $400 with American Web Loan. I have the loan agreement in my hand. It explains EVERYTHING right down to fees ond interest rate. You said you were aware that this was a high interest loan. Do you realize that $160 on an $800 loan is only 20%?? Some credit cards are higher that! I'm sure the agreement you recieved via email, did NOT state that the total interest on this loan would be $160. You stated that you "thought $160 interest seemed about right". Where did you come up with that figure? They send you an agreement so you don't have to make assumptions. If the interest on these high risk loans was only 20%, hell everyone would be getting them, don't you think. You obviously didn't read the agreement OR discuss it with your representative, You just wanted the money fast and didn't read what you electronicly signed. Not at all the fault of the company at all.

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#3 Consumer Comment

"Terms and conditions"

AUTHOR: MadinMa - ()

I also took out a loan from them! I was not given access, nor could I find this PDF file with this information until after I received the money from them and the first couple of withdrawals. I took a loan from them for $1,000.00 and my payback amount is Almost $5,000.00. I could have gotten better terms from the Mafia! Furthermore, I got a call while I was filling out the application from a loan officer there which I thought was kinda strange. They are scam Artists like Berniey Madoff (with your money)!

Going to talk to several of my lawyer friends about them this week. They need to be stopped! 

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#4 Author of original report

Response to Angela

AUTHOR: Tammy - (United States of America)

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.
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#5 General Comment

"Didn't Know" Your Options

AUTHOR: Angela - (United States of America)

"...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.
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