- Report: #1096715
Report - Rebuttal - Arbitrate
Complaint Review: American Web Loan
American Web Loan522 N 14th St # 130, Ponca City, Oklahoma USA
American Web Loan Marketed through the Money Mutual Website Amercan Web Loan is Ripping People Off and Creating Bigger Problems for Clients! Ponca City Oklahoma
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I am very upset and bewildered about this company. I took out a $1,000.00 loan from them, because I needed some fast cash to cover bills. After making 3 payments already in the amount of $300.00 I finally received access to the terms and conditions of my loan. To my amazement when I finally got the file opened. I learned that my interest rate was d**n near 800%! That is flipping rediculous! My pay off amount for this loan is almost $5,000.00. This is comparable to the interest you would pay over 30 years at 5%to 10% interest. Anyway, Now I'm all stressed out because I can't buy food and basic nesseccities for my family because of this loan that should only be 4 payments of $300.00 every 2 weeks. But instead, it's 16 payments with a balloon payment at the end of $400.00.
I belong to 100's of groups on social networks. I will be sure to tell them all about this company and the company that provides the matching service for them, which is www.moneymutual.com .
The only alternative I see to this without council is to close my bank account and refuse to pay.
This report was posted on Ripoff Report on 11/04/2013 02:47 AM and is a permanent record located here: http://www.ripoffreport.com/r/American-Web-Loan/Ponca-City-Oklahoma-74601-4654/American-Web-Loan-Marketed-through-the-Money-Mutual-Website-Amercan-Web-Loan-is-Ripping-P-1096715. 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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