American Web Loan These loans are almost impossible to pay off!!! We took out a loan for $1000.00. They set up an automatic withdrawal from our bank acct. for $600.00 per month and we were led to believe that those payments would pay the principle balance of the loan but not so. The only way we could pay off the loan is if we paid above and beyond the $600 per month. In the end, we paid over $4000 for this $1000 loan. This should be illegal!!!! The biggest scam ever! Internet

My husband called this company for a $1000 loan.  He was required to set up 2 automatic payments per month from our checking account for $300.00 each. (a total of $600.00 per month)  He was told that these payments would pay the interest as well as a portion of the principle balance of the loan. Unfortunately, this was not true.  Unless we paid above and beyond the $600 per month, 0 dollars of the principle was acutally paid off.  For example, after 2 months of paying on the loan at $600 a month, we still owed $1000.00.  How is this even legal?  We were finally able to pay off the loan in full and in the end, we paid $4,600 for a $1000.00 loan.  This is a scam!!  Even if your kids are starving and your electricity has been turned off, this route will NOT be worth it.  DO NOT be a fool like we were.  Do NOT get a loan from American Web.