ED Magedson – Founder
American Web Loan522 N. 14th St., Box 130 Ponca City, Oklahoma USA
American Web Loan RIP OFF bad loan web loans Ponca City Oklahoma
After having a major car break down I turned to American Web Loan with supposed good reviews. Only wish I would have looked harder. I borrowed $700. The temrs are very misleading and you prolly need a lawyer to completely understand them. So here is what has happened to me. They have been debiting my account for 210 each pay day. Every 2 weeks. I though the borrowing rate was like 48 percent which if that was the case it's still outragious. I have paid 10 payments so far for a total of $2200 and still owe another 6 payments according to them. $3360 for $700 what kind of rip off is this. Here is the catch and fine print. You have to pay back the full amount of the loan or be charged just the intrest. So If I would have to pay $950+ all at once that would finish the loan. Who can make that payment like that all at once. I have since closed my checking account to stop the payments at 10. I'm sure I'll be receiving some collection papers which I will seek a lawyer when this happens.
DON'T ever get a loan with this place... Very deseptive and RIP OFF!!!!!
This report was posted on Ripoff Report on 02/10/2014 02:17 PM and is a permanent record located here: http://www.ripoffreport.com/reports/american-web-loan/ponca-city-oklahoma-74601/american-web-loan-rip-off-bad-loan-web-loans-ponca-city-oklahoma-1122562. 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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