American Web Loan I applied for a loan to cover an emergency in August. I borrowed $400.00. I called today to see what my payoff is and they said 343.00. I have paid over $1,000 back sine August. The interest is 60% a month. I paid an extra 60.00 one pay period and that is all of the credit I have been given. These loan places are run by Native Americans. Why are they allowed to do this to people? I am struggling so bad just like everyone else. I have nothing against Native Americans. I just do not understand how they can do this. How can I get out of this mess? Anyone have any suggestions. I told them I am closing my bank account..

I applied for a loan from American Web Loan in August for $400.00 to cover an emergency.  I have been paying back over $200.00 a month.  I called today to see what my balance is.  They said $340.00  I asked where the $200.00 was going and she said all that went for interest.  The only amount paid on the principal was $60.00 I paid extra one payday.  These payday loan companies are owned by Native American tribes.  I do not understand why they are allowwed to do this to people.  I am struggling just like everyone else.  I borrowed this money and now am paying 60% interest a month.  I have paid back over $1,000 on this loan.  Anyone have a suggestion as to what I can do?  I told them I am closing my bank account..