My situation is similar to the person that reported American Web Loan as a "Rip Off Comapny" on 12-2-11. I received a cash advance loan in the amount of $600 from American Web Loan on 10-14-11 and was told by the customer service rep. Over the phone that my payment the finance fee of $150 will be debited from my checking account and $150 will be debited until the $500 balance was paid in full. She was talking so fast that I had to keep asking her to repeat herself to make sure that I understood her correctly. They've been taking $150 since 10-15-11 but, I noticed that when I checked the balance due in my online account with them the balance still showed $500 as if no payments were made.
I contacted American Web Loan to find out why my previous payments weren't showing the balance almost paid in full. I was told that the $150 finance fee was just that, a finance fee and will continue to be taken from my checking account every two weeks until I pay the $500 balance and the finance fees off. They've taken out $600 out of my checking account as of this date and they will not get a penny more. I'm going to challenge them legaly to see if they are breaking the law or somthing as it relates to doing this kind of business with residents of California. I should've known they were shady when they don't display a physical address online under the "contact us" tab. Don't not use this company for any type of payday loan or any type of loan period. You will end up paying thousands of dollars in deception fees.
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