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This means that, following ten weeks of payments (5 payments of 240) a consumer who borrowed 800 and paid online sweepstakes for money 1,200 on the loan would still have an 800 loan balance, since no payments would've gone towards the loan principle.That's an annual percentage rate (APR) of 360 with many of these companies operating out of store front locations that also offer check cashing services, pawn loans and car title loans.Be smart and research before making rash ke I said i'm only 27 so i'm still learning but at least I know now.First let me start off by saying how appalled I am that companies like American Web Loan think that it is OK to rip people off who are barely making it!Contact Pissed Consumer, write a review about American Web Loan.The Better Business Bureau agrees with.out federal tax rebate information of curiosity and knowing there is no such thing as a "free lunch I opened the envelope.I was also offered a 30 cash bonus offer just for signing up before 10/15/2014.There was no way for me to access this information until I submitted all my documents and the loan was finalized.Reason of review: Poor customer service.I took it all of course.However, many companies do monitor reviews on our site.If the loan amount is 800, the interest amount is 240 and the loan payment is 240 bi-weekly.So far, so good, except for the fact that the bi-weekly payment is the same as the interest amount"d because the borrower is, in reality, only paying the interest charges every other week without reducing any of the loan principle.Not only that, according to the BBB, after they contacted a representative from the Oklahoma Department of Consumer Credit, they were informed that if the company is owned by a Native American Tribe, it is not obligated to follow the state laws (it appears that.I have now set up new payment arrangements with no added interest and will pay this off by March 2018.


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