American Web Loan MoneyMutual Deceptive Pay Day Loan Practices, Internet

25th of Dec, 2011 by User243066

American Web Loan should be shut down!!!!!! this company takes pride in praying on people who find themselve in a financial hardship. Shortly, after our summer break my car broke down. My husband and I didn't know what we were going to do; because we had just spent all of our money paying off monthly bills and buying back to school cloths for our two kids. One day while we were watching tv a commerical came on with former talk show host Montel Williams about cash advance pay day loan through MoneyMutual Company. We decided to give them a call and that was the biggest mistake we had ever made. MoneyMutaul is company that takes your information and finds a third partie company like American Web Loan (bank) to give you the loan. The call was simple, we both took notes and asked alot of questions including how much was the fee for let us borrow the $700.00 loan. The customer service representative told my husaband the fee for borrowing the money would be a "one" time fee of $210.00. She explained that the $700.00 dollars would be deposited into his account within 48 hours, not knowing that we had just taken money from a loan shark. Our problems started a few months later in November when I told my husband to check the status, because I know we should have been done paying the loan back. After speaking with another representative from American Web Loan she informed us that we still owe the $700.00 plus another fee of $210.00 equalling $910.00 at that time.My husband and I was completley astonished by what we had just heard. We proceeded to go to the bank to get a statement for his account and was surprised by what we had discovered. American Web Loan was taking out $210.00 bi- weekly from my husbands banking account just in fees and none of this money was being applied to the actual loan amount. We call American Web Loan back to explain that they had already taken out $840.00 dollars from his account and that was didn't owe them that much more but they disagreed. When we first called them they told us that all of their phone calls was being recorded, so we asked them to replay what the customer representative had told us on the very first phone call about the one time fee for the loan. The customer representative started to get very angry and said that she could not replay that phone call. We have since stopped all debits from this account, but were still having problems with this company making changes to push the debits through his account illegally. I started searching on the internet about this company and I found other people on a website called www.ripoffreport.com that had also been scamed buy their deceptive practices. It truly worries me to know that we may have a growing debt with this deceptive company. After, repaying American Web Loan $840.00 already they say we still owe them $1,120.00 and more growing. WOW!!!!!!

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