This is the most expensive loan ever! Ex: - you take out $1200 loan 12/1 - they will charge you $20 interest per day - your 1st payment date is 12/15 and they debit $277 (interest) from your account.
This pays the interest, not the principle.
Meaning you've paid them $277, but still owe $1198 ($1 of your payment goes toward the principle) - your 2nd payment due date 12/30 they debit $277 again from your account. The cycle repeats until you pay the $1200 back plus daily interest - DO NOT TAKE OUT A LOAN WITH THEM UNLESS YOU CAN PAY THE ENTIRE AMOUNT PLUS INTEREST BY YOUR FIRST PAYMENT DUE DATE!!!
Review about: American Web Loan Loan.
Reason of review: Problems with payment.