American Web Loan Reviews

Is American Web Loan legit? Read our in-depth review to find out...

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american web loan reviews

Is American Web Loan a Scam? Let’s Find Out…

Our Review of American Web Loan

Brian Allen

american web loan online reviews
Loan Amount
Loan Cost
Funding Time
Customer Support
Application Process

Summary

American Web Loan is a lender that helps people with bad credit obtain short-term loans, otherwise known as installment loans. 

This lender does not openly share average interest rates on their website, which is a red flag.  Their level of transparency with consumers is lacking. 

That said, you can borrow as little as $200, up to a maximum of $2,500.  And according to their website, you can have the funds deposited into your account within 24 business hours.

PROS

– Fast and easy application process

– Funds deposited within 24 business hours

– Decent option if you have bad credit and have exhausted all other resources


CONS

– Lender is not transparent with consumers about APR loan rates

– Very expensive form of borrowing

– Not a good solution if you have average to excellent credit rating



3.4

About:  American Web Loan is a tribal lender that provides bad credit installment loans to consumers with poor credit.

Located in Stillwater, Oklahoma, American Web Loan (AWL) has been around for several years.  That said, our goal with this guide is to provide you with enough information to make a wise financial decision.  

What is American Web Loan and How Does it Work?

how american web loan works

Are bills stacking up with no way of paying them?  You’re probably stressed beyond belief, and like millions of other Americans, need a small emergency loan.  With American Web Loan, you can get a short term installment loan and pay it back over time.  This will give you the funds you need to cover your unexpected expense, and give you the time you need to pay it off.  Unlike payday loans, which require you to pay the loan back in full on your next pay period.

The issue you should be full aware of is this:  AWL charges extremely high interest rates, and in fact, does not list the interest rates on their website.  It is only after you apply and submit your loan application that you will know the APR (which is a huge red flag, btw).


How Much Can I Borrow From American Web Loan?

how much can i borrow?

AWL offers small loans of $300 – $2,500, even if you have bad credit.  While they do not run a hard credit check (a type of credit check that will show on your credit report), they will run a “soft credit check”, which tells them how much of a risk you are…and also determines your interest rates.  First time borrowers may need to build a relationship, including on time payments, before becoming eligible for the maximum loan amounts.

No matter what loan amount you request, you should always make a point to pay this type of loan back as soon as you can to avoid interest charges.

That said, AWL offers installment loans to everyone in the U.S., except the following states:

AWL Does Not Offer Loans in These States

  • Arkansas
  • Connecticut
  • Georgia
  • New York
  • Vermont
  • Washington

Now, let’s see how much a loan will cost.

How Much Will American Web Loan Cost?

awl cost of loan

An immediate “red flag” that jumps out at us is this fact:  AWL does not list their interest rate charges anywhere on their website, to our knowledge.  Most reputable tribal lenders at least list this information somewhere on their site or promotional materials.  Not AWL.  This is alarming.  You will not know the APR until you complete the loan application.  This is an issue.  You are forced to go through the application…and because most people are desperate…and have gone through the trouble of the application, they end up accepting it anyway.

AWL knows this and uses it to their advantage.

That said, let’s use the average tribal lender’s APR to see what the total loan cost would be.

$300 Minimum Loan at 440% APR (Paid Monthly)

Amount Financed: $300.00
Payment Every Month: $117.43
Total of 9 Payments: $1,056.84
Total Interest: $756.84
All Payments and Fees: $1,057.84

$300 awl loan cost

71% of your payments are going to interest, with only 29% going to principal.

$2,500 Max Loan at 440% APR (Paid Monthly)

Amount Financed: $2,500
Payment Every Month: $975.69
Total of 9 Payments: $8,781.25
Total Interest: $6,281.25
All Payments and Fees: $8,782.25

$2500 awl loan cost

72% of your payments are going to interest, with only 28% going to principal.

What Are The AWL Loan Terms & Conditions?

awl scam

The loan terms are typical of what most tribal lenders offer.  With installment loans, you have more flexibility on loan repayment.  Instead of paying the full amount due on your next pay period, you can extend the payments up to 12 months (not advised).  That said, AWL will draft/debit your checking account weekly, bi-weekly or monthly, depending on which option you choose during the application process.

There is also no pre-payment penalty if you decide to pay the loan off sooner.  This is a major benefit for borrowers, as you will avoid the excessive interest rates charged by AWL.

How Do I Apply for an American Web Loan?

Applying for a loan can be completed online.  It’s fast, easy and secure.  Just not that if you live in the following states, you are not eligible:  Arkansas, Connecticut, Georgia, New York, Vermont, Washington.  We created a simple, step-by-step guide below to applying.  You will need your personal information, employment and income details and of course, your banking details.  Once you have applied, you *should* be immediately notified of approval and what your interest rates will be.

Step 1: Enter Your Personal Details

awl loan step 1

On this step, you will enter the following personal details:

  • Desired Loan Amount
  • Approval Code (if applicable)
  • First Name
  • Last name
  • Email Address
  • Last 4 of SSN #

Once done, click “Apply Now”.

Step 2: Complete Your Personal Details

awl loan app step 2

On step 2, you simply need to complete your personal details.  Here’s what that will look like:

  • Birth Date
  • Physical Address
  • Home Phone #
  • Mobile Phone #

Click ‘Next”.

Step 3: Complete Your Employment & Income Details

awl loan app step 3

Step 3 will need your employment and income details as follows:

  • Income Source: (employment, unemployed, social security, disability, etc)
  • Payment frequency (weekly, bi-weekly, monthly, etc)
  • Gross paycheck amount (before taxes, etc)
  • Employer Name
  • Employer Work Phone #
  • Employment Length (how long have you been employed here?)
  • Next Pay Date
  • The following pay date

Step 4: Complete Your Bank Account Details

awl loan step 4

Step 4 is the last step before submitting.  Simply enter your banking details and conform your loan amount.  Then click “Apply Now”. Here’s what you need for this section:

  • Bank Name
  • Routing Number
  • Account Number
  • Account Type (checking or savings)
  • Direct Deposit? (yes or no)
  • Confirm your loan amount
  • Tick the checkbox if you agree

The Advantages of American Web Loan

awl advantages

By now, you should have a clear understanding of how AWL works, how much you can borrow, and how much it will cost.  That said, even though they charge a high interest rate, there are still a few advantages this lender has for people with bad credit.  This is by far one of the best advantages of American Web Loan.  Your credit score doesn’t matter in regards to being approved. Let’s break it down:

  • Fast, easy and secure online application
  • Can deposit approved funds into your bank account within 24 hours
  • Runs a “soft credit check” which doesn’t impact your credit score
  • Good option for borrowers that have bad credit, request small loans, and pays back quickly
  • Loan can be repaid over time instead of the full amount by your next pay period

The Disadvantages of American Web Loan

disadvantages

AWL has advantages for sure.  But let’s be honest.  The disadvantages far outweigh the advantages by a mile.  One of the major disadvantages, which you should be aware of by now, is the excessive interest rates.  While American Web Loan does not list their interest rates publicly, you can rest assure the APR is rather high.  It’s most likely higher than the industry average of 440%.  Otherwise, they would list this information publicly.  Here’s a break down:

  • Super high APR (interest rates)
  • Is not 100% transparent about interest rates
  • Does not tell you interest rates and full terms until you submit your application
  • Offers maximum loans up to $2,500.  While legal, this is not ethical.  It can trap borrowers into a lifetime of debt, if rollovers occur.

The Bottom Line on American Web Loan

conclusion on awl

Here’s the bottom line.  If you take the time to research and compare tribal loan rates, you can find better rates and terms.  There are over 41 tribal lenders that lend money to consumers with bad credit.  In fact, our top recommendations for a bad credit installment loan are Big Picture Loans and Opploans.  Big Picture Loans has interest rates starting at 35% and Opploans has similar rates.

Have you used American Web Loan?  If so, comment below with your review.  Help potential borrowers make an informed decision!