This Business Is Not BBB Accredited

American Web Loan

American Web Loan

American Web Loan

6 years in business
2128 N. 14th St, Suite 1 #130
Ponca City, OK 74601-4654
Additional Phone Numbers
  • (888) 913-7134
BBB File Opened: 01/13/2011
Business Started: 10/10/2010
Business Started Locally: 10/10/2010
Type of Entity
Corporation
Contact Information
  • Principal: Otoe-Missouria Tribe of Indians, Owner
Business Category
  • Payday Loans
  • Loans
  • Financial Services

Additional Information
  • Consumer complaints received by BBB allege: billing and collection issues, refund issues, concerns with sales practices, and unsatisfactory customer service. The majority of the complaints pertain to confusion regarding the terms and conditions of th...
  • Consumer complaints received by BBB allege: billing and collection issues, refund issues, concerns with sales practices, and unsatisfactory customer service. The majority of the complaints pertain to confusion regarding the terms and conditions of the loan as well as the consumer's obligation to repay. This uncertainty subsequently creates late payments, defaulted loans, or calls to customer service in order to obtain clarification. Moreover, many consumers allege unauthorized automatic withdrawals of payments from checking accounts; or when the loan has been paid in its entirety consumers allege the continuation of unauthorized automatic withdrawals from checking accounts.

    Often, the business' collection efforts result in contacting complainants' references inappropriately, inappropriate voice-mail messages, or verbal misrepresentations. Many consumers overpay resulting in requests for refunds. Although these requests are met with compliance, the long delay and subsequent breakdown in communication from the business results in consumer complaints filed with BBB.

    Consumer complaints also reveal a pattern of issues regarding sales practices: many complainants allege verbal misrepresentations regarding the terms of the loan, prior to the consumer actually agreeing to the loan. Generally, after the loan is received previously undisclosed charges and/or payments are automatically withdrawn out of the complainant's account, which often result in negative balances and/or overdraft fees. Complainants also allege exorbitant interest rates that sales representatives neglect to disclose; and/or neglect to explain how payments will be applied towards the loan in regards to principal or interest.

    BBB contacted this company concerning its pattern of complaints on September 11th 2013 and again on November 7th 2013. BBB asked the company to address the concerns BBB outlined and also provide steps the company will take in order to prevent future complaints of the same nature. The business has not responded to BBB concerning these matters.
  • During a BBB investigation of this business, BBB contacted a representative from the Oklahoma Department of Consumer Credit to gather more information on American Webloan and payday lending company licensing rules and regulations for the state of Oklahoma. BBB verified that American Web Loan does not possess a deferred deposit lender license. BBB was informed that all payday lending companies are required to carry a license in order to operate their business; however, if the company is owned by a Native American Tribe they are not obligated to follow the state laws. The Department of Consumer Credit does send out notifications to the companies regarding licensing; however, the companies generally respond by saying they are their own sovereign nation and, therefore, do not need the license. After reviewing the company's website BBB found the following statement: "Please be advised that you are accepting the terms of your loan subject to the Otoe-Missouria Tribe American Web Loan Act and under the authority of the Finance Services Regulatory Commission established under the Act***"

    BBB encourages all consumers seeking loans of any kind to research all of their options before providing any private financial information or signing any loan papers. Consumers should check with BBB on the company's grade, their complaint volume, and whether or not the company is licensed or regulated to provide the type of loan services the customer is seeking.

    Consumer complaints received by BBB allege: billing and collection issues, refund issues, concerns with sales practices, and unsatisfactory customer service. The majority of the complaints pertain to confusion regarding the terms and conditions of the loan as well as the consumer's obligation to repay. This uncertainty subsequently creates late payments, defaulted loans, or calls to customer service in order to obtain clarification. Moreover, many consumers allege unauthorized automatic withdrawals of payments from checking accounts; or when the loan has been paid in its entirety consumers allege the continuation of unauthorized automatic withdrawals from checking accounts.

    Often, the business' collection efforts result in contacting complainants' references inappropriately, inappropriate voice-mail messages, or verbal misrepresentations. Many consumers overpay resulting in requests for refunds. Although these requests are met with compliance, the long delay and subsequent breakdown in communication from the business results in consumer complaints filed with BBB.

    Consumer complaints also reveal a pattern of issues regarding sales practices: many complainants allege verbal misrepresentations regarding the terms of the loan, prior to the consumer actually agreeing to the loan. Generally, after the loan is received previously undisclosed charges and/or payments are automatically withdrawn out of the complainant's account, which often result in negative balances and/or overdraft fees. Complainants also allege exorbitant interest rates that sales representatives neglect to disclose; and/or neglect to explain how payments will be applied towards the loan in regards to principal or interest.

    BBB contacted this company concerning its pattern of complaints on September 11th 2013 and again on November 7th 2013. BBB asked the company to address the concerns BBB outlined and also provide steps the company will take in order to prevent future complaints of the same nature. The business has not responded to BBB concerning these matters.

Licensing, Bonding or Registration
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Number of Employees: 
30

B+

BBB Reason for Ratings

BBB rating is based on 13 factors: Get the details about the factors considered.

Factors that affect the rating for American Web Loan include:

  • Business has failed to resolve underlying cause(s) of a pattern of complaints.

Licensing information is provided in the BBB Business Profiles to inform the public about industries that may require professional licensing, bonding, or registration. Better Business Bureau encourages you to check with the appropriate agency to be certain any requirements are currently being met.
BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to substantiate their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.
BBB reports on known significant government actions involving the business's marketplace conduct.
BBB reports on a company that is out of business for one year from the date the company closes its doors or ceases to do business.
BBB reports on unauthorized use of the Better Business Bureau's name and/or logo for as long as the business continues to use it in any advertising, or for one year after the business ceases any repeated unauthorized uses.
BBB reports on a business’s bankruptcy as long as the business remains in bankruptcy.
BBB reports when mail sent to the business was returned by the Postal Service.

American Web Loan

This Business Is Not BBB Accredited

American Web Loan

Customer Review Rating:

92%

Composite Score: