A few frequently asked questions
About Your Loan
Is this a "payday" loan?
No, "payday" loans generally need to be paid back in full on your next pay date. Our loans are installment loans, with a portion of your regular payment going toward the principal balance every time. Even better, you may pay your loan in full at any time; interest only accrues while you have a principal balance outstanding. There is no prepayment penalty with our installment loans!
How does an installment loan work?
When you sign your loan agreement you will be presented with a payment schedule based on the loan term selected. You may choose to pay your loan back over the term you choose or at any time earlier and you only pay interest for as long you as you choose to keep your loan. To save on interest we encourage you to pay the loan back as quickly as possible.
What's the catch?
There isn't any! Once you have a loan with us, we simply require repayment pursuant to the payment schedule in your loan agreement. If you would like to pay any additional amount to save money on accrued interest and expedite paying off the loan completely, simply login into your account a minimum of 3 business days prior to your payment due date(s) at MyAccount.AmericanWebLoan.com and tell us what you would like to pay.
What if I have bad or no credit?
With American Web Loan, you may be able to qualify for a loan with bad credit, or even no credit at all. If you have a few negative entries on your credit report, don't worry - many people have things like late payments, missed payments or even bankruptcy on their credit reports.
To see if you qualify, simply fill out our online application form. Once we verify your personal information and you meet our underwriting requirements, you may be approved for a installment loan in a matter of minutes!
What happens to my application after I fill it out?
Our application process is fast, secure and available online! First we underwrite your application using our proprietary scoring method, review and verify your information. If you are unemployed you will need to contact us to verify your current income. After we verify the information on your application, we will review the terms of your loan. Upon approval your funds will be delivered and a copy of your signed loan agreement will be available in your account located at MyAccount.AmericanWebLoan.com5.
If we receive your signed loan agreement and disclosure statement before 12:00 PM CST, your funds may be available later that same day! If we receive your signed loan agreement and disclosure statement between noon and 5:00 PM CST, your funds will be deposited into your checking account the next business day.*
After 5:00 PM CST, it may require another business day to deposit the funds into your account. We can't make deposits on holidays or weekends, but we will make sure your money gets to you as soon as possible.
Do I need to fax anything?
Most customers won't need to fax us anything. In some cases we may need to obtain proof of income. These documents can be faxed to Customer Service at 877-860-7171.
What happens if I pay my loan early?
Great! If you want to pay your loan in full prior to your scheduled due date, simply pay the full amount on our website. You may be entitled to prorated or reduced interest with your early pay off!
How much will the loan end up costing?
That depends on the amount of your loan - our finance charge is based on your creditworthiness, our proprietary scoring method, the amount you choose to borrow and the length of time you choose to keep your loan outstanding.
Your finance charge and APR will be fully disclosed to you on your loan agreement. To learn more, talk to one of our friendly lending agents at 877-860-7171.
How long will it take to receive my funds?
At American Web Loan, we want to make sure you receive your funds as quickly as possible. If you selected a wire transfer, your cash will be available Monday through Friday within 24 hours. If you selected ACH funding, your cash will be available Monday through Friday within 24- 48 hours, usually on the next business day.*
If your loan application is received after 2:00 PM CST, the wire transfer will take place on the next business day. For loans up to $700, there will be a wire transfer fee of $10 - for all other loans, and returning customers there are no wire transfer fees.
If we do not receive your signed cash agreement and disclosure statement by 5:00 PM CST, the money will be deposited within 2 business days. AWL can't make deposits on holidays or weekends.
How long do I have after receiving my loan to request a rescission?
To request a rescission, please contact one of our customer service representatives at 877-860-7171. Requests must be received by 5:00 PM CST by the second business day after receiving your cash.
What are your customer service hours?
The hours of operation for our customer service department are from 7:00 AM to 8:00 PM CST Monday through Friday, and 7:00 AM to 8:00 PM CST Saturday.
Can I manage my account online?
Yes! All you need to do is head to MyAccount.AmericanWebLoan.com and log in. Once you're logged in, you can manage your loan directly! If you have questions about managing your loan online, please call customer service at 877-860-7171 between 7:00 AM to 8:00 PM CST Monday through Friday, and 7:00 AM to 8:00 PM Saturday.
I searched for American Web Loan on Google, and a different site came up! Do you have more than one website?
No, we don't. Recently, some nefarious online companies have been using a variety of dishonest business practices and using false variations of our company's name. By using different variations of the name American Web Loan, these companies can appear in search results and will try to direct you to a phony website pretending to be our company.
We are aware of the existence of these companies, and are taking every step we can to stop their deceitful practices. Don't get scammed - make sure you see the official American Web Loan logo on the website! If you have recently searched for American Web Loan and were directed to a suspicious website, please contact us. Give us a call at 877-860-7171, or send us an email at CustomerCare@AmericanWebLoan.com.
*Dependent upon the funding method you choose, your application must be received Monday through Friday to transfer funds to your checking account the next business day. Exact availability will be subject to your bank's processing schedules, policies, and recognized bank holidays.