Bottom line: This tribal lender is easy to use, but could cost more than a US-based lender — it isn’t subject to payday loan regulations.
$300
Min. Amount
$2,500
Max. Amount
As fast as the same day
Turnaround time
| Product Name | American Web Loan installment loan |
|---|---|
| Min. Amount | $300 |
| Max. Amount | $2,500 |
| Loan Term | 6, 9 or 12 months |
| Turnaround Time | As fast as the same day |
| Requirements | Active checking account in your name, verifiable income, live in eligible state, age of majority in your state |
Review by
Anna Serio is a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY.
American Web Loan could be best for borrowers who struggle to qualify for a personal loan. It’s fast — even for an online lender. You have the option to have money deposited into your bank account on the same day you apply.
But it doesn’t disclose loan costs until after you apply, making it difficult to compare to other providers. It’s also a tribal lender, which means it may charge more than your state’s legal limit.
You should compare more loan options to ensure you’re getting the best deal.
American Web Loan is not up front about rates and fees that come with its installment loans. You’ll have to apply first — which involves submitting personal information — before you can get a rate quote.
You can borrow between $300 to $2,500 with 6, 9 or 12 months, to repay the loan. You can always pay off your loan early without a penalty to save on interest.
Use the calculator to see how much this loan might cost at different loan amounts, rates and terms.
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American Web Loan is a tribal lender that doesn’t have to abide by federal and state laws regarding short-term loans. It’s a member of the Online Lenders Alliance (OLA) as well as the Native American Financial Services Association. These organizations create and uphold standards for short-term lenders.
But even with these credentials you still have fewer protections, since it’s generally unregulated. This means there’s no cap to how much it can charge in interest and fees, which could lead to APRs into three or even four digits.
It uses SSL encryption to protect any information you enter online. And its website uses McAfee security to protect against malware, malicious links, phishing scams and other threats. The site’s security is verified by GoDaddy.com.
Imposter sites can steal your money or even identity without giving you the money you need. Only submit applications to AmericanWebLoan.com, through the app or over the phone by calling 877-860-7171.
If you think you’ve been scammed, file a report against the company with the Consumer Financial Protection Bureau (CFPB) and reach out to your local regulation authorities.
You must meet the following requirements at a minimum to qualify for an American Web Loan installment loan:
You might have to meet additional criteria to qualify, which American Web Loan doesn’t disclose.
As a tribal lender, American Web Loan can offer installment loans in all states except:
New borrowers can apply online through its website and returning borrowers can take advantage of its app. Follow these steps to get sttarted on your application:
A representative should get in touch with an offer and further instructions to complete the application. If you like the offer, follow the steps to complete, sign and submit your application.
Once you’re approved, you have the option of getting your funds through wire transfer, direct deposit or by paper check. Wire transfers can come as fast as the same day if your loan is finalized before 2:35 p.m. CT on a weekday.
You might have to provide the following information at a minimum:
You can repay your loan online or through the mobile app, which is available through Google Play and the App Store. Your repayments are due the same day you get paid, though you can make additional payments to save on interest.
If you have any questions, contact customer service as soon as possible through the live-chat feature on its website, by email or by calling 877-860-7171. Customer service is available weekdays from 7 a.m. to 8 p.m. CT and on Saturdays from 7 a.m. to 4 p.m. CT.
Because American Web Loan is a tribal lender, expect to pay high rates when you borrow. However, you can compare lenders based in the US — although your loan may still be pricey.
What’s the difference between getting paid biweekly and semimonthly?
For the purposes of your American Web Loan application, biweekly means every two weeks. Semimonthly means twice a month.
Can I get an American Web Loan installment loan without a bank account?
No, you must have a bank account to qualify for this loan.
What’s a tribal loan?
A tribal loan is financing from a lender that is regulated by tribal entities, rather than the US government. That means they aren’t subject to the same rules that nontribal lenders must follow. For example, American Web Loan is regulated by the Otoe-Missouria Consumer Finance Services Regulatory Commission.
You can learn more about how these work and what you should know before borrowing by reading our guide to tribal loans.
American Web Loan installment loan is not currently available on Finder
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2 Comments
November 30, 2020
My loan was approved at 11:30amCT. My money will be direct deposited. Will I receive my money the same day?
December 1, 2020
Hi Chris,
Thank you for reaching out.
Once you’re approved, you have the option of getting your funds through wire transfer, direct deposit or by paper check. Wire transfers can come as fast as the same day if your loan is finalized before 2:35 p.m. CT on a weekday.
I hope this information we provided you today helps.
Regards,
Nani