AWL Payday Loan Reviews

AWL Payday Loan ReviewsAWL Payday Loan says they can loan you up to $1400 and have the money in your account the next day. This is often the case with online lenders, but there are a few key features that make them different than others.

They have a sort of loyalty program that affords you certain benefits the more you loan with them. This includes being able to take out more money with subsequent loans, discounted loan rates, and having your application processed before others. This could be looked at as a bit ironic, because the whole point of a payday loan is to get you out of trouble, but they are suggesting that you’re going to be using their service again and again, which hints at the classic payday loan trap that many borrowers get into.

But if statistics say that you’re probably going to be in it for multiple loans, you might as well go with a lender that rewards you for doing so. They say that they’re committed to keeping your application secure, and that they are helping to protect you from fraud. They also say that it takes just seconds to get an answer on whether or not your loan has been approved. One benefit of going with them is that if you do need to re-loan you just have to hit one button and you don’t have to fill in all of your information again.

AWL Payday Loan Reviews

AWL Payday Loan is actually a “tribal lending entity” and they point out that even though they are operating within the boundaries of the United States, they are a sovereign nation, and thus don’t have to abide by the same laws as other American-owned lenders do. There has been some controversy and debate as to whether or not these types of organizations are skirting laws and teaming up with lenders to avoid taxes and ignore consumer protection laws. It’s up to the individual to make up their own mind on this matter.

They Bring New Features
Regardless of whether or not being a tribal lender makes a difference, AWL Payday Loan is actually bringing some new features to the world of online lending and payday loans. With many lenders across the country it doesn’t matter if you take out 1 or 100 consecutive loans, you’ll never get a break. A big lender like Advance America for example doesn’t care how many loans you take out from them, you’ll pay the same price on all of them and always have the same loan limits.

By having a consumer loyalty program they make it more appealing to do business with them over the competition. There’s no reason to pay standard rates when you can get up 10% if you take out four or more loans. However, they don’t list their rates, and so it is unknown whether their rates are far higher than those you’d find at a payday lender, making 10% off not matter as much. It’s always unnerving when a lender doesn’t post their rates and fees, because they’ve probably got something to hide.

Consumer Protection
There are laws in several states that govern how payday lenders must act. By being a sovereign entity this means that these tribal lenders don’t have to follow these laws. That means if your state has limits to the amount you can loan for a payday loan, or they have caps on what the APR can be on the money you borrow, these lenders don’t have to follow that. If they can convince you to go ahead with a loan they can charge you whatever you agree on.

Of course, it’s in their best interest to play fair and to have you come back for further loans. That’s why you’ll probably have a similar experience to the one you’d have at an American-owned lender, but you just can’t be sure. And if you fall behind on your payments, you won’t be protected by the same laws that you would be regarding the collection efforts that are allowed.

With their loyalty program in place, American Web Loan merits further consideration, but be sure to run the numbers to see if their rates and fees aren’t excessively high.

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