I applied for a loan from American Web Loan in August for $400.00 to cover an emergency. I have been paying back over $200.00 a month. I called today to see what my balance is. They said $340.00 I asked where the $200.00 was going and she said all that went for interest. The only amount paid on the principal was $60.00 I paid extra one payday. These payday loan companies are owned by Native American tribes. I do not understand why they are allowwed to do this to people. I am struggling just like everyone else. I borrowed this money and now am paying 60% interest a month. I have paid back over $1,000 on this loan. Anyone have a suggestion as to what I can do? I told them I am closing my bank account..