Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #12178925
Complaint Overview
Complaint ID: 12178925
Company: Bankers Healthcare Group LLC
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: Massachusetts
ZIP Code: 02118
Date Received: 2025-02-22T12:00:00-05:00
Date Sent to Company: 2025-02-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Subject : Complaint Regarding Predatory Lending Practices by Bankers Healthcare Group ( BHG ) Loan # XXXX To : Consumer Financial Protection Bureau I am writing to file a formal complaint against Bankers Healthcare Group ( BHG ) concerning predatory lending practices related to my loan, # XXXX, which I used to pay off my credit card debt. I have documented several concerning practices as follows : 1. Misrepresentation of Loan Purpose and Requirements False Business Representation : I originally applied for a debt consolidation loan specifically to pay off my credit card debt. However, BHG representatives instructed me to falsely claim that the loan was for a medical business, despite my clear financial need for debt relief. Contradictory Documentation : The loan documents indicate that my transaction was classified as Non-Healthcare, yet I was explicitly told over the phone to misrepresent the loans purpose to secure approval. 2. Predatory Terms and Restrictions Automatic Payment Mandate : The loan requires that payments be automatically withdrawn from my checking account. Prepayment Restrictions : I am prohibited from prepaying the loan for the first 48 months, which significantly limits my ability to manage and reduce my debt. Exorbitant Interest and Fees : The loan carries an interest rate of 17.99 %, resulting in a total repayment of {$63000.00} on a principal of {$35000.00}. Additionally, I was charged a {$2900.00} documentation fee and a {$2100.00} Optional Limited Personal Guaranty fee. Extended Loan Term Requirement : I was informed over the phone that I must maintain the loan for a minimum of XXXX years before I could request a payoff amount, effectively locking me into an excessively long-term commitment. 3. Aggressive Marketing Practices Cycle of Debt : I have been repeatedly and aggressively marketed to refinance this loan with another BHG product. This strategy appears designed to create a cycle of debt similar to practices observed in payday lending. 4. Credit Reporting Misrepresentation False Assurance on Credit Reporting : I was assured that the loan would not appear on my credit reporta misleading tactic intended to downplay the negative impact of the loan and encourage borrowing. The loan documents ( Agreement # XXXX ) clearly support these claims. I respectfully request that the CFPB investigate these predatory practices and take appropriate action to safeguard consumers from similar deceptive lending schemes. Thank you for your attention to this matter.
Frequently Asked Questions
What is Complaint #12178925 about?
Complaint #12178925 was filed against Bankers Healthcare Group LLC regarding Payday loan, title loan, personal loan, or advance loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2025-02-22T12:00:00-05:00.
How did Bankers Healthcare Group LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Bankers Healthcare Group LLC?
Yes, visit the Bankers Healthcare Group LLC company profile at readthecomplaint.com/company/bankers-healthcare-group-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.