Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #4696154
Complaint Overview
Complaint ID: 4696154
Company: Wells Fargo & Company
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: Virginia
ZIP Code: 22406
Date Received: 2021-09-06T12:00:00-05:00
Date Sent to Company: 2021-09-06T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I took a personal loan of {$20000.00} from my local and personal branch of Wells Fargo Bank ( XXXX XXXX XXXX, XXXX, VA ) in XX/XX/XXXX for 48 months. Even though I had a " very good '' credit score, I agreed to Wells Fargo 's 13.49 % interest rate. The first payment of {$460.00} began on XX/XX/XXXX. At the origination of the loan, I was told that I could make extra payments toward the principal once the monthly payment was satisfied. My plan was to strive to discharge the loan earlier than the four years. I have never defaulted in my payments. During the first 4-5 months in the life of the loan, I made substantial payments toward the principal. No interest was levied on the amount that was designated toward the principal. Also, notice in the attached payment record that Wells Fargo charged me more interest during the initial few months when I started making the monthly payments. I assumed that was normal as the interest was levied on the initial {$20000.00}. Out of the blue, I received a letter from Wells Fargo indicating that beginning XX/XX/XXXX, I would no longer be able to make principal only payments without interest being charged even after satisfying the regular monthly payment of {$460.00}. I called the loans department a couple of times to register my displeasure at this new policy, which was being forced on me. I would not have signed for the loan if that was included at the origination of the loan. The lame excuse given was that some customers were not able to make their payments and this was to help everybody ( really? ). I further met with a banker at my branch to discuss this new rule with no satisfactory resolution. I am only asking Wells Fargo to stick to its initial agreement with me in respect to being able to make principal payments without any interest after honoring the regular monthly payments. This bank is known for its predatory lending practice against ordinary citizens. I'm a disaffected customer. Thanks, XXXX, XXXX XXXX XXXX # XXXX
Frequently Asked Questions
What is Complaint #4696154 about?
Complaint #4696154 was filed against Wells Fargo & Company regarding Payday loan, title loan, or personal loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2021-09-06T12:00:00-05:00.
How did Wells Fargo & Company 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, or personal loan) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company 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.