Payday loan, title loan, or personal loan -- Struggling to pay your loan -- Complaint #6357689
Complaint Overview
Complaint ID: 6357689
Company: Bankers Healthcare Group LLC
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Struggling to pay your loan
State: Virginia
ZIP Code: 22554
Date Received: 2022-12-23T12:00:00-05:00
Date Sent to Company: 2022-12-23T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I received mailer from BHG suggesting to apply to BHG for a loan, the material was address to me as an individual and not to a business. Around XX/XX/XXXX, I decided to take a loan to pay off my credit card debt. During the application process BHG knew from oral conversation and email that I did not own any business. In which they replied it wasn't a requirement for the loan. XX/XX/XXXX, BHG gave me a loan agreement consisting mostly of fine-print legal terminology. Substantially none of the terms in BHG 's loan agreement were written in language that would be understandable to a layperson like myself. I accepted the loan relying on my child support to make the payments. When my ex-husband died in XX/XX/XXXX, I informed BHG that I would need to reduce my payment due to loss of income, which I was informed to file for a hardship. I applied 3 time and was denied because they stated I did not include the child support in my application. I am constantly receiving text from XXXX XXXX for the missed payments due to my loss of income. I have asked them to restructure the loan to make the payments more affordable which was also denied. They are stating i can not restructure the loan until I have had the loan for 5 years which I don't understand. The interest rate is XXXX for 84 payments of {$1000.00}. Which is higher than what I pay for my car note which I financed {$50000.00}. BHG did not disclose an APR for the loan, and it did not make other disclosures that are required as if it were making a consumer loan. BHG falsely drafted its loan agreement as a commercial loan to a business as purported " sole proprietorship '' d/b/a. It also made references to a commercial loan within the document. However, no such sole proprietorship existed and BHG knew this because of the materials and communications exchanged. They only asked for my pay stubs which clearly indicates I am employed. I was not required to provide any documentation of any business. In my opinion BHG intentionally baited me during my time of need into an extremely expensive commercial loan when I thought I was getting a personal loan. I do not receive any statements showing payments and balances of the loan, so I will never know the progress I am making with payments. This type of predatory lending should not be permitted, and I should have never qualified for a commercial loan. When I informed BHG I did not own a business they stated it was ok and I would qualify for the loan.
Frequently Asked Questions
What is Complaint #6357689 about?
Complaint #6357689 was filed against Bankers Healthcare Group LLC regarding Payday loan, title loan, or personal loan specifically about Struggling to pay your loan. It was received by the CFPB on 2022-12-23T12:00:00-05:00.
How did Bankers Healthcare Group LLC respond to this complaint?
The company responded with: "Closed with monetary relief". 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 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.