Product: Payday loan, title loan, personal loan, or advance loan

Dear Consumer Financial Protection Bureau, I am filing a formal complaint regarding the unethical and predatory practices of Climb Credit and their loan servicer, UAS. My chief concerns involve their Pay Ahead option, the loan servicing processes, and the misleading communication Ive encountered.

Firstly, Climb Credit is already under review and facing legal action from the CFPB, and I believe its important to highlight the additional harmful behaviors exhibited by their servicer, UAS. The combination of these entities creates an environment of financial exploitation and a disregard for borrower rights.

1. Deceptive Pay Ahead Option When I recently contacted UAS regarding the Pay Ahead option, I was informed that paying ahead would only apply to the principal, while interest continues to accrue. This is both misleading and a form of predatory lending. Nowhere on their website or in their communication is it clearly stated that interest continues to accrue, which leaves borrowers like myself in a financial bind. I was under the impression that a lump sum payment would cover both interest and principal, and I believe this lack of transparency is fraudulent.

2. Inconsistent and Unnecessary Deferral Process I have been unemployed since XX/XX/year> and have been granted deferrals by XXXX. However, the deferral process is unnecessarily burdensome, requiring repetitive paperwork that is never validated. Each time my deferral runs out, I must resubmit the same information despite there being no change in my situation. This seems designed to frustrate borrowers and cause financial distress, as the process lacks any efficiency or consideration for those facing economic hardships.

3. Involvement of Loan Science Without explanation, my loan was referred to a company called Loan Science, which had no knowledge of why they were handling my account. This lack of communication and tra
nsparency is alarming, as borrowers like myself deserve clear and concise explanations regarding the servicing of their loans.

4. General Business Practices of Climb Credit I previously worked for XXXX XXXX, the owner of XXXX and Climb Credit, and can personally attest to his unethical business practices. During my time at XXXX, he encouraged fraudulent behavior, including accepting questionable documentation, which I refused to do. His disregard for ethical business practices is reflected in the way Climb Credit pushes borrowers into loans for subpar programs like the one I took at XXXX. The program failed to deliver on its promises and did little to help me secure lasting employment. 

In conclusion, Climb Credit and UAS engage in predatory lending practices, from misrepresenting payment options to creating unnecessary obstacles for deferrals. Their lack of transparency and integrity is evident, and I believe these actions warrant further investigation. At the very least, I seek the ability to make a transparent, fair Pay Ahead that accurately reflects the interest and principal split, without being penalized by hidden interest accruals. 

I appreciate your attention to this matter and hope for swift action to protect consumers from these unethical practices.

One last thing, they never tell you until the very end that you can defer your loan only 3 times a year.