Consumer complaint received 2024-09-25
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Problem when making payments — 
Company: BANKERS HEALTHCARE GROUP LLC (CA)

In XXXX of 2021 I was solicitated by BHG Financial via mail and phone calls offering a consumer loan with quick funding for a large dollar amount. In this solicitation, I was promised that there would be no impact to my XXXX XXXX or credit report and that there was no collateral required for the loan. In XXXX of 2021, I was provided a XXXX XXXX XXXX that XXXX had primarily pre-filled electronically with much of my personal information and loan terms. The Capital Application Form identified my full legal name of XXXX XXXX XXXX / Business as dba XXXX XXXX XXXX. In this application process, I orally questioned the Salesperson about this misrepresentation of having a business when in fact I didnt have a business. The XXXX responded with that is just a field that we have to fill out in the loan documents. I explained to the Salesperson that if approved, I planned using the funds to payoff revolving credit card liabilities. 
Regretfully, I believed the Salespersons representation in that regard. In addition, in BHGs pre-filled loan application it was indicated that the primary use of funds would be for business startup purposes. In addition, there was similar language in the documentation reporting this as a XXXX loan. The BHG Salesperson induced me to click through the pre-filled application over the phone with what I thought was true and accurate information. The ttruth of the matter however, was that XXXX sent me commercial loan documents only to create a false paper-trail of what XXXX knew to be a Consumer loan marketed and originated in violation of the Federal Truth in Lending Act ( TILA ) XXXX well as Regulation Z. Ultimately, I provided XXXX with my personal XXXX documentation, XXXX and personal Tax Returns. XXXX never requested any specific information from any business that I might own or intend to start. Based on the personal documentation and information I provided, I was approved and entered into a financing agreement for {$68000.00}. Although the Principal amount was {$68000.00} the amount disbursed was around {$67000.00}. As XXXX withheld {$1800.00} from the loan proceeds that was called a Reimbursable Service Fee which supposedly was to be used in the event of non-payment of the agreement. 
Because XXXX disguised this personal consumer loan as a business loan with their deceptive, illegal and fraudulent business practices, I was induced to take on a huge financial burden of a loan that has a high interest rate of 18.04 %. a monthly payment that has proven to be a huge financial strain and they have failed to provide any monthly statement or accounting of total payments made since the origination of the loan. 
XXXX fraudulently concealed the true fact that the loan transaction was a XXXX XXXX transaction which was subject to XXXX and XXXX level consumer lending statutes. By XXXX slipping false Commercial Purposes language into their fine-print loan agreements, I was misled and induced to make a decision that was not in my best financial interest but in that of BHGs and XXXX XXXX financial gain. Therefore, I have fallen victim to a host of fraudulent, deceptive and misleading lending practices and statements made by XXXX. As a victim, I have suffered significant financial loss as the interest alone that Ive paid over the course of 3 years has resulted in minimal impact on the principal balance. In addition, Ive been dealing with continued treatments for battling XXXX XXXX that are not covered by my primary health provider. This BHG fiasco has created an incredible amount of financial stress in addition to my personal health challenges.