Consumer complaint received 2019-01-07
Product: Student loan — Private student loan
Issue: Getting a loan — Confusing or misleading advertising
Company: PNC Bank N.A. (PA)

I want to submit a complaint regarding private loans that I have through PNC Bank. 

I have a few student loans through PNC Bank that I used to attend the University of XXXX. Currently, I have been paying on these student loans since XX/XX/XXXX. I have paid my loans on time and without any late fees, penalties and I have never defaulted on the students loans I will reference. 

I am writing to submit a complaint regarding predatory lending practices that PNC Bank engaged in with myself and my father, who is the co-signer, on multiple occasions when I signed for the loans. I used these loans for the sole purpose of attending the University of XXXX, which I attended between XX/XX/XXXX to XX/XX/XXXX. I attended both XXXX studies there as well as XXXX   studies. I did not drop out or fail out, I graduated successfully with two degrees. My XXXX degree was in XXXX XXXX XXXX XXXX, a XXXX XXXX XXXX Degree, and my XXXX XXXX was in XXXX XXXX, a XXXX XXXX XXXX Degree. 

Here is the loan information : 1st Loan : Opened XX/XX/XXXX Annual Percentage Rate = 8.617 Finance Charge = {$19000.00} Amount Financed = {$11000.00} Total of Payments = {$30000.00} 2nd Loan : Opened XX/XX/XXXX Annual Percentage Rate = 9.00 Finance Charge = {$19000.00} Amount Financed = {$11000.00} Total of Payments = {$30000.00} 3rd Loan : Opened XX/XX/XXXX Annual Percentage Rate = 8.546 Finance Charge = {$15000.00} Amount Financed = {$10000.00} Total of Payments = {$25000.00} 4th Loan : Opened XX/XX/XXXX Annual Percentage Rate = 6.01 Finance Charge = {$8500.00} Amount Financed = {$10000.00} Total of Payments = {$18000.00} Total Amount Financed = {$42000.00} Total Finance Charge = {$63000.00} Total of Total Payments = {$100000.00} As you can see from the above information, PNC Bank charged myself and my father a total of {$63000.00} to finance only {$42000.00}. This equals a total repayment of {$100000.00} over the course of 240 payments from the time of origin that the loan was opened. Each loan amount contains a total of 240 payments in order to reach the payoff amount. 

All loans listed above are variable interest loans and have their interest rates adjusted quarterly. 

Over the course of repayment since XX/XX/XXXX, I have paid anywhere from {$300.00} per month to just recently {$510.00} per month on these loans. My current balance is just over {$60000.00} and there is no late fee, or interest fee, or any type of negative fee associated with any of my loans because of my repayment practices. 

My complaint is in regards to how PNC Bank provided myself and my father, in XX/XX/XXXX, XX/XX/XXXX & XX/XX/XXXX loans under predatory lending practices and behaviors. PNC Bank has not been helpful in regards to my attempts to contact them about these loans as they stated at the time We are sorry Mr. XXXX but we do not have any student loan refinancing products that we would be able to offer you. 

I assert that PNC Bank is making an extravagant amount of money from myself and my father directly because of their predatory lending practices. In total, they have charged myself and my father 150 % of the amount of money that we had requested from them. I also am asserting that PNC Bank would not be making this type of money for it was not their engagement in predatory loan practices. The amount of money that they will receive simply because of their finance charge is 60 % of the total amount that will be repaid. This amount is {$63000.00} of {$100000.00}. 

My date of birth is XX/XX/XXXX, in XX/XX/XXXX, the month of the first loan in the above list, I was XXXX years old and had no credit history, no history of defaulting on any loan, and had never previously taken out a loan or line of credit directly in my name at that point. I was never educated on anything related to loans or student loans and was far too young to know how much of a scam this loan deal really was. 

Also, in XX/XX/XXXX, XX/XX/XXXX & XX/XX/XXXX my father had a very low credit score due to a number of personal issues we as a family were struggling with at the time. 

I assert that PNC Bank, in their engagement of predatory lending practices, took advantage of my lack of education and experience at the time the loan was opened and also had taken advantage of my fathers low credit score and how my family was undergoing financial struggles at the time. 

PNC Bank has refused to work with me when I have contacted them on ways that I could make the monthly repayment more reasonable and aligned with my income. They have refused to offer me any type of help to reduce my interest rate, open a new loan, reduce my monthly payments or acknowledge that indeed they engaged in predatory lending practices.