Consumer complaint received 2025-03-18 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: PNC Bank N.A.
State: NC

Complaint narrative:
Formal Complaint Regarding Predatory Lending Practices I am writing to formally dispute and seek resolution regarding the loan I obtained from XXXX and later transferred to PNC Bank. I believe that the terms of this loan, as well as the subsequent actions taken by PNC Bank, constitute predatory lending practices, which are prohibited under both federal and North Carolina state laws.

Loan Details In XX/XX/XXXX, I was solicited by XXXX for a loan of {$10000.00} based on my credit score. I agreed to the loan under the following terms : Simple interest rate : 18.59 % fixed Loan term : 72 months Monthly payment : {$230.00} Total repayment : {$16000.00}, which results in 66.59 % interest on the loan principal In XX/XX/XXXX, PNC Bank acquired my loan from XXXX at the same 18.59 % interest rate. However, PNC Bank extended my repayment period to 77 months, increasing the total repayment amount to $ XXXX to 78.16 % interest on the original loan. 

Issues of Concern Excessive and Unjustified Interest Charges Upon contacting PNC Bank for a payoff amount in XX/XX/XXXX, I was informed that I still owed {$1300.00} beyond the total stated repayment amount. 

Additionally, I was charged an overage of {$7800.00}, which does not align with the original loan agreement terms. 

Unauthorized Loan Extensions PNC Bank informed me that I had requested XXXX loan extensions between XX/XX/XXXX and XX/XX/XXXX due to XXXX. However, I never made such a request. 

When I asked for documentation of these extensions with my signature, PNC Bank admitted they had no such records but insisted I was still responsible for these charges. 

Potential Violations of Predatory Lending Laws Under North Carolina General Statutes ( XXXX XXXX XXXX. XXXX ), predatory lending includes excessive fees, misleading loan terms, and unfair loan modifications. The increase in my repayment period and interest charges beyond the agreed-upon terms could constitute a violation of these statutes. 

The Truth in Lending Act ( TILA ) ( 15 U.S.C. 1601 et seq. ) mandates clear disclosure of loan terms. The failure to provide accurate and transparent loan documentation, as well as charging for unauthorized extensions, could be a violation of federal law.

The Equal Credit Opportunity Act ( ECOA ) ( 15 U.S.C. 1691 et seq. ) prohibits discriminatory lending practices. Given my age ( XXXX XXXX XXXX ) and ethnicity ( XXXX XXXX ), I am concerned that I may have been unfairly targeted for unfavorable loan terms.

Request for Resolution Based on the above, I respectfully request the following actions : A full audit and explanation of my loan terms, interest calculations, and unauthorized charges.

Immediate correction and removal of the {$7800.00} overcharge.

Verification and cancellation of any unauthorized loan extensions that were applied without my request or signature. 

Compensation for damages, including financial losses, emotional distress, and any other applicable harm caused by these predatory lending practices.

A formal response addressing my concerns within 30 days, as required under consumer protection laws.

Should this matter not be resolved promptly, I will be compelled to escalate my complaint to the North Carolina Attorney Generals Office, the Consumer Financial Protection Bureau ( CFPB ), and other relevant regulatory authorities. 

I appreciate your prompt attention to this matter and look forward to your response. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation