Consumer complaint received 2025-12-02 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Other advances of future income
Issue: Confusing or missing disclosures — 
Company: Oasis Legal Finance Holding Company, LLC
State: NY

Complaint narrative:
In XXXX of XXXX I was in a car accident. I reached out to Oasis Financial for presettlement funding in XXXX of XXXX borrowing {$2000.00} and also in XXXX of XXXX borrowing {$1200.00} at an interest rate of 31.95 % annually. My attorney contacted Oasis in XXXX to hold the loans as the case was in the process of being settled. When I went to sign documentation for the settlement I saw that the loan with Oasis had more than doubled the original amount borrowed in the first place. I reached out to Oasis Financial to get a breakdown of the loan balances in the interests accrued from the time the loan was executed until XXXX of XXXX and it just didn't make sense to me. If the interest rate is at 31.95 % for a {$3200.00} loan there is no way that the loan had more than doubled in a year. I asked the representative for Oasis Funding if there was a way to reduce the amount showing that I owed and I was advised that my attorney can request a reduction in the loan and for me to advise them that Oasis would reach out to negotiate that. Upon talking to my attorney I learned that Oasis had reduced the loan roughly {$200.00} which means for a {$3200.00} loan I would have end up paying them close to XXXX in a year of borrowing. That's absolutely ridiculous if the interest rate on the loan is 31.95 % on a {$2000.00} loan at a year the balance would be roughly {$2600.00} since I borrowed the {$2000.00} in XXXX I calculated an additional {$260.00} in interest from XXXX of XXXX to XXXX of XXXX that would bring that balance to roughly XXXX for the {$1200.00} loan the balance should have been roughly {$1500.00} which brings us to a balance of XXXX not XXXX prior to the reduction which brought us down to roughly XXXX. This looks like predatory lending to me the interest rates do not correlate with the balances showing for each of these loan. It's showing for this {$2000.00} loan that I owe over XXXX and on the {$1200.00} loan is showing that I owe over {$3000.00} that is absolutely ridiculous. These pre-settlement funding companies work much like payday loans the documentation that is in the contract is so muddled and confusing it's ridiculous not only that they prey on people who are in desperation cuz that's the only reason why someone would consider presettle meant funding is if it was truly necessary. I am not willing to give them XXXX of my settlement. They have not in are not enduring the pain that this accident caused and will cause for the future it is absolutely ridiculous and should be illegal for these companies to charge interest in the amount that they do in these online lenders most certainly should be more regulated. Now I am willing to pay them XXXX of the loans that total {$3200.00} however I am not willing to give them {$7200.00} on a {$3200.00} loan that's XXXX and should be illegal. I have not received my funding as of yet however when I do again I am willing to pay them {$5200.00} to close these loans and to be done with it however the interest rate at 31.95 % annually does not equate to over {$7000.00} for {$3200.00} loan no way.

Company response to consumer: Closed with explanation