Consumer complaint received 2026-06-02 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: OPTUM BANK, INC.
State: NC

Complaint narrative:
FPB COMPLAINT LETTER Date : XX/XX/XXXX TO : Consumer Financial Protection Bureau 1700 G Street, NW Washington, DC 20552 COMPLAINT REGARDING PREDATORY LENDING PRACTICES Against : XXXX XXXX XXXX / ProceedFinance Loan Number : Loan Date : XX/XX/XXXX ISSUE SUMMARY I am filing this complaint regarding predatory lending practices in connection with an unsecured personal loan for medical/XXXX expenses. I believe I was subjected to unfair, deceptive, and abusive acts ( UDAAP ) in violation of the Dodd-Frank Act through : Predatory Rate Charging ( Steering ) Lack of Disclosure of Better Options Excessive Finance Charges FACTS OF MY CASE My Credit Profile at Time of Borrowing : Credit Score : XXXX ( Very Good/Good credit range ) Loan Purpose : Medical/XXXX expenses Loan Date : XX/XX/XXXX The Loan Terms : Principal Amount : {$21000.00} Interest Rate : 16.99 % APR Loan Term : 120 months ( 10 years ) Monthly Payment : {$380.00} Total Finance Charge : {$23000.00} Total Amount Repaid : {$45000.00} The Problem : With a credit score of XXXX, I qualified for significantly better rates. A borrower with my credit profile should have qualified for : Prime lending rates : 8-10 % APR Subprime maximum : 12-14 % APR Instead, I was charged 16.99 % APR, which is 5-10 percentage points higher than my creditworthiness warranted. Financial Impact : At 10 % APR over 120 months : Total paid would be ~ {$26000.00} At 16.99 % APR : Total paid is {$45000.00} Overcharge : Approximately $ XXXX ALLEGED VIOLATIONS 1. PREDATORY RATE STEERING Proceed Finance steered me into an unfavorable interest rate despite my strong credit profile. This is a discriminatory practice that charges qualified borrowers excessive rates to maximize lender profit. Evidence : XXXX XXXX XXXX entitled me to better rates Was not offered alternative rate options Rate is 5-10 % above market for my credit profile No comparison shopping offered or encouraged 2. TARGETING VULNERABLE BORROWERS The loan was specifically for medical/XXXX purposesa category known to target vulnerable consumers facing health emergencies who may not shop around. 3. LACK OF TRANSPARENCY & DISCLOSURE I was not clearly informed about the true cost of the loan ( {$23000.00} in interest ) No disclosure of alternative lenders or rates I qualified for Was not informed I could refinance elsewhere No explanation of why my rate was higher than market rates 4. EXCESSIVE FINANCE CHARGES The {$23000.00} in finance charges represents 109 % of the original loan amount. This is excessive and indicates predatory structuring designed to maximize profit at the borrower 's expense. 5. UNFAIR TERMS 10-year commitment for what was likely an emergency medical expense 5 % late payment fee ( $ XXXX ) is punitive and excessive High interest compounds burden on vulnerable borrower IMPACT ON ME My credit score has declined from XXXX to XXXX due to the burden of this predatory loan I am locked into 10 years of payments totaling {$45000.00} I am unable to refinance due to credit damage caused by this loan I have paid approximately {$9600.00} and still owe {$19000.00} ( only ~21 % principal reduction ) RELIEF SOUGHT I request that the CFPB : Investigate ProceedFinance for predatory lending practices Order loan modification reducing the interest rate to a market-appropriate rate ( 8-12 % APR ) Order restitution for the overcharges paid due to predatory rate steering Cancel remaining balance or restructure loan on fair terms Cease predatory practices of medical loan targeting and rate steering SUPPORTING DOCUMENTS I am attaching the following documentation : Original Loan Agreement ( XX/XX/XXXX ) Payment history/statements Credit report from time of loan origination ( showing XXXX score ) ( Shown on lenders documents ) CONCLUSION I believe Proceed FInance engaged in unfair, deceptive, and abusive lending practices by charging me a predatory interest rate despite my excellent creditworthiness. This loan was specifically designed to extract maximum profit from a vulnerable borrower facing medical expenses. I request immediate investigation and corrective action. Respectfully submitted,

Company response to consumer: Closed with explanation