Consumer complaint received 2024-08-08 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Problem with the payoff process at the end of the loan — 
Company: BANKERS HEALTHCARE GROUP LLC
State: OH

Complaint narrative:
In XX/XX/XXXX I called to find out payoff. I was told that I could not pay off the loan until the end of 4 years. Which would be XXXX. I requested online access they stated they do not do that nor do they give balance over the phone or online. I could not make extra payments to pay towards principal too. If I chose to request prepayment that basically I would owe the principal balance of the loan plus all interest payments due to the end of the 84 month term! They sent me an amortization schedule by email. In reviewing the amortization schedule for a loan that was $ XXXX It shows that I will pay them $ XXXX in 84 months. 

When you call it is hard to get an actual person on the phone. When I first took the loan it was very pushy, the filled in the information, I explained I was using funds to consolidate credit debt. The person I was speaking with said it was a business loan. I explained that I didn't have a business necessarily and they said it was ok. To just say I did when asked on the recording because I could use the loan for whatever I like. It was not clearly explained that I would have to pay in full $ XXXX for a $ XXXX loan and no option to pay off earlier without requesting prepayment. The interest rate is high and the monthly payment is high and I am in a position where I would like to reorganize the funds to have a lower payment and lower interest rate. 

They will do that if I pay all the principal and interest and roll everything into one loan which is even more. 

I feel trapped and like I was mislead and that the firm used predatory lending practices to secure the loan and preyed upon my desperate need at the time making assurances that were not true. 

They filled out the docs and sent them for docusign. I questioned a few things and was told not to worry about them just sign the documents. 

After the first loan, I had a phone call 6 mos later, during covid where they checked my credit report and urged me to take a second consolidation loan to " lock in the interest rate '' because they were going to go way up and they would offer me a lower rate. 

In desperation and much coaxing I agreed. After reviewing the loan amortization schedule it shows 18 %! With a 4 year lock in period and is the same type as the first loan. 

I have called to negotiate only to be told I would have to pay huge amounts of money back to them when I have already paid them huge amounts. 

I took out a $ XXXX loan and paid $ XXXX of that loan already! At the end of the 4 Years, I will still owe them another $ XXXX and interest through the end of the term. 

They do not negotiate. I feel stuck and would like to not be making {$1500.00} /mo payments on 2 loans for 4 more years plus. 

I have read several complaints on the XXXX XXXX  XXXX/ and your site about XXXX XXXX XXXXXXXX and have also read that they had/ have a Class Action Lawsuit against them for these exact practices. 

I need help or counsel.

Company response to consumer: Closed with explanation