Consumer complaint received 2025-11-11 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: WELLS FARGO & COMPANY
State: CT

Complaint narrative:
b'To: Consumer Financial Protection Bureau \n\nRe: Predatory Lending Complaint vs. Wells Fargo & Bob\'s Discount Furniture\n\nI am filing this formal complaint against Wells Fargo Bank, N.A. (the "Lender") and Bob\'s Discount Furniture (the "Merchant") for engaging in a predatory and deceptive "deferred interest" financing scheme that violates state and federal consumer protection laws.\n\nI. The Unlawful Scheme: A Predatory "No Interest" Trap\n\nOn or about [Date of Purchase], I was induced into a consumer credit transaction at a XXXX XXXX XXXX location in [XXXX CT], marketed explicitly as a "No Interest" promotional financing offer. This representation was materially deceptive and omitted the critical, punitive risk: the offer was a "deferred interest" trap with a stored Annual Percentage Rate (APR) of XXXX% on a principal loan amount of XXXX. For failing to pay the full promotional balance within the short, defined period, I was charged approximately XXXX in retroactive interest, calculated from the original purchase date.\n\nII. Factual Background & Unfair and Deceptive Practices\n\n Deceptive "No Interest" Marketing: The promotion was deceptively marketed as "No Interest," creating a false sense of security while deliberately omitting the material risk of massive, retroactive interest charges. This is a classic "bait-and-switch" tactic.\n Predatory and Usurious Pricing: The stored APR of XXXX% on a XXXX  furniture loan is grossly excessive and unconscionable. This usurious rate far exceeds what is offered to consumers with good credit for similar secured retail loans and bears no reasonable relationship to the actual credit risk.\n The Punitive "Deferred Interest" Trap: The XXXX chargerepresenting a significant percentage of the original principalis not a fee for services rendered; it is punitive, retroactive interest that transforms a purported "no interest" offer into a severe financial penalty.\n Coercive and Rushed Transaction Environment: The point-of-sale process was structured to prevent informed consent. I was rushed through the signing of complex financial documents without a clear, reasonable opportunity to read, understand, or question the onerous terms.\n\nIII. Violations of Law & Legal Foundation for Liability\n\nThis deceptive scheme establishes clear liability under Connecticut and Federal law.\n\nA. Connecticut Unfair Trade Practices Act (CUTPA - Gen. Stat.  42-110b): The facts of this case satisfy all elements of a CUTPA claim.\n\n Unconscionability: This contract is unconscionable under the standard set forth in XXXX XXXX XXXX XXXX XXXX. The deceptive "no interest" marketing and high-pressure sales environment created an "absence of meaningful choice on the part of one of the parties," while the usurious XXXX% APR on a XXXX  loan and the punitive XXXX deferred interest charge are "contract terms which are unreasonably favorable to the other party."\n The "Cigarette Rule" for Unfairness: As established in XXXX XXXX XXXX XXXX XXXX XXXX XXXX, this practice is unfair because it XXXX offends public policy against usury and deceptive lending; XXXX is immoral, unethical, oppressive, and unscrupulous; and XXXX has caused substantial injury to me, the consumer.\n Deceptive Omission: The failure to disclose the material risk of retroactive interest constitutes a deceptive act, as defined in XXXX XXXX XXXX XXXX XXXX XXXX\n Lender Liability: CUTPA applies with full force to the lending activities of Wells Fargo. XXXX XXXX XXXX XXXX XXXX XXXX XXXX Bank.\n\nB. Federal Consumer Financial Protection Act (UDAAP): This scheme is a clear "Unfair, Deceptive, and Abusive Act or Practice."\n\n DECEPTIVE: It misleads consumers by omitting the material risk of a XXXX retroactive interest charge on a ~$6,000 loan.\n UNFAIR: It causes substantial financial injury that consumers cannot reasonably avoid.\n ABUSIVE: It takes unreasonable advantage of my inability to protect my interests in selecting or using a consumer financial product.\n\nThe documented XXXX APR on a XXXX  principal and the resulting XXXX retroactive charge, as shown in the attached evidence, are conclusive proof of these violations.\n\nIV. Requested Relief\n\nTo remedy this unlawful practice, I demand that the CFPB and the Connecticut Attorney General require Wells Fargo and Bob\'s Discount Furniture to:\n\nXXXX Permanently cancel the entire remaining balance of this fraudulent loan.\nXXXX. Provide a full refund of all interest and fees paid, including the XXXX deferred interest charge.\nXXXX. Close the account with a XXXX  balance and formally request the deletion of all associated negative trade lines from all credit reporting agencies.\n\nThe attached billing statement provides definitive proof of the loan amount, the XXXX% APR, and the assessed XXXX deferred interest charge.\n\nI trust you will take immediate and decisive action.\n\nSincerely,\n\n[XXXX XXXX XXXX XXXX XXXX XXXX CT 0XXXX XXXX \n[KXXXX]\n [Wells Fargo Loan Account Number]\nXXXX XXXX XXXX XXXX'

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation