Are you considering Lending Tower for a loan but need an honest review first? In our comprehensive Lending Tower review, we analyze their unsecured personal loans and debt consolidation offerings, scrutinizing the real customer feedback and service terms to ensure you can make an educated decision about this financial service provider.
- BBB A+ Rating & Accredited
- $300 Million Debt Settled
- $8,000 Minimum Debt
Key Takeaways
Lending Tower offers unsecured personal loans and consolidation loans designed to help borrowers streamline their debts, simplify their finances, and potentially reduce monthly payments without needing collateral.
The company is known for its efficient and user-friendly online application process, with a 4.9-star BBB rating reflecting its commitment to swift loan processing and excellent customer service.
Lending Tower charges competitive interest rates between 7.99% and 29.99%, a 3% origination fee, and other costs but remains transparent about these charges; it also actively addresses customer feedback for continual service improvement.
Lending Tower Overview
Lending Tower operates as a conduit, connecting borrowers with a diverse range of lenders. They specialize in offering unsecured personal loans and consolidation loans, making the loan process seamless. Through their services, you can access funds to consolidate your debts, pay for a vacation, or finance a home improvement project. They have positioned themselves as a great resource for those seeking financial assistance without the burden of collateral.
Lending Tower’s consolidation loans carry significant benefits, including:
Simplifying the management of multiple payments by consolidating them into one
Reducing the mental strain of tracking numerous due dates
Potentially reducing monthly payments, saving borrowers from financial distress
A customer-centric approach to the loan application process is designed to be as straightforward as possible, enhancing the overall user experience.
Company Background
Lending Tower, headquartered in Newport Beach, California, has been in business for eight years. Since its inception in 2015, the company has been a licensed consumer finance lending partner in California. Their strategic location and years of operation underline their commitment to providing reliable loan referral services.
Pros and Cons
As with any service, Lending Tower exhibits both advantages and disadvantages. On the upside, the company provides a broad range of debt consolidation loans, offers lower interest rates than credit card rates, and ensures loans without the need for collateral. On the downside, some customers have reported complaints, including harassment calls and other customer service-related concerns. Nonetheless, Lending Tower is committed to addressing these issues and improving its services.
Loan Products Offered
While Lending Tower provides a variety of loan products, their debt consolidation loans stand out. These loans are designed to help borrowers streamline their debts, making it a wise choice for those considering debt consolidation options.
The eligibility requirements for these loans vary based on individual circumstances, including the amount of credit card debts a borrower has.
Debt Consolidation Loans
Debt consolidation loans from Lending Tower have several advantages, such as:
Simplifying finances
Repaying debt sooner
Having a fixed repayment schedule
Potentially reducing monthly payments
Getting lower interest rates
These loans allow the consolidation of multiple payments into one and can be used to pay off various types of debt.
The Lending Process: Fast & Easy
The lending process at Lending Tower is streamlined for efficiency and ease. After an initial application process, the funds are deposited on the agreed-upon date.
Customers have expressed high satisfaction with the extremely fast application process and prompt delivery of funds, which is a result of providing exceptional customer service.
Online Application
Acquiring a loan from Lending Tower involves a simple online questionnaire and selecting the most suitable plan, and funds can be received within 24 hours.
The online application process is simple and efficient, reducing the paperwork usually associated with traditional lending processes.
Personalized Loan Options
Lending Tower provides a variety of personal unsecured loan options, including installment loans such as mortgages, auto loans, and personal loans. In order to cater to the diverse needs of its customers, it collaborates with a range of lending partners to provide loans with competitive terms and interest rates.
Professional Support
Lending Tower understands that the loan process can be overwhelming, which is why they provide professional support to guide customers through each step of the process. Their lending tower support team is available to assist with online applications, manage loan files, and ensure the seamless processing of loans.
Lending Tower Review
Lending Tower, located at 5000 Birch St, holds a commendable 4.9-star rating with the Better Business Bureau and is accredited, showcasing its esteemed reputation in accordance with BBB’s criteria.
Customers have expressed satisfaction with their experiences at Lending Tower, highlighting the efficient and straightforward approval process, along with the cost-effectiveness and speed.
BBB Rating
The Better Business Bureau (BBB) has awarded Lending Tower an A+ rating, the highest possible rating. This rating signifies that the lending company has demonstrated:
Compliance with BBB accreditation standards
A commendable history of trustworthiness
Integrity
Excellent customer service.
Lending Tower Cost and Fees
Understanding the associated costs and fees is a key factor when considering a loan with Lending Tower. The standard interest rates offered by Lending Tower range from 7.99% to 29.99%, and a 3% origination fee applies to their loans.
For their ‘no doc’ loan program, there is a $1995 underwriting fee.
Interest Rates
Lending Tower offers competitive interest rates ranging from 7.99% to 29.99%. These rates are influenced by a variety of factors, including macroeconomic conditions such as inflation and economic growth, the Federal Reserve’s monetary policy, and the bond and housing market climates.
Additionally, a borrower’s financial health and credit score are also taken into consideration when determining their specific interest rate.
Fees
In addition to interest rates, Lending Tower imposes an origination fee of 3% and an underwriting fee of $1995 for their ‘no doc’ loan program. It’s also worth noting that late payment fees range between 5% and 25% of the payment amount, depending on the loan amount, investor, and applicable state laws. However, there are no prepayment penalties, enabling borrowers to settle their loans early without incurring additional costs.
How Can Debt Consolidation Loans Affect Your Credit Score?
Securing a debt consolidation loan from Lending Tower might affect your credit score. If used responsibly, these loans can potentially increase credit scores. However, failure to adhere to disciplined debt repayment practices could lead to a temporary dip or further damage to credit scores.
Lending Tower’s Commitment to Improvement
Lending Tower is a company that does not become complacent. They actively engage with their customers, acknowledging and responding to thoughtful feedback within a 24-hour timeframe. This commitment to exceptional customer service extends to their loan application process, which they have optimized based on customer feedback. Thanks, Lending Tower, for your dedication to customer satisfaction.
Responding to Customer Concerns
Lending Tower is proactive in addressing and resolving customer complaints. They implement non-discriminatory practices and engage third parties to validate the accuracy of complaints. Furthermore, they have engaged the Better Business Bureau (BBB) to resolve various disputes related to their services or products.
Ongoing Training and Development
An essential part of Lending Tower’s commitment to improvement lies in its investment in training and development. They provide a manager development program aimed at equipping managers with the necessary knowledge, skills, and abilities for delivering effective customer service.
Comparing Lending Tower to Other Lenders
Compared to other lenders, choosing Lending Tower provides competitive interest rates, and a broad spectrum of loan choices, and prioritizes customer needs. However, its geographical reach is limited, and there are some aspects of its services that lack transparency.
Competitive Interest Rates
Lending Tower’s interest rates range from 7.99% to 29.99%, which falls within the typical range for similar loan services in the industry. However, maintaining a strong credit profile can qualify you for a lower interest rate.
Customer-Centric Approach
Lending Tower prides itself on its customer-centric approach. They strategically categorize customers based on demographic factors to provide loan products and terms that align with their individual financial requirements. They also utilize technology and collaborate with ecosystem partners to improve the lending process.
Flexible Loan Options
Lending Tower offers a diverse range of loan options, including personal unsecured loans and debt consolidation loans, to cater to the diverse needs of its customers. Their flexibility extends to the application process, where there is a noted preference among lenders for revolving credit accounts over installment loans.
Canceling Lending Tower
Should you need to cancel your Lending Tower loan for any reason, the process is fairly simple. It involves the following steps:
Log into the Lending Tower mobile app.
Select ‘Pay’.
Then select ‘Pay Bills’.
Next, select ‘Scheduled’.
Finally, select ‘Cancel Payment’.
There are no fees or penalties for canceling a Lending Tower loan, and borrowers have the flexibility to prepay their loan in full at any time without incurring any penalty.
Summary
To wrap up, Lending Tower offers a range of loan products that are designed to meet the diverse needs of borrowers. Their online application process is user-friendly, and they provide competitive interest rates and responsive customer service.
However, like any service, it has its limitations. It’s important for potential borrowers to consider these factors before making a decision. But with their commitment to improvement and customer satisfaction, Lending Tower is certainly a worthy contender in the lending market.
5 Frequently Asked Questions
Question: What types of loans does it offer? Answer: It offers a variety of loan products, including personal unsecured loans and debt consolidation loans. They offer loans up to $20,000 that can be accessed with an in-branch visit, with terms ranging from 12 to 36 months.
Question: How can I repay my loan? Answer: You can repay your loan online through their website, by mail to their processing center, or in person at any authorized location.
Question: What should I consider during the loan application process? Answer: During the loan application process, it’s important to consider details such as the required loan documents, fund disbursement time, APR, available methods for application, and whether a credit check is involved.
Question: How can I cancel my loan? Answer: To cancel your loan, you can log into their mobile app, select ‘Pay’, then ‘Pay Bills’, ‘Scheduled’, and finally ‘Cancel Payment’. There are no fees or penalties for canceling a loan.
Question: What impact does a debt consolidation loan have on my credit score? Answer: A debt consolidation loan can potentially increase your credit score if used responsibly. However, failure to adhere to disciplined debt repayment practices could lead to a temporary dip or further damage to your credit score.