We were needing a short term loan to make a deposit on renting a house. We had a chance at renting a house but did not have the cash on hand to make the deposit. We had some extra income coming in but were not able to collect it in time and we really needed to move due to jobs. We had made a loan with Tower Loans in the past and had no problems. We went and made arrangements for the amount needed. All went well and we got the check and deposited it in the bank. We then went home and reallized that we were paying 41%. We had asked and were told that they could not give us a percentage because it varied everyday, but it would be reasonable. We then contacted Tower Loans and was told that we could come in the next day and resolve some of the issues that we had found on reading all the fine print. We went in the next day and asked why we had such a high rate and was told that was the best they could do. We then asked about several charges on the loan that we had not been made aware of at the time. We were told that they would credit this off. We had also stated that this was a shortterm loan but they had set it up for four years. We again reminded them that we were going to pay them off the next month. They said that was fine and we could pay it how ever we wanted. The payment was due on the 11th of each month. The first month we went to pay the loan off but lacked $295.00 of having the whole amount. We then found that the parts that were to be credited off never were. We called management but got nowhere. The next month we went to pay off the total and found that another $60 had been added to the account but could get no reasons as to why. We will never use Tower Loans again. There is a lot more to the story but havent the time nor the space to go on. We will never use this company again!!!
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