Tower Loan approaches customers through a direct mail approach that includes a cash-able check in varying amounts. They include outrageous, predatory loan rates in fine print on the back of the approach letter.
One is given a 30 day grace period to use and return the funds w/o penalty or interest, but if you exceed that time frame by one day - they you enter into an agreement for a 20% loan rate which must be paid no matter what.
Even if you return the original loan amount, the interest is due no matter what. And of course, there is an aggressive $15 per month late fee policy to boot.
Also, if they deem you to be late, one of their many callers will repeatedly call your contact numbers and leave messages of various types suggesting damage to your credit and full legal expense recoup costs to be assessed and added to your loan amount.
When you call back, you will rarely speak with the same agent - they are however consistent in their ability to tell you that you owe them money.
No one seems to have the authority to make any decisions - the supervisors & managers all plead ignorance or lack of authority - and then offer to refer you to the next in line - but will not pass along any contact information - only promise that someone will follow up to assist in resolution.
Then the next day starts over and you'll get a continued number of collection calls on a daily basis. I believe it is their intended business model to harass you til you either pay up or drop dead.
I filed complaints with the state attorney general, but the response is that this is a subset of the Tower Loan of Mississippi and that I would need to complain there.
I did find a lawsuit in Mississippi that shows Tower Loan was sued by that state for predatory lending rates - for which they lost - but apparently still keep on doing. As we all know, money talks, and BS walks.
If you receive any mail from Tower Loan - stay far, far away - their like playing with rattlesnakes - painful and potentially deadly.