• Report: #879555

Complaint Review: Tower Loan

  • Submitted: Tue, May 08, 2012
  • Updated: Tue, May 08, 2012

  • Reported By: jammedupsenior — Columbus Mississippi United States of America
Tower Loan
Columbus, Mississippi United States of America

Tower Loan SENIORS AND DISABLED BEWARE: THEY PREY ON SS BENEFITS Columbus, Mississippi

*Consumer Comment: Fool me once, fool me twice

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5 years ago I applied for credit to purchase an appliance ($850). The store used this company. This is how it started. I signed the contract and agreed to pay 28% interest fee on $1,200.  1 week later I cashed a check for $1,000.00.  I cashed it.  Interest fee rose to 32%

I payed off the appliance early (have receipt showing 0 balance).

Every quarter they will call or offer to loan me a tiny sum with a proposal to lower my payments, and I have fallen for this about 4 times over the past 5 years.

I am a retired and disabled senior citizen with a very limited income. The payments are very high I have managed by grace to keep it current. My ability to meet other obligations has suffered greatly.

To finish they have taken over 9 thousand USD from me for borrowing 2 thousand 2 hundred USD and my balance is still 3 thousand USD. No doubt if I get behind on those ridiculously high payments for something I have paid for 4+times they will hound me as others express in this forum

There should be some law to stop this kind of Highway Robbery! 

I want Tower Loan out of my life and others, as I am sure I am not alone, forever.


This report was posted on Ripoff Report on 05/08/2012 07:44 AM and is a permanent record located here: http://www.ripoffreport.com/r/Tower-Loan/Columbus-Mississippi-39705/Tower-Loan-SENIORS-AND-DISABLED-BEWARE-THEY-PREY-ON-SS-BENEFITS-Columbus-Mississippi-879555. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Fool me once, fool me twice

AUTHOR: MochaG - (United States of America)

Your report makes it looks like discrimination by using yourself as the norm of example. Not quite...

In the lender point of view, they are out to make money. They are looking for those who accept their offers regardless race, financial situation, age, etc. As long as the person falls for their sweet talk deal, they are fine with it. You happens to be one of these people who accept the deal.

In my point of view, this type for-profit company really takes a steep cut from those who make a loan from them. However, I knew better not to use them and try to avoid them no matter what. Therefore, I don't have a problem with them.

In conclusion, the deal is, of course, a KNOWN ripped off. If you do not know and FALL for it once, you learn from it. If you fall for it again, then you have no right to complain about it. Fool me once, shame on you, fool me twice shame on me. You fell for them 4 TIMES, so...
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