1 /5 Macario Cardenas: I’d like to say the people are friendly and welcoming but the business itself is disingenuous in its dealings. Contrary to what they say they do not offer personal loans but ONLY offer secured loans, this is according to the employees. They only tell you this after approval and hard inquiry on your credit report. Normally secured loans can be offered at reduced APR since they are secured with collateral, not at Tower Loan, they seem to only finance at 29% regardless of credit. Honestly you are better off getting loans through you bank or credit union, not sure why anyone would ever get a loan with terms like this especially if you are willing to give collateral. I don’t understand how they were willing to finance my furniture purchase for 0% but then want collateral and 29% for a different type of loan. Why not reduce a rate and waive collateral to keep a good paying customer as a repeat customer??? The business practices seem predatory and shady. I recommend staying far away from Tower loan and building a good relationship with your local credit union. This will be my first and last loan with them unless they change their ways.
