Lending Tower Reviews

Lending Tower's website was very easy to use. As far as customer service, I had trouble understanding the man but my phone kept breaking up. Other than that, they were very nice. I would recommend Lending Tower if people I know need to get a loan for something. My experience with the company helped quite a bit. I really needed the money at the time. So, I'm glad that something like that is available for people who need it.

At first, he didn't believe me when I was telling him that I was pressing the button, but the application didn't go through. He said that was not possible. He told me to send him a screenshot and I didn't know how to do that. So, I went to my Alderman's office, then the guy in there said he didn't how to do it either. This happened on a Thursday and he didn't have his workers there that day. He said he was old-school and so was I. So, somebody came in and he did for me. Once the application went through, the process went fast. They said, "Congratulations. Your application has been finalized,” and the only thing I needed left was my signature. Then they sent me the money the same day. All in all, I started the application on Monday and finished it on Thursday. I'm glad that I was persistent and that I didn't give up. John kept saying that I was on my last step to get the money and it all worked out in the end. He was so helpful and I liked that.

I had been looking up a bunch of different places. I got the little advertisement for Lending Tower and it's just seemed really easy. I think there was a QR code on there or something. I just scanned it and just checked it out really quick. The worst I could do is try and then get denied. So, I just tried and didn't get denied. The application process was really, really quick, and really self-explanatory. I didn't have to decipher a bunch of weird mystical wording. It was really streamlined and really easy to use it. I don't have any qualms with it at all.

There were a lot of options, both in the amount of money, how many months to pay it off, the monthly payments. You basically could just pick and choose exactly how you wanted it to be. I had 30 options. So, through Lending Tower, I got the loan from Upstart. I think that's what it's called. And I like that they will pay the credit cards directly and you get a discount for it. I didn't have to wait for the check to come in, and then go through and find all my credit cards and pay them off. They just distributed the money for me so I didn't have to do any of the work. I also like that I was approved and had the money in my account within 24 hours. I didn't have to wait long at all. That was really nice because I was on a time crunch when it came to the surgery situation.

It's the first time I've dealt with Lending Tower. But I talked to somebody else and I briefly mentioned that I'm trying to figure out how to pay all my bills and consolidate my debt, and she said she went through it before. I mentioned Lending Tower and she said that's the one that she tried to get with, but she didn't get approved. I explained that I ended up signing up with both Upstart and Lending Tower, but I didn’t fully discuss with the rep whether we would be able to pay off what I owe Lending Tower and also get some extra cash to cover expenses. I haven’t finished that conversation yet. She suggested we wait until the middle of February to talk about it again, but I plan to reach out to her this week.

I made a quick decision, and that’s partly my fault because I didn’t get all the information. If it had been in person, I would have understood everything upfront. The rep covered everything, but when you’re talking over the phone, you don’t retain it all. She may have sent an email, but I prefer hard copies. Even though I’m only 44, I grew up in the days when dial-up was a thing and the internet didn't exist, so when banks ask if I want to go paperless, I say no. I like to read through each charge individually. On a phone or laptop, things look abbreviated or shortened, and I don’t always recognize them. Then I have to look up what they mean, which is frustrating. But overall, the process was smooth.

So, once I went with the first one, and the interest rate was much lower than what I was paying, on what I wanted to pay off and what I'm going to pay off, I went with that. The gentleman I worked with was very courteous and professional. However, I didn't like it when it got to asking questions about my debt-to-income ratio, questioning why I was at where I was at. In the grand scheme of things, it wasn't that big of a deal though and overall, I would recommend Lending Tower.

After about 20 minutes of discussion, I was sent a 13-page document to sign. The representative summarized portions of it quickly. Do not rely on their summary. Read the entire document yourself. There are multiple places within the document to sign before the final acceptance, and you can decline at any stage.

The total debt amount listed on page one did not match what had been discussed. While the representative continued speaking, I reviewed the document independently. This is not a debt consolidation loan. It is a debt negotiation (referred to by the company as “debt resolution”) program. The structure involves closing selected credit card accounts and making monthly payments. However, it is not clearly explained when or how creditors are paid.

Under this type of program, accounts are closed and then negotiated. This can result in collection activity, including letters and potential legal action, while you are already making monthly payments to Lending Tower. Before sending the documents, they collect financial information, set a payment date, and outline estimated terms such as payment amount and percentages. Understand the difference between a debt consolidation loan and a debt negotiation program. They are not the same.

At the end of the call, when I questioned the details, the representative became defensive and stated that he had identified the program as debt negotiation. The term used by the company is “debt resolution.” He then turned to mansplaining, accused me of arguing when I was simply having a clarification conversation. Take this as you will but just be careful when talking to them and make sure you read that entire document. Keep copies of all communications, including emails and any documents you decline to sign.

The process is deceptive because it gives a list of six options and says I've been pre-approved. I click that option and go through the process, and my pre-approval dropped by a lot, which I understand it's based off a lot of open information. Other than that, it's all right. It's an easy process. It wasn't a long, aggravating, drawn out process. I link Lending Tower to my bank account, they pull the payments on time, and I go on about my life. It got me money when I couldn't get it. What I got wound up being a lot less than what I needed, but I made it work.