Grades are also broken down by the financial products offered be each institution. Tower Loan is rated "B" in Debt Collection, and "C+" in Consumer Loans. Click on any of the financial products to see how Tower Loan compares.
Tower Loan has received 74 consumer complaints since August, 2013 – more than 90% of other banks.
Of those complaints, 98.6% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' Tower Loan meets the 60-day response deadline more frequently than 50.5% of other banks.
After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 13.5% of customers dispute Tower Loan's response to complaints — better than 72% of other companies.
Most of Tower Loan's customers complain about consumer loans with the primary issue being "problems when you are unable to pay."
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Consumer loan||Installment loan||Problems when you are unable to pay||21|
|2||Consumer loan||Installment loan||Managing the loan or lease||13|
|3||Debt collection||Other (phone, health club, etc.)||Communication tactics||9|
|4||Consumer loan||Installment loan||Taking out the loan or lease||6|
|5||Debt collection||Other (phone, health club, etc.)||Improper contact or sharing of info||4|
|6||Consumer loan||Personal line of credit||Account terms and changes||3|
|7||Debt collection||Other (phone, health club, etc.)||Improper contact or sharing of info||3|
|8||Mortgage||Home equity loan or line of credit||Loan modification,collection,foreclosure||3|
|9||Debt collection||Cont'd attempts collect debt not owed||3|
|10||Debt collection||Communication tactics||2|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||95||94 (98.9%)||12 (12.6%)|
|2||Closed with monetary relief||1||1 (100%)||0 (0%)|