Tower Loan

Report Card
B-
Overall Grade
B
Debt Collection Grade
C+
Consumer Loans Grade
Tower Loan is rated overall in the top 66 percentile (out of 100) based on 74 customer complaints.

Statistics

Complaints Currently In-Progress
Complaints per $100K of Deposits
Complaints Resolved in a Timely Manner98.6%
Resolutions Disputed by Customer13.5%
Average Time Until ResolutionUnknown

Financial Report

Owner CorporationNot Listed
EstablishedNot Listed
FDIC InsuredNot Insured
FDIC Certificate #
Number of BranchesUnknown
Total AssetsUnknown
Total DepositsUnknown
Total EquityUnknown
Quartarly Net IncomeUnknown

Contact Information

Corporate Headquarters
Not Listed
Website
Not Listed
Data Summary
Tower Loan logo

Grade Summary

Overall, Tower Loan received a grade of "B-" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

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.

Overview

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."

Complaints by Product
Complaints by State
Complaints Against Tower Loan
#Financial ProductSub-ProductComplaint IssueComplaint Count
1Consumer loanInstallment loanProblems when you are unable to pay21
2Consumer loanInstallment loanManaging the loan or lease13
3Debt collectionOther (phone, health club, etc.)Communication tactics9
4Consumer loanInstallment loanTaking out the loan or lease6
5Debt collectionOther (phone, health club, etc.)Improper contact or sharing of info4
6Consumer loanPersonal line of creditAccount terms and changes3
7Debt collectionOther (phone, health club, etc.)Improper contact or sharing of info3
8MortgageHome equity loan or line of creditLoan modification,collection,foreclosure3
9Debt collectionCont'd attempts collect debt not owed3
10Debt collectionCommunication tactics2
Responses From Tower Loan
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation9594 (98.9%)12 (12.6%)
2Closed with monetary relief11 (100%)0 (0%)
Complaints over the Past Year