Lending TowerReviews of lendingtower.com

They took the time to discuss my options

The customer service individual was very helpful and informative. They walk you through the process.

Very easy to deal with and understand.

Quick and easy

Customer service was great and quick. Just was not expecting the $1,000 dollar deducted from loan amount that was needed to start the process.

Good employee

Was quick and easy took almost no time and the aprs aren’t the worst I’ve seen

If you receive the mail offer in the mail from Lending Tower stating that you can get one big consolidation loan to pay off all of your current loans so you can set it up where you only have to pay on one loan per month for one low monthly payment to pay down your existing debt, then this will be a bait and switch scam if you are a low income applicant with a bad debt-to-income ratio. The bait is to attract you to the offer making you think that you can compile all of your loans into one big loan for one low monthly payment so you can save money and get some money back in your pocket. But the truth is that such an opportunity is not out there for low income applicants with a bad debt to income ratio. Bad Debt-To-Income Ratio means you are paying most of your monthly income on loans and have very little income left afterwards for the remainder of the month. So for low income applicants in this situation, you fill out the application and after the online completion of the application, they will give an immediate call. During the phone consultation, if you are a low income applicant with a bad debt to income ratio, they will decline you. But the SWITCH part comes in with the next step. After denial of the loan, they will offer you a debt settlement program. The reason debt settlement programs are scams for low income applicants with bad debt to income ratio is because the average applicants in that situation have a lot of active loans they are currently paying on. That's why they have bad DTI in the first place. However, the debt relief programs will make you think they can settle all of your current loans and get you out of debt. But that's not true. For example, if you have 10 current active loans, at least 2 of those companies will likely file a lawsuit on you. Debt settlement/debt relief companies can not settle all of those loans especially if you don't have an extensive payment history on them. So you will have to go to court which can lead to your bank account getting garnered or the loan company will collect collateral from you. On top of that, for debt settlement companies to even help you, you will have to stop paying on all of your loans and let them go into collection. This will lead to collection hassle and, like I said earlier, lawsuits. Additionally, when you let all your accounts go into collection, your credit score goes down the drain. So the debt settlement/debt relief programs make your life worse because after signing up for it, you will end up with lawsuits, bad credit, garnered bank accounts, and collateral confiscation. And the debt settlement programs don't even tell you this in the beginning. You don't find out about this until it's too late. And it's a shame Lending Tower will offer this to applicants in this situation after mailing them an offer that make them think that a consolidation loan is about to be approved. If you are a low income applicant with a bad income to debt ratio, stay away from Lending Tower mail offer. They are not offering you a consolidation loan. They are offering you a bait and switch scam. Period.