Lending Tower Reviews: What You Need to Know

Have you received a mailer from Lending Tower inviting you to apply for a $200,000 personal loan and were curious to know what the reviews say?

A few things to note about this mailer:

Let's take a closer look at Lending Tower.

Lending Tower is a company that offers unsecured personal loans and debt consolidation loans. They're partnered with 40 trusted lenders, and their loans can be catered to various needs, including debt consolidation, home improvement, emergencies, or special events. Additionally, according to Better Business Bureau, Lending Tower was established in 2015.

Source: https://lendingtower.com/

As stated in the fine print of their website: "Lending Tower, LLC provides loan referral services but does not make personal loan or credit decisions... Providing your information on this website does not guarantee that you will be approved for a personal loan... Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the Lending partner... Checking your rate generates a soft inquiry on your credit report, which is visible only to you. Individual Lending partners may perform a hard inquiry that could affect your credit score when you submit an search for credit."

According to their website - first, you'd check your interest rate, without impacting your credit score. If you have an eligibility ID/access code from a mailer, you'd enter it on their website. Otherwise, you'd start a new application or call their support team.

After checking your rate or completing the application, you'd then be contacted to verify your information. You could then discuss multiple loan offers and pick the best option.

Finally, if you qualify and are approved by one of their partners, you'd receive your funds within 24 to 48 hours. 

Source: https://lendingtower.com/how-it-works/

But is it really as easy as this sounds?

Let's take a look at their reviews across a few different platforms!

On Better Business Bureau, they currently have a 4.79 rating out of 5-stars based on over 100 reviews. 

Overall, they're starting out strong with many positive and glowing reviews that remark on how easy the process was, and approval and receipt of the funds were quick.

Out of 109 reviews on BBB, only three of them are rated 1-star, two of which can be read below.

The first mentions that they experienced poor customer service and that their loan was denied over what seemed to be a misunderstanding. 

The second suggests that their mailers may be misleading, as they received a loan offer and found that after applying, the company shifted focus to reviewing their entire financial situation rather than going over the terms of the loan. When they directly asked for loan terms, they were suddenly deemed unqualified. The reviewer warns others not to waste time and to ask for clear loan details upfront, including total interest paid over the loan term.

Let's take a look at TrustPilot next.

On TrustPilot, they currently have a 4.6 rating out of 5-stars based on over 150 reviews. 

Out of there many positive reviews, I did come across a few that felt slightly misled by their offer letter, but overall were happy with the result and service. 

In reading their negative reviews on TrustPilot, this is the first we're hearing about the classic bait and switch to a debt consolidation program. If you're unfamiliar, some debt relief companies will send unsolicited loan offers in the mail that often actually lead to debt consolidation/settlement programs, rather than the loans that were advertised. It's crucial to verify that the offer aligns with your expectations being enrolling, and that there are no hidden fees or terms. 

And finally, let's check out Google.

On Google, they currently have a 4.8 rating out of 5-stars based on over 200 reviews. 

As we've seen with BBB and TrustPilot, overall the reviews are positive and mention that they were able to receive their loans quickly. One reviewer even mentions being surprised by how well it went. 

Similarly to BBB, there aren't many negative Google reviews. The negative reviews they do have mainly just mention how difficult it's been for them to get in touch with their customer service team to learn about their services, though this doesn't seem to be the norm based on the reviews.

Check out the video below for a detailed breakdown to better understand the key differences between consolidation loans and consolidation programs, as they are not the same:

If you're looking into a debt consolidation loan, we'd recommend taking our free debt consolidation loan calculator below! Absolutely no personal information is required, unless you want to provide it.

You'll find three different debt consolidation loan options using this calculator, along with an estimated cost for other debt consolidation methods, such as non-profit credit counseling (which helps lower interest rates through an agency).

Don't qualify for the debt consolidation loan? You may want to look into non-profit counseling! Non-profit counseling is a free or low-cost option where you're paired with a credit counselor to help you understand your debt and create a plan to help you lower your payments and interest rates. (This is option is mentioned in the calculator above as well.) 

Check out the video below for more details:

As always, make sure to take some time to read reviews to see if a company is the best fit for you and your debt relief needs. 

Debt consolidation loans can be helpful if they offer a lower interest rate than credit cards and don’t have hidden fees. However, many mail offers can be misleading about terms and may come from third-party lenders, rather than established banks. If you're considering debt settlement, definitely prioritize weighing the pros and cons before deciding if it's the right financial solution for you.

At Ascend, we encourage you to explore your options as early as possible, giving you more flexibility and peace of mind. Whether you're considering debt settlement, bankruptcy, or consolidation, having a clear understanding of your choices empowers you to make the best decision for your financial future. You deserve a partner that prioritizes your well-being. Debt can feel overwhelming, but you don’t have to navigate it alone - we’re here to help.

Ready to get out of debt sooner than later? You're welcome to give us a call us today at 833.272.3631 and we'll help set you on the path to financial freedom.