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Is this a 'payday' loan & is it legit?

Date: Wed, 11/07/2012 - 21:22

Submitted by radiant515
on Wed, 11/07/2012 - 21:22

Posts: 11 Credits: [Donate]

Total Replies: 2


I'm wondering if this company will get a judgement against me for this. I haven't heard from them in a couple months, though. My default was this summer, but there is no mention of this on my credit reports. Probably within a few months there will be? Has anyone dealt with this company? Am i likely to be taken to court? I live in Missouri. Tower Loan mailed a check to me and I cashed it. There were no loan papers signed and we have no other relationship. I have been unable to make payments, and wonder what they will do now. Can they garnish my wages? How would they even know where I work? For a variety of credit problems I am considering bk, debt consolidation, etc. Just wondering if anyone has experience with this company, or similar. Thank you for any guidance/advice. I am grateful.


Tower Loan is as shady as a lender can get. They claim that they are registered with the state DFI which would make them a legal lender but then again, if you look through the FTC's website, they have a long list of crimes and misdemeanors committed by these idiots. I say you have a word with the state DFI and write to the AG and the FTC about this.

From what I could make out, stuff like this has happened before and Tower got busted for insurance fraud. They used to insure loans issued like the one you have and when the debtor stopped paying, they would claim insurance against it.


lrhall41

Submitted by Steve Barris on Wed, 11/07/2012 - 22:50

( Posts: 1043 | Credits: )