Consumer complaint received 2022-10-14
Product: Payday loan, title loan, or personal loan — Personal line of credit
Issue: Getting a line of credit — 
Company: Tower Loan of Mississippi, Inc. (AL)

I got a loan for a little over {$5000.00} dollars from Tower Loans, located in XXXX XXXX, XXXX at a interest rate of over 40 percent, on XX/XX/2022. The person doing the loan was new and was asking her supervisor, who I later found out was the manager of the branch, questions about the loan. They asked what kind of cars I had, what type of tractors I owned, what type of chainsaws I had etc. I have had several loans with this company in the past and never had to answer these questions before. The manager was busy helping her with the paperwork and didnt speak with me much or not at all. 

A few days later I got a check in the mail from Tower Loans for 29 XXXX a lot lower interest rate, and for a little more then {$6000.00}. So I deposited the check in my bank account waited several days for it to clear, since I didnt hear anything else back from Tower Loans, I decided to pay the first loan, higher interest rate one, down to a {$1000.00} and used the remainder of the money to pay ahead some other bills. 

Today XX/XX/2022, I discovered that Tower Loans took back the {$6000.00} out of my bank, without even notifying me why. I called the Manager of the XXXX XXXX Tower Loans, who told me that she had notified me at closing that I would be receiving a check for a different amount and interest rate and to tear it up. She never told me that she was to busy helping her new loan officer. Only a fool would of turned down a interest rate that was 10 % lower. 

I was later contacted by her supervisor, XXXX XXXX, the regional manager for tower loans. I told him that the branch manager at XXXX XXXX told me that she told me I would be receiving a check in the mail for more money at a lower rate. He told me he understood and agreed that someone would not turn down more money at a much lower rate. I requested that the {$6000.00} be returned to my account and any XXXX be paid by them, he told me that the most he could do was cancel the XXXX  and return the {$4000.00} to my account. 

After talking to XXXX XXXX, I contacted the corporate headquarters for Tower Loans at XXXX, XXXX XXXX talked to a receptionist and explained the situation to her and that I had already talked to XXXX he couldnt satisfy my complaint. She told me they would have a HQ supervisor contact me this morning. After not hearing from them by the afternoon I contacted their corporate office again and was told that the receptionist called this morning and told that someone would get back to me and hadnt, she said that the other receptionist had called XXXX who told her that he had already talked to me, I told this receptionist that I told the other receptionist that I had already talked to XXXX and he couldnt help me, so why did she call him again? She apologized and said the other receptionist was new and that she would call XXXX XXXX supervisor. 

Shortly afterward got a call XXXX XXXX XXXX XXXX at Tower Loan, XXXX XXXX told me that he talked to both XXXX and the XXXX XXXX, Office Manager and she basically said I was lying and that she did tell me I was going to get a check in the mail for more more money at a lower interest rate and to tear it up. He offered to void my loan or to get me another loan from them at a higher rate then the 29 %. I told him I expected him to honor the 29 % loan at {$6000.00} and I would pay off the {$5000.00} loan at 40 something percent and cover the NSF charges. He refused saying it sounds like you have buyers regret, he also said he believed his office manager. I asked for his bosses contact info, he said his boss was the President of the company and he didnt need to hear my complaint. I informed him that I will be contacting XXXX and local media. After I receive resolution from you and if it isnt satisfactory I will them contact the media and tell them what happened. 

Seems to me they are running a racket to have people pay higher interest rates. My request was fair. You dont give a person a loan at a higher interest rate knowing you had a offer in the works for him to have a loan at a better interest rate. You dont let the check clear before you withdraw it back without warning or talking to the person. If they were to tell me they were going to take the money back I would of not paid off the other bills. This company sounds very much like a loan shark business.