Tower Loan reviews

3.5

63% would recommend to a friend

(452 total reviews)

Francis C. Lee

61% approve of CEO

61% positive business outlook

Tower Loan has an employee rating of 3.5 out of 5 stars, based on 452 company reviews on Glassdoor which indicates that most employees have a good working experience there. The Tower Loan employee rating is in line with the average (within 1 standard deviation) for employers within the Financial Services industry (3.7 stars).

Reviews by job title

452 reviews
1.0
Mar 13, 2022

Deceitful, Corrupt Company

Recommend
CEO approval
Business Outlook

Pros

I cannot think of anything that I enjoyed about this job.

Cons

-Promised me PTO when I went on maternity leave. I later found out that I wouldn’t get it because I was a manager trainee and while i technically had 13 days to use, I couldn’t actually use them. -They will send you to customers’ houses to try and collect money -The hours are much longer than advertised. The store may close at 5 but if goals are unmet you will likely work until 7pm. On the 15th of every month you will probably work until 8-9pm. They don’t tell you this ahead of time. -You are paid a salary. You will never work under 40 hours. I usually worked 55-60. You are paid 1/2 time for extra hours worked. Not time and a half, HALF time. -They have no consideration for families. My pregnancy was a major inconvenience and so was anytime I had to leave early for an emergency involving my children. -You are literally harassing people. You’re required to cold call a certain amount of people every day. You are instructed to call delinquent accounts and their references multiple times a day. You will be sent to their houses to try and collect money. You will have to go to Justice Court to sue them. -Some employees call from blocked numbers, or call from their cell phones. -Supervisors are machines who care only about numbers. When I informed mine that I was pregnant, the first thing he said was “you’re still willing to relocate though, right?”

3.0
Nov 15, 2021
Recommend
CEO approval
Business Outlook

Pros

Good entry level work experience, you get a lot of hands on time with financial data and account management.

Cons

Tower Loan is a sub prime lender that specializes in giving loans to individuals who cannot afford to get a regular bank loan. If you work here, you will be expected to give on average of 10 hours a week of overtime which is not compensated for because you are salary. The goals you have to meet to get any of the bonuses they put out are completely based on the area you are assigned. Some areas you will suffer due to its cliental and previous management. Overall, not a long term job.

1.0
Apr 5, 2021
Recommend
CEO approval
Business Outlook

Pros

-Unusually high compensation with little experience. (Easily 6 figures in a larger branch- Mostly due to commission and quarterly bonuses) -The health care coverage is slightly better than average -401K with company match

Cons

- Work life balance is horrendous. Be prepared to work 60-65 hours per week (Whether that is when sales are low or trying to sustain great sales metrics) - Expect to work until 8-9pm with same day notice (No advance notice) - The companies direct competition (i.e. One Main Financial, Republic Finance) are years ahead of Tower Loan in regards to policies, technology, and practices) - Supervisors and upper management have NO REALIZATION of how daily operation in branch works. Management is completely out of touch with reality. -Company’s training program for “Manager Trainees” is sub-par at best. Thrown together program with more focus on “checking boxes” instead of developing and coaching staff. -Outdated policies such as “field collection work” require you to collect past due debts in less than and ideal and sometimes dangerous locations. - Company BLATANTLY disregards consumer rights provided/protected by the CFPB, Fair Debt collection Laws, and Consumer Debt privacy laws.

Viewing 31 - 33 of 452 Reviews

Glassdoor has 456 Tower Loan reviews submitted anonymously by Tower Loan employees. Read employee reviews and ratings on Glassdoor to decide if Tower Loan is right for you.