Heights Finance is a company that is often discussed online about personal loans. Some people claim it is a scam, while others swear by the company and its services. Is there any truth to this statement? Does Heights Finance operate legally or is it a scam? The purpose of this blog post is to take a closer look at Heights Finance and see what consumers have to say about it.
- 25th best financial firm, USA (INC Magazine)
- Minimum Debt $10,000
- No Minimum Credit Score
- $3 billion+ debt resolved
- BBB A+ Rating
- Minimum Debt $7,500
- No Minimum Credit Score
- $500 million debt resolved
With Heights Finance, you can borrow up to $10,000 for a personal loan. Founded in 1994, the company is headquartered in Greenville, South Carolina. In addition to secured personal loans, Heights Finance also offers unsecured loans with interest rates between 11.99% and 35.99%.
What are consumers’ opinions of Heights Finance? According to the Better Business Bureau, the company has an A+ rating and has been accredited by the BBB since 2015. According to the BBB website, there is a one-star rating.
Moreover, Heights Finance has mostly negative reviews online. Several reviewers say the company is a scam and that they were promised one thing but received something else. Other people report being approved for a loan but never receiving it.
What is the verdict? Is Heights Finance a scam or a legitimate company? According to the reviews and ratings, Heights Finance does not appear to be a reputable company. Consider looking elsewhere if you are considering taking out a loan with Heights Finance.
Pros and Cons
The cons of Heights Finance’s loans outweigh its pros. Their high-interest rates are one of their most significant drawbacks. Many customers with good credit have complained about being charged sky-high rates.
In addition, the company has been known to change the terms of its loans without notice, making it difficult for borrowers to stay current.
It is also important to note that this lender only works with a limited number of companies. Therefore, if you do not live in one of the states where they operate, you will not be able to participate.
Furthermore, there have been several complaints regarding Heights Finance’s customer service. Several customers have reported feeling rudely treated or ignored.
Generally, Heights Finance seems to be a company to avoid if you need a personal loan. Better customer service and more favorable terms are available elsewhere.
Heights Finance: What Is It?
Heights Finance provides bad credit borrowers with personal loans. The loan terms are very strict and the interest rate is high. The company also uses a bait-and-switch scheme, offering you a loan with a low-interest rate, then switching to a higher interest rate after you sign.
As a result, we do not recommend using this company because this is how they make their money. For those with bad credit, there are better options available. Choose a personal loan company that is honest and offers fair interest rates by doing your research.
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How Does This Company Work?
Customers are lured into the company with low-interest rates, but once they have been approved for the loan, the company switches them to higher rates. Many customers are unable to make their monthly payments under this scheme and often default on their loans as a result.
In addition, the company is known for using aggressive collection tactics, which can further harm a person’s financial situation. Do your research before signing anything if you are considering taking out a personal loan from Heights Finance.
Before applying for a loan with Heights Finance, be aware of the tactics they use to take advantage of their customers.
How To Qualify For A Heights Finance Personal Loan
To qualify for a personal loan, you must meet a few requirements. The most important requirement is to prove your income and residence. In addition, you will need to provide your social security number and a valid driver’s license or government-issued identification card. For most personal loans, acceptable collateral is required.
You should be able to qualify for a personal loan from Heights Finance if you have all of these items in the order.
Heights Finance Personal Loan: What Is The APR?
Several factors influence the answer to this question, including the amount of the loan, the length of the loan, and your personal credit history. APRs on Heights Finance personal loans are generally higher than those on other types of loans.
Height Finance offers APRs ranging from 15.99% to 35.99%, with the majority of its customers falling within the 20.99% – 28.99% range. It is important to note that they also offer personal loans for those with good credit history and higher incomes who may qualify for our lowest interest rate of 15.99%.
When considering a personal loan, it’s important to understand how APRs work and how they can affect your total cost. In addition to the annual percentage rate (APR), an additional fee or charge related to the loan is also included in the APR. An APR of 20% on a $1000 personal loan would result in $200 in interest after one year, for example.
Compare APRs rather than just interest rates when comparing personal loans from different lenders. By knowing the APR, you can get a better picture of the loan’s total cost.
If you are considering taking out a personal loan from Heights Finance, be sure to shop around and compare the APRs of other lenders before making your decision. The APRs on Heights Finance personal loans tend to be higher, but they may still be the best option for you based on your circumstances.
What Types Of Loans Does Heights Finance offer?
The Heights Finance Company offers installment loans, which are repaid in equal monthly installments. It is possible to use these loans for various purposes, including consolidating debt, making home improvements, or paying for unexpected expenses.
The following criteria must be met if you are considering an installment loan from Heights Finance:
- Income must be steady
- Your income must cover the loan payments
- A good credit history is required
Heights Finance may be able to provide an installment loan to you if you meet these criteria.
Minimum Credit Score For A Heights Finance Personal Loan
Heights Finance requires a credit score of 640 to approve a personal loan. If you have strong credit factors in other areas, they may approve your loan with a lower credit score.
Several websites, such as Credit Karma and Credit Sesame, allow you to check your credit score for free. Alternatively, you can order your credit report from AnnualCreditReport.com. Once you know your credit score, you can start shopping for a personal loan.
Before making a decision, make sure you understand the interest rate, fees, and repayment terms.
How Does This Company Affect Your Credit?
Consider how Heights Finance’s loan could affect your credit score if you are considering taking out a loan. Your credit score will be temporarily lowered by a few points if you take out a loan from Heights Finance.
You shouldn’t have to worry about your credit score suffering if you make your payments on time and in full if you take out a Heights Finance loan. Nevertheless, if you miss a payment or make a late payment, that could damage your credit score and remain on your credit report for up to seven years.
Consider your credit before making any decisions about Heights Finance loans if you’re thinking about taking out one.
How To Cancel Heights Finance
Heights Finance offers you the option to cancel your loan if you are not satisfied. Here are the steps you need to take:
- To cancel your loan, you should first contact customer service. Most likely, they will ask you for a reason. Explain your position in a concise but honest manner.
- The next step is to fill out a “Loan Cancellation Request” form that asks for your name, address, and loan amount.
- Before canceling your loan, make sure any outstanding balance is paid. After canceling, you will no longer be responsible for making payments, but interest will still accrue on the unpaid balance.
- Sign the form and return it to customer service. For your records, keep a copy of the form.
- The final step is to wait for your loan to be canceled by customer service. A few weeks may pass before the process is complete.
Feel free to contact customer service if you have any questions or problems during this process. If you encounter any difficulties, they should be able to walk you through the process and assist you.
Who Is Heights Finance Affiliated With?
Some smaller companies make up the Southern Company, which includes Heights Finance. Southern Finance of South Carolina, Quick Credit Corporation, and Covington Credit are some of these companies.
In contrast to Southern Company, Heights has a large number of complaints against it. In most cases, the complaints are related to Heights Finance’s high-interest rates and fees.
BBB Reviews
It appears that Heights Finance has a large number of complaints about its BBB rating. Over the last three years, 74 complaints have been resolved, and 21 within the last twelve months. The company has a lot of complaints about it. In addition to BBB complaints, there are complaints from other sources as well. Think twice before using their services if you are considering using them.
Here are some Height Finance BBB Reviews:
Crystal S 02/07/2022
Rae R 02/05/2022
Judy P 11/30/2021
Ben E 10/14/2021
Heights Finance: Is It Legit or a Scam?
Heights Finance may not be the best option for you if you are considering using it. Several complaints have been filed against the company, and some have even accused it of being a bait-and-switch scheme.
How does a bait-and-switch scam work? An example would be when a company uses deceptive methods to lure customers in, only to switch them to a different product or service that may not even interest them. Customers often end up with inferior products or services and pay more than they would have if they had chosen the original option.
It has been alleged that Heights Finance has committed this exact crime. It has been reported that customers have been promised one thing only to receive something entirely different than what was initially promised. Customers have sometimes been required to pay more than they originally agreed to.
Perhaps you should reconsider using Heights Finance. Some other options available do not suffer from the same complaints. Choosing a company with a good reputation is the best way to avoid being scammed.
