Heights Finance Review: Is This Lender A Scam Or Legit?

Heights Finance is a business that frequently appears in online debates about personal loans. While some claim it’s a scam, others are adamant about the reliability of the business and its offerings. S what is the truth? Is Heights Finance a legit company or a scam? This article will examine Heights Finance in more detail and research its customer reviews.

Heights Finance is a personal loan provider that offers loans up to $10,000. The company’s headquarters are in Greenville, South Carolina, and it has been operating since 1994. The interest rates on their personal loans range from 11.99% to 35.99%. Heights Finance offers both secured and unsecured loans.

What do customers think about Heights Finance, then? The company has been accredited by the Better Business Bureau (BBB) since 2015 and has an A+ rating. However, the average customer rating is 1 out of 5 stars.

Additionally, a short web search for reviews of Heights Finance turns up primarily bad reviews. Many reviewers claim that the business is a scam and that they were promised something they did not receive. Others claim that after receiving loan approval, they never got the funds.

So what’s the final word? Is Heights Finance legitimate or a scam? It appears like Heights Finance is an unreliable company based on the reviews and ratings.

Heights Finance Pros And Cons

Heights Finance offers more drawbacks than advantages when it comes to personal loans. Their hefty interest rates are one of the major negatives. Even if they have decent credit, several consumers have really complained about being charged exorbitant prices.

Another problem is that the organization has been accused of making sudden changes to the terms of its loans, which can make it challenging for borrowers to meet their payments.

The fact that not everyone can use this lender is another drawback. Therefore, you are out of luck if you don’t reside in one of the states where they are active.

The customer service provided by Heights Finance has also received several complaints. Numerous clients claim that they have experienced rudeness or felt neglected.

Ultimately, it appears like Heights Finance is a business that you should steer clear of if you’re seeking a personal loan. There are better solutions available with more favorable conditions and superior customer support.

What Is Heights Finance?

Heights Finance provides loans to borrowers with poor credit. The interest rates on these loans tend to be high and the loan terms are very strict. Some customers have reported that they promise you a loan with a low-interest rate and then, after you have signed the contract, convert you to one with a higher interest rate. This is known as a bait-and-switch technique.

How Does Heights Finance Work?

Low-interest rates are used to entice consumers, who are subsequently switched to higher rates once their loan has been accepted. Many clients who use this method struggle to make their monthly payments, which frequently leads to their defaulting on their loans.

Additionally, the business has a history of employing aggressive collection strategies, which might worsen a person’s financial circumstances. Be sure to do your homework and comprehend all of the terms and conditions if you’re thinking about getting a personal loan from Heights Finance.

How To Qualify For A Heights Finance Personal Loan

A few requirements must be met in order for you to be eligible for a personal loan. You’ll need to provide evidence of your income and residence. You must also have a valid driver’s license or another kind of government-issued identification and your social security number. Finally, the majority of personal loans demand adequate collateral.

If you have everything in order, Heights Finance should have no trouble approving you for a personal loan.

What Is The APR On A Heights Finance Personal Loan?

The loan amount, loan term, and your individual credit history are some of the variables that will determine the answer to this question. However, Heights Finance’s personal loans often carry higher APRs than other kinds of loans.

Their customers fall primarily in the 20.99% – 28.99% APR bracket, with the full APR range being from 15.99% to 35.99%. However, they provide personal loans with their lowest rate of 15.99% for borrowers with solid credit histories and higher earnings.

It’s important to comprehend how APRs operate and how they may affect the overall cost of your loan if you’re thinking about taking out a personal loan. The annual percentage rate (APR), which includes any additional fees or costs related to the loan, is the interest rate that is charged. For instance, if you take out a $1,000 personal loan with a 20% APR, after a year you would repay $200 in interest.

It’s crucial to evaluate APRs rather than just interest rates when comparing personal loans from various lenders. Your understanding of the overall cost of the loan will be improved by knowing the APR.

Before choosing Heights Finance as your lender for a personal loan, be sure to browse around and compare APRs from other lenders. Heights Finance personal loans often carry higher APRs, but depending on your unique situation, they can still be a good choice.

What Kind Of Loans Does Heights Finance Offer?

Installment loans, or loans that are payable in equal monthly installments, are offered by Heights Finance. These loans may be used for a number of things, including debt consolidation, home upgrades, and unforeseen needs.

If you’re thinking about getting an installment loan from Heights Finance, you must follow these eligibility criteria:

• You must have a reliable source of income.
• Your salary must be high enough to pay back the loan.
• You need a solid credit history.

You could be qualified for an installment loan from Heights Finance if you match these requirements.

What Is The Minimum Credit Score For A Heights Finance Personal Loan?

Heights Finance personal loans require a minimum credit score of 640. However, if your credit score is lower than that, they may still be able to approve you if you’re strong in other areas.

You may check your credit score for free on websites like Credit Karma or Credit Sesame if you’re unsure of what it is. Alternatively, you may go to AnnualCreditReport.com and get a copy of your credit report. You may look for personal loans after you are aware of your credit score.

Before making a choice, be careful to consider the interest rate, fees, and payback conditions.

How Does Heights Finance Affect Your Credit?

It’s essential to understand how Heights Finance loans could impact your credit score if you’re thinking about applying for one. A hard credit inquiry on your credit report will occur when you apply for a loan from Heights Finance, momentarily lowering your score by a few points.

But there’s no reason why getting a loan from Heights Finance should have a long-lasting effect on your credit score if you pay your bills on time and in full. However, missing or paying late might lower your credit score and stay on your credit record for up to seven years.

Therefore, before making any decisions, think about how taking out a loan from Heights Finance can influence your credit.

How To Cancel Heights Finance

You have the right to cancel your Heights Finance personal loan if you’re not satisfied with it. What you must do is as follows:

• Tell customer care that you intend to terminate your loan in the beginning. They’ll probably ask you for an explanation of why. In your justification, be sincere yet concise.
• They will next instruct you to complete a “Loan Cancellation Request” form. Basic details like your name, address, and loan amount are requested on this form.
• Prior to canceling, make sure to pay off any remaining loan debt. You won’t be held liable for payments after you cancel, but any outstanding balance will still accumulate interest.
• Complete the form, sign it, and return it to customer support. A copy of the form should be kept for your records.
• Wait until customer care confirms that your loan has been canceled before proceeding. This procedure might take many weeks.

Contact customer care for assistance if you have any queries or issues during this procedure. They need to be able to guide you through the process and assist with any problems.

Who Is Heights Finance Affiliated With?

A collection of smaller businesses make up the Southern Company, which Heights Finance is a member of. These businesses include Southern Finance of South Carolina, Quick Credit Corporation, and Covington Credit.

In contrast to Heights Finance, which has a large number of complaints, the Southern Company has a positive reputation. Most of these criticisms are directed at Heights Finance’s exorbitant fees and interest rates.

Heights Finance BBB Reviews

They have several complaints, according to BBB reviews. In fact, they have closed 74 complaints over the past three years and 21 over the past year. You might want to give it some second thought if you are considering employing their services.

Here are some Height Finance BBB reviews:

Crystal S 02/07/2022

When I opened this loan account I was told that there would be insurance attached if I ever lost my job or became disabled. I did in fact lose my job and contacted the company. I was told to come in and fill out paperwork and my loan payments would be taken care of until I returned to work. After a whole month since the time, I notified the company of unemployment and was waiting for help on this I was told that I now owe two payments because I wasn’t out of work long enough.

They even tried to tell me that my payment would be considered only once and I could not be late again without paying in full and I had a late payment. What a way to put your customer in a bind. I would NOT suggest ever doing business with this company!

Rae R 02/05/2022

Whew! I’m so glad I read these reviews, I think I just dodged a bullet Lol! It’s so sad that these things have happened to SO MANY PEOPLE! I was 2 seconds away from submitting my information and something said READ THE REVIEWS and holey smokes is this a shady/malicious company? I would NEVER apply here, this company needs to be out of business.

Judy P 11/30/2021

Heights Finance in Eau Claire Wis is the ABSOLUTE WORST! Nothing but double talk, workers or a lack of REFUSE to answer their emails, NEVER call back when they say they will, constantly blaming it on just 1 person working, told us there were no funds available for a rewrite of a loan that they said they would do over a MONTH ago! Very bad attitudes! Blames computer system for everything. REFUSED to give a receipt for cash payment! ABSOLUTELY DISGUSTED!!

Ben E 10/14/2021

Fraudsters sending “preapproved” unsolicited checks in the mail with 100%+ interest. Shady business practices. Never contact me again.

Is Heights Finance Legit Or A Scam? 

You might want to think again before utilizing Heights Finance. Numerous complaints have been made about the company, and some have even called it a bait-and-switch scam.

An example of a bait-and-switch scheme might be when a business entices clients using dishonest tactics just to transfer them to a different product or service that they might not even desire. The client frequently receives a subpar product or service and frequently spends more than they would have if they had just chosen the first choice.

This very thing has been charged against Heights Finance. Customers have complained that they were provided something completely different after being promised one thing. In certain circumstances, the buyer was forced to spend more than they had anticipated.

You might want to rethink utilizing Heights Finance if you’re thinking about it. There are several alternatives available that don’t face the same criticisms. It’s important to play it safe and choose a business with a strong reputation if you don’t want to get cheated.

Do you have any prior working knowledge of heightsfinance.com? Tell us in the comments section below.

Thank you for reading!