Pros: pay, knowledge on loan industries, experience to those who see a career in this, meeting and knowing customers
Cons: hardcore collection, chasing people, stressful, high turnover, work hours
If you have a degree don't waste your time here and find a job in your degree asap. Come here as a last resort. The more time you waste here the more inexperienced in your degree you become. Job requires minimum of High School diploma..that should be your first clue.
- As a trainee, you HAVE to relocate wherever they tell you to. You WILL NOT have a vacation during your trainee period until you become a Manager. Only CSRs and Managers can have vacations.
- Most Tower Loan offices aren't in the greatest of cities. Some in really worn out towns some in big towns (usually the best/experienced managers are at the best areas/big offices due to large customers to handle. So they need someone experienced.). So if you're a trainee prepare to be promoted to any raggedy looking place.
- Expect making daily phone calls. No exceptions.
- You have to solicit people everyday to see if they need money. Depending on how big or small your branch is you can find yourself calling same people every single week to the point that they get irritated.
- You have to call people to collect their money. After a late charge is incurred expect to call them at their work place and all their references as well.
- When someone is behind 2-3 months you're expected to solicit them to renew their loan. Renewing their loan makes them basically start over and they won't have to pay for another month. This is complete trickery because when you renew their loan when their balance is down to $2K it becomes $4K after renewing so basically you're putting the customer in more debt. My self conscious could not handle – more... this and wished the customers were smart enough to know what they were putting themselves through by renewing.
- If you're a trainee/manager expect to chase people at their houses to get your payment. I haven't been in any danger doing this but that doesn't mean you wont. Trainees are expect to chase after 6-7 months of training. Managers basically they have to chase.
- You have to sell insurances when you're closing the loans. You'll be emailed if your insurance sales are not well. You'll catch yourself basically sneaking the insurance into the customers by saying "this loan includes optional insurance" really fast without explaining what all insurance products are included...as long as you say optional according to the company you've sold the insurance. I've seen many customers unaware they had any insurance and some cancel them later on.
In short, working here I went from positive to negative. Company requires honesty but I felt like a liar working here by sneaking in insurances and renewing people's loan. If you don't sneak them in by explaining each insurance customers won't want them or maybe they might want 1 out of 5 insurances your selling but your numbers become low and you have to explain yourself. The job is so stressful you have weekly goals to meet otherwise you work late nights and/or weekends. Pray you don't get promoted to a bad office cause you'll have to fix that office from bottom to top. If you're in a bad office you automatically on late nights thanks to the previous Manager. I've known many managers get fired or demoted back to being a trainee after not succeeding lifting up an office. I went through this and thankfully I was able to lift the office up but eventually got tired and I saw no future working here so I left.
I hope this review is helpful. It'll be summarized with pros and cons below. – less