By: Lorrie Ward | Category: Other | Issue: June 2012
Raquel Williams and Stacey Sipps of Tower Loans in Claremore.
We often believe that when we finish our schooling, the days of being graded on our progress are over. But in today’s financial realm, we never stop being graded – the credit report is the new “report card.” With the grim economic downturn of recent years, many people who formerly had an excellent credit “GPA” may now find their scores have plummeted. Still others may never have had a chance to establish credit in the first place and, with stricter credit requirements now in place, they may be finding it hard to move toward their financial goals.
Raquel Williams, manager at Tower Loans’ most recently opened branch (April, 2012), understands that life is not perfect and wants to stress that Tower Loans will try its best to help people either build or rebuild their credit. “No credit, past credit problems, and bankruptcy are just a few of the issues some people have with credit,” she says. “Some have had problems in the past and should not be cast aside and never be allowed to rebuild their credit score.”
Tower Loans offers signature loans from $301 to $800. This may not seem like a lot of money, but credit scores are built in part by payment history. By taking a small loan with Tower Loans and making regular, on-time payments, a person can start to build his or her credit score. And these loans can often provide solutions for short-term problems. For instance, Tower Loan District Supervisor Jason Bulington relates an instance in which a young lady who had not yet built a credit history needed a loan to travel to a family funeral. “We were able to help her with a loan so she could be there,” he says. “These situations are especially rewarding because it feels great to be able to help someone in their time of need.” In the long term, this same person could also bolster her credit with consistent payments on the loan, which would ultimately be positively reported to the credit bureaus.
When asked what advice she would give to those who are having credit issues, Raquel answers, “My number-one advice is to communicate with your creditors. Sometimes they may have ideas to help you out that you haven’t thought of.” She says one of the worst mistakes people make is to ignore credit calls, just believing the issue will go away. In collateral cases, such as car loans, this can result in more than merely a black mark on your credit. The collateral item can be repossessed, and in the case of a vehicle loan, this can make the difference between getting to work or not.
Tower Loans only deals in signature loans, which require no collateral, but this type of loan is an excellent way for a person to prove themselves in the credit realm, whether they are starting out or starting over. According to Raquel, the amount of time it takes to build or rebuild credit is different for each individual, but Tower Loans can help you take that first step. “We believe in giving people a chance,” she says.