Heights Finance Review: Is It A Scam Or Legit? An Honest Review - National Credit Foundation (2024)

Heights Finance is a personal loan company that has been in business since 1994. The company offers loans of up to $10,000 and has an A+ rating with the Better Business Bureau. Their customer rating is 1 out of 5 stars. In this blog post, we’ll take a closer look at Heights Finance and see what consumers have to say.

Heights Finance Summary

If you’re in debt and in the market for a debt consolidation loan, you may have come across Heights Finance online. Or you may also have received a mail offer that said something like this:

Congratulations, you are pre-approved for an installment loan from Heights Finance up to $5,250!

This may seem like a good opportunity to get some quick cash, but is it as good as it seems? We decided to do some research to find out.

Here are some of the details that caught our attention:

• Heights Finance offers personal installment loans up to $10,000 through their companies Southern Finance, Covington Credit, Quick Credit, and Heights Finance.
• Loans are available only in 11 states.
• Their APRs range from 15.99% to 35.99%.
• Loan approval is subject to eligibility and is determined by different factors such as credit history and score, employment status, income, etc.

What is Heights Finance?

Heights Finance Corporation is a financial services company that offers personal installment loans through its four brand names: Heights Finance, Covington Credit, Quick Credit, and Southern Finance. Their loans are available in 11 states and can be accessed by phone, online, or by visiting one of their branches.

They have been in business for over 30 years, and their headquarters are located at 101 N Main St #600, Greenville, SC 29601. You can reach them by phone at (864) 233-9033.

Heights Finance is accredited by the Better Business Bureau where they hold an A+ rating. However, their customer reviews average 1 out of 5 stars. They have closed 75 complaints in the last three years, and 30 in the last twelve months.

How does Heights Finance work?

Heights Finance offers its services to residents of Alabama, Georgia, Illinois, Indiana, Kentucky, Missouri, Oklahoma, South Carolina, Tennessee, Texas, and Wisconsin.

If you qualify to receive a personal loan from them, you can apply online through their website, by phone, or by visiting one of their local branches. All loan decisions are made at the local branch.

They also offer refinancing options and credit insurance.

How to qualify for a Heights Finance personal loan?

There are a few qualifications you’ll need to meet in order to take out a personal loan from Heights Finance. Most importantly, you’ll need to show proof of income and residency. You’ll also be required to provide your social security number and have a valid driver’s license or government-issued ID. Lastly, acceptable collateral is typically needed for most personal loans.

As long as you have all of these things in order, you should have no problem qualifying for a loan from them.

Heights Finance BBB Reviews

When it comes to financing, it’s important to do your research. With so many options available, it can be difficult to know which company to trust.

Heights Finance boasts an A+ rating from the Better Business Bureau, but a closer look reveals that they have had 74 complaints closed in the last three years and 21 in the last twelve months.

Read some Heights 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/Malice 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.

Heights Finance FAQs

What is the APR on a Heights Finance personal loan?

There are several things that will affect how much you pay in interest for a personal loan from Heights Finance, including how much you borrow and how long you need to repay it. However, in general, these loans tend to come with higher APRs than other types of credit.

Heights Finance offers APRs that range from 15.99% up to 35.99%, with most of their customers falling into the 20.99% to 28.99% APR range. But they do have personal loan options for people with good credit history and higher incomes who could qualify for their lowest rate of 15.99%.

Personal loans can be a great way to finance big purchases or consolidate debt. But it’s important to understand how Annual Percentage Rates (APRs) work before you sign on the dotted line.

The APR is the interest rate charged on an annual basis, and it includes any additional fees or charges associated with the loan. For example, let’s say you take out a personal loan for $1,000 with an APR of 20%. After one year, you would owe $200 in interest.

When comparing personal loans from different lenders, always compare APRs rather than just interest rates. The APR will give you a more accurate picture of the total cost of the loan.

So, what’s the moral of the story? Shop around and compare APRs from multiple lenders before taking out a personal loan.

What kind of loans does Heights Finance offer?

Heights Finance installment loans are a great way to consolidate debt, make home improvements, or pay for unexpected expenses. To be eligible for an installment loan from them, you’ll need to have a steady source of income and your income must be sufficient to cover the loan payments.

Plus, it’s helpful to have a good credit history. All things considered, meeting these criteria makes you a great candidate for one of their installment loans.

What is the minimum credit score for a Heights Finance personal loan?

It is important to know your credit score before applying for a personal loan. A good credit score is usually considered to be above 640, but there are some lenders who may still approve your loan with a lower credit score as long as you have strong credit factors in other areas. You can check your credit score for free on websites like Credit Karma or Credit Sesame. Or, you can order a copy of your credit report from AnnualCreditReport.com.

Once you know your credit score, you can start shopping for personal loans. Be sure to look at all of the terms and conditions before making a decision, including interest rates, fees, and repayment terms.

Who owns Heights Finance?

The question of whether or not a particular company is a good investment can be difficult to answer. The company in question may have changed hands several times over the years, and its current owner may be a private equity firm. However, we do know some things about the company.

It is based in Greenville, South Carolina, and operates under several different names, including FastPath Loans, Covington Credit, Southern Finance of South Carolina, and Quick Credit Corporation. All of these companies have received complaints. Additionally, we know the company offers short-term loans, also known as payday loans. They have been accused of employing predatory lending practices.

How does Heights Finance affect your credit?

Before taking out a loan from Heights Finance, it’s important to understand how it could affect your credit score. A hard pull on your credit report will lower your score by a few points, but as long as you make your payments on time and in full, there shouldn’t be any lasting impact.

However, missing or making late payments can damage your credit score and remain on your credit report for up to seven years. So before making any decisions, consider how taking out a loan from Heights Finance could affect your credit.

How to cancel Heights Finance?

Canceling your Heights Finance personal loan is easy. Just follow these simple steps:

First, contact customer service and tell them you want to cancel your loan. They will ask you for a reason why, so be honest but concise in your explanation.

Next, they will direct you to fill out a form called a “Loan Cancellation Request.” This form asks for basic information like your name, address, and loan amount.

Make sure to pay any outstanding balance on your loan before you cancel. Once you cancel, you are no longer responsible for making payments, but any unpaid balance will still accrue interest.

Once the form is complete, sign it and send it back to customer service. Make sure to keep a copy of the form for your records. Finally, wait for confirmation from customer service that your loan has been canceled.

Need help with this process? Customer service is there to assist you. They can provide guidance and support to resolve any issues you may have.

Who is Heights Finance affiliated with?

Heights Finance is a financial institution that is owned by the Southern Company. The Southern Company is a conglomerate that consists of several smaller companies, such as Covington Credit, Quick Credit Corporation, and Southern Finance of South Carolina. Although the Southern Company generally has a good reputation, there are many complaints against Heights Finance.

These complaints are typical regarding the high-interest rates and fees charged by the company.

Is Heights Finance Legit?

After doing extensive research, we concluded that heightsfinance.com is a legitimate company. They are BBB-accredited and have an A+ rating. However, their customer reviews and complaints online show people have had negative experiences with their service.

We highly suggest to research any company you are considering to take a personal loan from, as well as carefully reading the terms and conditions of the loan agreement you are accepting.

Have you had any experience with Heights FInance in the past? We would like to hear it in the comments below.

Thanks for reading!