Tower Loan was founded in 1936 and is a personal installment loan company. They have over 250 branches in 6 states including Louisiana, Mississippi, Missouri, Illinois, Texas and Alabama. Loans are repaid in monthly installments over several months or years. They focus on personal service and flexible repayment options to help you manage your finances and provide educational resources so you can make informed borrowing decisions.
Legal name
Tower Loan, LLC
Short name
Tower Loan, LLC
Legal address
P.O. Box 320001 Flowood, MS 39232
About Lender
Tower Loan was founded in 1936 and is a personal installment loan lender. With over 250 locations in 6 states – Louisiana, Mississippi, Missouri, Illinois, Texas and Alabama they offer loans based on creditworthiness and ability to repay.
Those with good credit and steady income will be approved and may get lower rates. Tower Loan prides itself on personalized service and flexible payment options to help you manage your finances. They also offer educational resources to help you become more financially literate so you can make informed decisions about borrowing money.
Key Features
Personal Installment Loans. Tower Loan offers personal installment loans which means you borrow a set amount of money and repay it over time in equal payments.
Branch Network. Tower Loan has over 250 locations in 6 southern states – Louisiana, Mississippi, Missouri, Illinois, Texas and Alabama – so it’s easy to get a loan and service.
Flexible Payment Options. Tower Loan offers flexible payment options to help you manage your finances. This includes making early payments or paying off the loan in full with no penalties.
Educational Resources. Tower Loan offers educational resources to help you become more financially literate so you can make informed decisions about borrowing money.
Pros and Cons
Pros
Quick Access to Cash. Tower Loan has many locations so it’s easy to get cash fast.
Flexible Payment Terms. Tower Loan offers flexible payment terms to help you manage your finances and pay your loan on time.
Personalized Service. Tower Loan takes the time to get to know each borrower’s individual situation and needs which can mean more personalized loan options.
Cons
Credit Check. Tower Loan checks your credit history before approving a loan which can be a drawback for those with bad credit.
Higher Rates. While Tower Loan’s rates are competitive they can still be higher than others.
Late Fees. Tower Loan charges late fees which can add up if you can’t make payments on time.
Reliability
Age. Tower Loan has been around for over 85 years so it has built a reputation with its customers.
Licensing and Regulations. Tower Loan is licensed and regulated by the state governments where it operates so it must follow state laws and regulations for lending.
Transparency. Tower Loan offers clear and transparent information about its loan products and terms so you can make informed decisions about borrowing money.
Customer Reviews. The company has 17,000+ reviews and 4.7 on Trustpilot
Visit the Website. Navigate to Tower Loan's official website. On homepage choose the loan that best fits your needs.
Apply Online. Look for an "Apply Online" option on the website. This process is designed to be simple, quick, and convenient. Tower Loan emphasizes that checking rates won't affect your credit score, which can be reassuring if you're cautious about credit inquiries.
Enter Your Information. You will likely need to fill out an application form with personal information, financial details, and the amount you wish to borrow. Be prepared with your employment information, income details, and personal identification.
Submit Necessary Documents. You may need to provide documentation as part of your application. This could include proof of income, identification, and possibly other financial documents.
Review and Submit Your Application. Double-check all the information you've entered for accuracy. Once satisfied, submit your application for review.
Wait for Approval. After submitting your application, there will be a waiting period for approval. Tower Loan have a streamlined process for reviewing applications.
Sign Agreement. If you submitted an application online, you have the option to sign the document electronically. For in-office applications, it is necessary to sign the documents by visiting the office in person.
Get Your Funds. The funds deposit is made to the bank account specified in the application.
Conditions and Requirements
Conditions
Loan Amounts. You can apply for up to $6,000 online with Tower Loan. For larger loan amounts you can visit a Tower Loan branch. Here you can apply for up to $20,000.
Annual Percentage Rate (APR). Tower Loan’s APR is 32.99%. APR is the annual cost of borrowing, including interest and fees.
Term Length. Loan terms are 12 to 36 months.
Requirements
Age. Applicants must be 18 years or older. In Alabama the minimum age is 19.
Residency. Applicants must live in one of the areas Tower Loan services. These areas are Alabama, Illinois, Louisiana, Mississippi, Missouri and Texas.
Income. Applicants must be employed or have a steady income. This means borrowers have the ability to repay the loan.
Contact Info. Applicants must have a valid email address. This is for communication and account management.
Bank Account. Applicants must have a savings or checking account. This is for loan disbursement and loan payments.
Ways to Receive the Money
Once the loan agreement is signed and all paperwork is submitted Tower Loan offers two ways to get the money. First, the money can be deposited directly into your bank account if you provided the correct account information in your application. Second, Tower Loan can give you a check. The number of business days to get the money will vary depending on loan amount, creditworthiness and other factors. Typically you can get the money within a few business days after you apply for the loan.
Products
Personal Loans. These are loans for any purpose, such as unexpected expenses, medical bills or home repairs.
Installment Loans. These are loans paid back over time in installments. Tower Loan offers installment loans from a few hundred to several thousand dollars.
Vacation Loans. These are loans to help you pay for a vacation.
Home Improvement Loans. These are loans to make improvements to your home. This could be a kitchen remodel, adding a room or other upgrades.
Tower Loan may deny a loan application for reasons such as insufficient credit history, low credit score, insufficient income, high debt to income ratio or lack of required documents. Above reasons for denial and ability to repay the loan based on many factors including financial stability, employment history and credit behavior. While Tower Loan says the application process is simple, quick and easy and that checking rates won’t affect your credit score, it’s important for potential borrowers to make sure they meet the lender’s requirements and have all the necessary documents ready to increase their chances of approval.
Paying a Tower Loan is easy and flexible. You can pay your bill online through Tower Loan’s website, by mailing your payment to the processing center or by visiting any of the locations in person. You can also enroll and set up electronic statements with your account for added convenience. Five days before your payment due date you will receive an email reminder. Keep in mind early payoff is an option but may have a fee. While a personal loan from Tower Loan may have a lower interest rate, early payoff could mean higher payments and impact your monthly cash flow.
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OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Tower Loan positions itself as a trusted and convenient lender, simple, quick and easy application process. With many types of loans including home improvement, vacation, medical bills and car repairs they can meet many personal financing needs. Not checking rates won’t affect your credit score is a consumer friendly approach that will appeal to borrowers who are careful with their credit history. But like any financial service, the true value of Tower Loan is in the details of their loan terms, interest rates, fees and repayment conditions which are important to consider for potential borrowers.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
To qualify for a Tower Loan, individuals typically need to meet certain criteria. This includes being at least 18 years old, providing proof of identity, residence, and a stable income. Tower Loan may perform a credit check as part of the application process, although checking rates usually won't affect your credit score. Specific eligibility requirements may vary based on the loan type and individual circumstances. It's advisable to review the detailed requirements on the Tower Loan website or contact their customer service for accurate and up-to-date information tailored to your financial situation.
How much can you borrow from Tower Loan?
The loan amounts that individuals can borrow from Tower Loan vary based on factors such as the type of loan, the borrower's creditworthiness, and specific financial circumstances. With a minimum loan amount of $1,000 and a maximum amount of $20,000, Tower Loan caters to a wide range of financial needs. To determine the specific loan amounts available for your situation, it's recommended to check with Tower Loan directly or initiate the online application process to receive personalized information based on your eligibility.
Does Tower Loan approve everyone?
Tower Loan does not guarantee approval for everyone. The approval of loan applications depends on various factors, including the individual's creditworthiness, financial situation, and the specific requirements of the loan type. While Tower Loan emphasizes a straightforward and quick online application process, each application undergoes a thorough review to determine eligibility. The company does, however, provide transparent credit checking, allowing applicants to check loan rates without impacting their credit score. To assess your specific eligibility and receive accurate information regarding loan approval, it's advisable to review the detailed requirements on the Tower Loan website or contact their customer service for personalized assistance.
Is Tower Loan a legitimate company?
Yes, Tower Loan is a legitimate company with a long history dating back to 1936. The company operates as a consumer finance provider, offering various loan products to meet the diverse financial needs of its customers. With a presence in multiple states and over 240 locations, Tower Loan has established itself as a significant player in the industry. The company's commitment to transparency, as seen in its credit checking practices and detailed information provided to borrowers, contributes to its legitimacy. However, as with any financial institution, individuals should exercise due diligence, carefully review terms and conditions, and ensure compliance with relevant regulations before engaging with Tower Loan or any other lending entity.
Is Tower Loan a good lender?
The assessment of whether Tower Loan is a good lender depends on individual needs, financial circumstances, and preferences. Tower Loan has a long history, dating back to 1936, and has positioned itself as a significant player in the consumer finance industry. The company offers a variety of loan products, and its commitment to transparency is evident in practices such as allowing applicants to check loan rates without affecting their credit score.
However, whether Tower Loan is a "good" lender for a specific individual depends on factors such as the borrower's creditworthiness, the terms of the loan, and their overall financial goals. Prospective borrowers should carefully review the terms and conditions, interest rates, and fees associated with Tower Loan's offerings. Additionally, considering customer reviews and experiences can provide insights into the company's reputation and customer satisfaction. It's advisable for individuals to assess their own needs and conduct thorough research to determine if Tower Loan aligns with their financial objectives and values.
