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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Tower Loan


About lender

Tower Loan is a private finance company with over 230 branch offices in Louisiana, Mississippi, Illinois, Missouri, and Alabama. It is recognized as one of the country's biggest and most progressive independent finance companies. The company offers unsecured and secured personal loans, depending on the client's qualifications. The company specializes in solving customers' financial problems by providing favorable interest rates and a reliable repayment system.

The company was established in 1936 in Jackson, Mississippi (corporate headquarters is now at Flowood, Mississippi) to offer quick loan solutions to customers in need. Other company branches are in Alabama, Illinois, Louisiana, Mississippi, Missouri, and Texas.

Pros and cons


  • Tower Loan covers health insurance, dental insurance, disability insurance, life insurance, supplemental life insurance, and vision insurance.

  • The company provides financial aid and retirement benefits, which cover the 401K and performance bonuses.

  • Tower Loan also has family medical leave, paid holidays, vacation, and paid time off benefits.


  • The company is not open about its costs and has a history of harassing phone calls.

  • The limited availability makes it a poor choice even if the customers are not in the service area.

  • If the customers do not have enough collateral, they may not be eligible for a large loan.

Tower loans are one of the few short-term lenders to accept fellow borrowers and help improve credit scores. However, its limited scope and lack of transparency are major drawbacks.

Terms and conditions

Tower Loan's products are installment loans, meaning that the loan's interest rate and repayment term remain constant. The company provides loans for any situation in which someone requires financial assistance. The interest rate and APR will differ depending on the type of loan, the amount, and the repayment schedule.

Any controversy arising from or relating to the company's website or use of it, including issues of privacy, shall be administered under the rules of the Federal Arbitration Act.

The Tower Loan clients agree to waive their rights to a jury trial in any dispute involving privacy by using the website. They agree that the use of the site will be governed by Mississippi law and that any disputes, including those involving privacy, will be resolved under Mississippi law. They also agree that jurisdiction, venue, and any arbitration will be held in Rankin County, Mississippi.

Tower Loan offers online loans, personal loans, installment loans, vacation loans, and home improvement loans.

Funding a loan

A variety of factors influence interest rates and APR. Once approved, the loan specialist will review the loan details with the customer and offer suitable term options. Fill out an application online, call, or visit one of the nearby branches. Some personal, financial, and employment information will be requested to provide an immediate decision on the loan application.

After submitting the online application, the customer's identity will be verified, or the customer will be required to visit the nearest branch to have a loan specialist verify their identity, income, and collateral (if applicable), as well as discuss loan options.

After selecting the term options, the documents will be electronically signed, and the funds will be deposited into the account you've provided within 72 business hours, excluding federal holidays. If you are in the office, the loan documents will be reviewed and signed there, and you will be given a check for the loan proceeds.


Who is the owner of Tower Loan?

The original Tower Group office on South State Street, Jackson, Mississippi, was purchased by Ed and Kate Clark. Under Clarks' ownership, Tower Loan Brokers have grown from a single office to 16 offices throughout Mississippi.

Does Tower Loan do car loans?

The company offers its customer's sales financing and automobile financing.

How many locations does Tower Loan have?

Tower Loan has over 230 offices conveniently located throughout Louisiana, Mississippi, Missouri, Illinois, Texas, and Alabama.

Company documents

Privacy Policy
Terms & Conditions

Tower has weathered the storm of high interest rates, recessions, government regulations and difficult litigation environments. In spite of these obstacles, Tower Loan has continued to prosper, advance and become one of the nation’s leaders among independent finance companies.

© Tower Loan

What to focus on before applying for a loan with Tower Loan

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Tower Loan and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Tower Loan’s reviews by October 2022
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