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
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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.
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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.
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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.
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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
How to Apply for a Tower Loan Loan?
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Visit the Website. Navigate to Tower Loan's official website. On homepage choose the loan that best fits your needs.
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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.
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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.
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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.
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Review and Submit Your Application. Double-check all the information you've entered for accuracy. Once satisfied, submit your application for review.
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Wait for Approval. After submitting your application, there will be a waiting period for approval. Tower Loan have a streamlined process for reviewing applications.
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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.
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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.
Other Personal Loans
Reasons for Loan Refusal
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.
How to Repay a Tower Loan Loan?
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.
Loans like Tower Loan
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
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
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
Important
How to Choose a Lender
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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.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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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.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full Tower Loan Account Review
- How to Apply for a Tower Loan Loan
- How to Repay a Tower Loan Loan
- Tower Loan Customer Reviews
- All Tower Loan Coupons and Promo for January 2025
- Tower Loan Loans of January 2025
