Applying for a Tower Loan loan is straightforward and can be done online or in person at a branch. Applicants must be at least 18 years old (19 in Alabama), reside in one of the serviced states (Alabama, Illinois, Louisiana, Mississippi, Missouri, Texas), have a regular source of income, a valid email address, and a savings or checking account. The process involves filling out personal and financial information to see estimated rates, with loan amounts up to $6,000 available online and up to $20,000 available with an in-branch visit.
How to Apply for a Tower Loan Loan
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Visit The Website. Go to the Tower Loan website.
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Click Apply Now. Click on the "Apply Now" button.
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Enter Personal Information. Enter your name, phone number, zip code, state, and email address in the provided fields.
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See Estimated Rates. Click on the "See Estimated Rates" button to view your potential loan rates.
Conditions
Loan Amounts. You can apply for loans up to $6,000 through Tower Loan's online platform. This option is convenient and quick for smaller loan amounts. For larger loan amounts, you can visit a Tower Loan branch. Here, you can apply for loans up to $20,000. This in-person visit may provide a more personalized service and a better understanding of your needs.
Annual Percentage Rate (APR). Tower Loan offers a fixed APR of 32.99%. The APR represents the annual cost of borrowing, including interest and any fees. This rate is relatively high compared to typical personal loans, reflecting the risk the lender takes on and the convenience provided.
Term Length. The loan terms range from 12 to 36 months. This means you can choose to repay your loan over a period of one to three years. Shorter terms may result in higher monthly payments but less interest paid over time, while longer terms lower the monthly payments but increase the total interest paid.
Requirements
Age Requirement. Applicants must be at least 18 years old. In the state of Alabama, the minimum age requirement is 19.
Residency. Applicants must reside in one of the areas serviced by Tower Loan. These areas include Alabama, Illinois, Louisiana, Mississippi, Missouri, and Texas.
Income. Applicants must be employed or have a regular source of income. This ensures that borrowers have the means to repay the loan.
Contact Information. Applicants must have a valid email address. This is necessary for communication and managing the account.
Bank Account. Applicants must have a savings or checking account. This is required for the disbursement of loan funds and for making loan payments.
Reasons for Rejection
Insufficient Income. If your annual income is below the required minimum, your application may be rejected due to an inability to meet the repayment obligations.
Lack Of Required Documentation. Failure to provide necessary documents, such as a copy of your paycheck stub, can result in your application being denied.
No Bank Account Or Credit Card. Not having a bank account or credit card as an alternative payment method can lead to rejection since it is a mandatory requirement.
Employment Verification Issues. Inaccurate or unverifiable employment information, such as discrepancies in your employer's details or job title, can cause your application to be rejected.
Age Restriction. Applicants under the age of 18 are not eligible for the program, and any application from individuals below this age will be automatically rejected.
