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Founded in 1936, Tower Loan has been providing financial services to its customers since then. With its equal installment loans, you will never have to worry about getting caught in revolving debt. The company has over 230 locations nationwide, so you can always find a convenient location to get the money you need. It advertises its services at towerloan.com.

Summary of Tower Loan

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The decision to take out a personal loan is a big one. Check out this Tower Loan Review so you can make an informed decision. Tower Loan has recently gained a lot of attention. Is it right for you? Here’s what they have to offer.

The following are some things we found interesting about their website and terms and conditions.

  • The amount you can borrow ranges from $1,000 to $20,000.
  • You can get a loan for 12 to 36 months.
  • Interest rates aren’t listed on Tower Loan’s website.
  • Rates and APRs vary based on the loan type, amount, and repayment schedule.
  • Collateral is required for loans.

To qualify for a loan through Tower Loan’s online service, you need to live in Alabama, Illinois, Louisiana, Mississippi, Missouri, or Texas.

Tower Loan: what is it?

People in six different states can obtain a loan from Tower Loan. Tower Loan offers personal loans, installment loans, and online loans to those with bad credit. It is a business with multiple locations, with its headquarters located in Flowood, MS. If you have any questions, you can only contact the company by mail. Their website does not include an email address or telephone number.

Based on 69 reviews and 153 closed complaints in the last three years, Tower Loan has received a D- rating from the Better Business Bureau and is not accredited.

In what way does Tower Loan work?

The interest rates and annual percentage rates on your loan will be determined by a number of different factors. Upon approval for the loan, your specialist will discuss these factors with you and help you select a repayment plan that meets your needs. Here is what to expect:

In order to apply for a loan, you can either fill out an online application or visit one of the local branches. They will need information about your personal and financial status, as well as your employment history.

In addition, it is imperative that you verify your information before completing the loan application. You can verify your identity by answering a few identity questions or by visiting your nearest branch to speak with a loan specialist. Your identity, income, collateral (if applicable), and loan options will be verified.

Lastly, once you have selected your loan term and signed your documents, the funds will be deposited into the account you provided. If you are taking out an in-office loan, you will sign your documents there and then receive a check for the loan proceeds.

What are the requirements for Tower Loans?

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In order to qualify for a loan, you must provide proof of the following:

  • You’re at least 18.
  • There’s a regular source of income for you.
  • You live in one of the serviced states.
  • You’ve got an open checking or savings account.
  • Your email address is valid.

Tower Loan BBB Rating

There have been a number of negative reviews recently for Tower Loan. This company has a D- rating from the Better Business Bureau due to its average customer review rating of just one star out of five and 69 total customer reviews (153 closed complaints) over the past three years. On top of that, they are not even accredited

The following are some reviews:

Andrea H 10/14/2022

They are very unprofessional harassing other people that don’t even have a loan with them. They just showed up at my door harassing me about someone they think I know. I don’t owe y’all a thing so why would you come to someone’s home just because you think I know the person that is so unprofessional and could possibly get your employees hurt.

Ruby I 10/13/2022

This business misleads borrowers. It makes it difficult to pray off accounts ;charges extra money if you pay online. Will not allow credit card payments. Do sorry I got involved with them.

Chantal J 10/08/2022

This is the worst possible place to do business with. These people, especially the management, have zero care, respect, professionalism, morals, and humanity. DO NOT use this business. By all means go somewhere else. Save yourself the headache.

Tower Loan FAQs

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Can you tell me how much Tower Loan charges?

It is not possible to find information about the loan rates or fees that Tower Loan charges on its website.

Is there a penalty for prepayment?

There is no information on the website of this company regarding the penalties associated with Pre-Payment.

Is Tower Loans going to affect your credit?

It is very important to be aware of the loan process and how it can affect your credit score, especially if you are contemplating applying for a loan in the near future.

Most lenders will do a soft credit check upfront to see what interest rates and loan terms you might qualify for.

If you decide to go ahead with the loan application, the lender will do a hard credit check to get a full picture of your credit history and offer you a rate.

How to cancel Tower Loans?

You must ensure that you are completely comfortable with the decision before taking out a personal loan. Once the funds have been dispersed into your account, you cannot reverse or cancel the transaction. In this manner, you may avoid any cancellations or changes down the road by being certain of your decision in advance.

There are times when money is tight. Here are some tips to help you get back on track.

  • Take a close look at your spending habits and create a budget that works for you. This will help you stay on track and make better spending decisions.
  • In addition, you may wish to consult with a financial advisor who can assist you in understanding your options and developing a plan that is suitable for your particular situation.
  • Finally, if you owe money to a company, don’t be afraid to reach out to their customer service department for assistance. Many companies are willing to work with customers to come up with a more manageable payment plan.

How legit is Tower Loan?

Tower Loan is a private company that provides loans. However, there have been a lot of complaints about the company online. They have complained about harassing phone calls and getting in touch with employees. Customer service complaints against the company have also been listed by the BBB.

The company’s website provides a contact address for customer service in response to these complaints.

Prior to taking out a loan, it is important to consider a number of factors, including what you need the money for and whether you are able to afford the monthly payments. A comparison of rates from different lenders and reviews from customers will help you determine which option is the best. Do not take out a loan that you cannot afford. This could lead to further financial difficulties in the future.

Have you used Towerloan.com? If so, please leave a review below.

Thanks for reading.

Tower Loans
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Tower Loan Review

As a private company that provides loans, Tower Loan has received a lot of complaints online. Customers have complained about harassing phone calls and getting in touch with employees. The Better Business Bureau has also listed customer service complaints against the company.

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