Tower Loan Review: Is It Worth It? Find Out Here!

With over 230 locations across the country, Tower Loan has been helping customers with their finances since 1936. Their equal installment loans ensure that you never get caught in revolving debt. Their website advertises their services at towerloan.com.

An overview Of Tower Loans

Taking out a personal loan can be a big decision. There are many lenders available, which makes it important to research the best one. Tower Loan has recently received widespread attention. But is it the right lender for you? Let’s take a closer look at this Tower Loan Review and see what they have to offer so you can decide for yourself.

Here are a few things we noticed about their terms and conditions and their website.

• You can borrow up to $20,000.
• It is possible to obtain a loan for a period of 12 to 36 months.
• It is not possible to find interest rates on the website of Tower Loan.
• Depending on the type of loan, the amount, and the repayment schedule, the interest rate and the annual percentage rate will vary.
• Collateral must be provided as security for loans.

Residents of Alabama, Illinois, Louisiana, Mississippi, Missouri, and Texas are eligible to apply for a loan through Tower Loan’s online service.

Exactly what is Tower Loan?

People in six different states can obtain loans from Tower Loan. They offer personal loans, installment loans, and online loans. Tower Loan accepts co-borrowers and works with people with poor credit. The company has multiple locations and is headquartered in Flowood, Mississippi. If you have any questions, you will need to contact the company by mail. There is no email address or telephone number listed on their website.

According to customer reviews, Tower Loan has an average customer rating of 1 star out of 5 with 69 total reviews and 153 closed complaints in the last 3 years.

What is the Tower Loan process?

There are several factors that will determine the interest rate and annual percentage rate of your loan. In order to select a repayment plan that best suits your needs, your specialist will discuss these factors with you after you have been approved for a loan. Here is what to expect:

To apply for a loan, you may either fill out an online application or visit one of their local branches. You will be asked for some personal, financial, and employment information in order to be approved.

As a second step, you need to verify your identity before submitting your loan application. This can be accomplished by answering a few identity questions or by visiting the nearest branch to speak with a loan specialist. In addition to verifying your identity, income, and collateral (if applicable), they will discuss your loan options with you.

Upon selecting your loan term and signing your loan documents, the funds will be deposited into the account you provided. For in-office loans, you will review and sign your documents there and then receive a check for the loan proceeds.

Qualifying Process

In order to apply for a loan, you must be able to provide proof of the following:

• At least 18 years old.
• Ensure that you have a regular income source.
• Currently residing in a state that is serviced.
• An open checking or savings account is required.
• You must provide a valid email address.

BBB Rating

Recent reviews of Tower Loan have been quite negative. With an average customer review rating of just one star out of 5 and 69 total reviews (153 closed complaints) in the last three years, it is not surprising that the company has earned itself a D- rating from the Better Business Bureau. To further complicate matters, they aren’t even accredited.

Listed below 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 get your employees hurt.

Ruby I 10/13/2022

This business misleads borrowers. It makes it difficult to pay off accounts; charge 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.

Frequently Asked Questions

How Much Does Tower Loan Cost?

As far as the loan rates and fees charged by Tower Loan are concerned, there is no information available on their website.

Is There Any Penalty For Prepayment?

There is no information on the website of this company regarding prepayment penalties.

What Is The Impact On Your Credit Score

You should always be aware of how the loan process affects your credit score, especially when you are considering applying for a loan shortly.

Generally, lenders conduct a soft credit check to determine what interest rates and loan terms you might qualify for. This does not affect your credit score.

Nevertheless, if you decide to proceed with the loan application, the lender will be required to perform a hard credit inquiry to obtain a full picture of your credit history and offer you a final interest rate.

How To Cancel The Service

Be sure that you are completely comfortable with your decision before taking out a personal loan. Once the funds have been dispersed into your account, you will not be able to reverse or cancel the transaction. By knowing your decision in advance, you will be able to avoid cancellations and changes later in the process.

There are times when money can be tight. Here are a few helpful 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 financial decisions.
• The other option is to speak with a financial advisor who can help you understand your options and develop a plan that is appropriate for your situation.
• The last tip is to not be afraid to reach out to the customer service team of the company if you owe money for assistance. Many companies are willing to work with their customers to create a more manageable payment plan. So reach out to their customer service team for more information.

Is It Legit?

Tower Loan is a private company that provides loans. Many customers have expressed concerns about the company online. These concerns include harassment by phone and difficulty contacting the company’s employees. The Better Business Bureau (BBB) has also noted a pattern of complaints regarding customer service issues against the company.

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

Taking out a loan may require you to consider several factors, including what you need the money for and whether you can meet the monthly payments. To find the best loan option, it is important to compare rates from several lenders and read customer reviews. Taking out a loan that you cannot afford could result in further financial difficulties in the future.

Have you used Towerloan.com? Tell us about it!

Thanks for reading!