Founded in 1936, Tower Loans is a longstanding member of the finance industry. The company specializes in personal consumer loans and serves more than 200,000 clients in the following five states: Alabama, Mississippi, Missouri, Illinois, and Louisiana.
Tower Loan boasts generally favorable reviews among its previous customers, with a 4.7 rating on Trustpilot at the time of writing.
However, reviews on the Better Business Bureau website are less positive.
What you should know about Tower Loan:
Loan Amounts | $500-$20,000 |
Term Length | Not Disclosed |
Loan Rates | Undisclosed on the website; reportedly as high as 42% |
Min. Credit Score | Not Disclosed |
Better Business Bureau Rating | Unaccredited (1.5 stars in consumer ratings) |
Time to Receive Funding | Not Disclosed |
When deciding on a lender that best fits your personal needs and budget, you may want to consider a few more details about Tower Loan.
It’s possible to apply in person by visiting the nearest office of Tower Loan, but the company is set up to handle applications entirely online as well.
However, it’s unclear whether the online application process features a soft credit pull or if it’ll hurt your credit score.
The online process is fairly standard and requires:
Proof of employment is required to get a loan from Tower Loan. The company bases its decisions on a wider picture of your finances and doesn’t disclose its boundaries for an acceptable debt-to-income ratio.
Tower Loan specializes in personal lines of credit, which can be either secured or unsecured depending on your financial details. The loans are paid off at a fixed interest rate over a set period of time.
Tower Loan’s personal loans can be used to pay off your medical bills and other health expenses such as surgeries, hospital stays, and medication payments, as its loans aren’t restricted in their usage.
Unfortunately, Tower Loan doesn’t currently provide information about any hardship programs to assist with loan repayment.
You may need to look elsewhere if you anticipate difficulty paying back your loan.
Tower Loan doesn’t penalize you for paying back your loan ahead of time, and its online portal allows for lump-sum payments at any time.
Tower Loan offers both secured and unsecured personal loans, depending on each client’s financial situation.
The specifics of Tower Loan’s fee structure aren’t disclosed on its website.
However, there’s no prepayment fee if you pay the loan off early.
In order to qualify for a loan from Tower Loan, you must meet the following criteria:
Tower Loan is no doubt a significant player in the finance industry, but it may not offer the total flexibility you need. Plus, its record with the Better Business Bureau is less than stellar.
For alternatives, consider Upstart with its hardship programs to suspend repayment.
Or, you might try Onemain Financial for a similar range of loan values and history in the industry.
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