Tower Loan Reviews
Hannibal, MO
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About Tower Loan
This profile has not been claimed by the company. See reviews below to learn more or submit your own review.
Tower Loan is a personal installment lender operating across eight states. It offers loans up to $20,000 for common uses like debt consolidation, covering emergency expenses or large purchases. Borrowers can apply online or at one of Tower Loan’s in-person locations across Alabama, Florida, Illinois, Louisiana, Mississippi, Missouri, Tennessee and Texas.
- In-person support across more than 260 locations
- Flexible loan terms between 12 and 36 months
- Online applications available for some loans
- Loans often approved same-day
- No prepayment penalties
- Only operates in eight states
- Must apply for larger loans in person
- Doesn’t publish APR range or fee schedule
Featured Reviews
What is Tower Loan?
Tower Loan is a personal loan provider operating in Alabama, Florida, Illinois, Louisiana, Mississippi, Missouri, Tennessee and Texas. With more than 260 branches across eight states, Tower Loan offers in-person customer service for borrowers looking for personal installment loans.
Borrowers use personal loans for a wide variety of reasons. Common uses include consolidating debt, covering unexpected expenses or financing large purchases, like a wedding or home repairs.
Tower Loan loan types
Tower Loan specializes in personal installment loans. It offers loan amounts up to $20,000 and term lengths between 12 and 36 months. Borrowers repay the loan over a set period with agreed-upon interest rates and a fixed repayment schedule.
The company provides both secured and unsecured loans. Secured loans require you to use assets, such as a car, as collateral in the case of nonpayment. You must go to a Tower Loan branch location to get a secured loan.
Tower Loan cost and fees
Tower Loan doesn’t publish a standard fee schedule online. Fees vary depending on your location and loan agreement. That said, most companies charge origination fees (fees to take out the loan), late payment fees and interest.
Tower Loan loan terms
Loan terms will vary depending on your state and loan agreement. Borrowers at Tower Loan can typically expect the following:
| Loan amounts | Up to $6,000 online and $20,000 in person |
|---|---|
| Term lengths | 12 to 36 months |
| APR range | Not disclosed |
| Origination fee | Varies by state and loan terms |
| Prepayment fee | None |
| Minimum credit score | Not disclosed |
Tower Loan rates
Tower Loan doesn’t publish its annual percentage rates (APRs). Rates will vary depending on your:
- State of residence
- Loan amount and terms
- Credit history
- Income
- Debt
- Loan type (secured versus unsecured)
Tower Loan application process
You can often complete the loan application process for Tower Loan within a few minutes and receive funds within a few days. Here’s how to get started:
- Check if you prequalify. Prequalification is optional and lets you see if you’re likely to qualify before submitting a formal application.
- Submit an application online or in person. You’ll need to provide basic personal and income information and undergo a hard credit check. Tower Loan often approves applications within minutes, though timing can vary.
- Review and accept loan terms. Once approved, you’ll be able to see what loan amount and terms you qualify for.
- Sign documents and receive loan funds. Finally, you’ll sign the loan agreement and receive your funds via direct deposit or check. Funds are usually available within three business days.
FAQ
How long does it take for Tower Loan to approve a loan?
Tower Loan usually approves loans within a day and can often approve applications within a few minutes.
Does Tower Loan do a hard credit pull?
Yes, when you apply for a loan, Tower Loan conducts a hard credit check. However, you can get prequalified before submitting a formal application. This process allows you to see if you qualify for a loan without impacting your credit score.
Can you pay off a loan through Tower Loan early?
Yes, Tower Loan doesn’t charge prepayment penalties if you pay off your installment loan early. This can lower the amount of interest you owe on the loan.
Does Tower Loan verify income?
Yes, applicants must provide proof of income to be approved for a loan through Tower Loan.
What can I use a Tower Loan personal loan for?
Tower Loan’s personal loans can be used for a variety of reasons, including debt consolidation, emergency expenses and large purchases.
Is Tower Loan legit?
Yes, Tower Loan is a legitimate personal loan provider. The company has been in business since 1936 and operates across eight states with over 260 physical locations. Borrowers in these states can go online or apply for a loan in person to see if they qualify.
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Tower Loan Company Information
- Company Name:
- Tower Loan
- Website:
- www.towerloan.com






