Tower Loan Review: Is It Legit Or A Scam?

Tower Loan has been helping its customers with their finances since 1936. They have over 230 locations across the country, so you can always find a convenient place to get the money you need. With its equal installment loans, you’ll never have to worry about getting caught in revolving debt. The company advertises its services at towerloan.com.

Tower Loan Summary

Taking out a personal loan can be a big decision. With so many lenders to choose from, it’s important to research the right one. Tower Loan is a lender that has recently received a lot of attention. But is this the right choice for you? Here’s a closer look at what they have to offer so you can make an informed decision.

We did some digging and found some interesting things about their website and terms and conditions. Here are a few of the things that caught our attention.

• You can borrow anywhere from $1,000 to $20,000.
•  Loan terms last anywhere from 12 to 36 months or more.
• Tower Loan doesn’t list interest rates on its website.
• The interest rate and the APR will vary based on the type of loan, the amount, & the repayment schedule.
• Loans must be secured with collateral.

Tower Loan offers loans to residents of Alabama, Illinois, Louisiana, Mississippi, Missouri, and Texas. To be eligible for a loan through Tower Loan’s online service, you must reside in one of these states.

What is Tower Loan?

Tower Loan is a company that lends money to people in six different states. They offer personal loans, installment loans, and online loans. They work with people who have bad credit and accept co-borrowers. Tower Loan is a business with multiple locations, with its headquarters in Flowood, MS. If you have any questions you can only contact the company via mail. There is no email address or phone number listed for them on their site.

Tower Loan has an average customer review rating of 1 star out of 5, with 69 total reviews and 153 closed complaints in the last 3 years. As a result of all the negative feedback, the company has only a D- rating from the BBB, and it’s not accredited.

How does Tower Loan work?

The interest rates and annual percentage rates on your loan will be determined by a number of different factors. Once you have been approved for a loan, your specialist will go over these factors with you and help you choose a repayment plan that best suits your needs. Here is what to expect from the process:

First, in order to apply for a loan, you can either fill out an online application or visit one of their local branches. They will need some of your personal, financial, and employment information in order to make a decision on your loan application.

Second, It’s important to verify your information before completing your loan application. You can do this by answering a few identity questions, or by visiting the nearest office to speak with a loan specialist. They will verify your identity, income, and collateral (if applicable), and discuss your loan options with you.

Finally After you’ve chosen your loan term and signed your documents, the funds will be deposited into the account you provided. For in-office loans, you’ll review and sign your documents there and then be given a check with the loan proceeds. And that’s it!

How to qualify for Tower Loan?

To apply for a loan, you must be able to show proof of the following:

• You are 18 years old or older.
• You have a regular source of income.
• You are a resident of one of the serviced states.
• You have an open checking or savings account.
• You have a valid email address.

Tower Loan BBB Reviews

Tower Loan has been getting some pretty bad reviews lately. With an average customer review rating of just 1 star out of 5, and 69 total reviews (153 closed complaints) in the last 3 years, it’s no wonder the company has earned itself a D- rating from the BBB. And to top it all off, they’re not even accredited!

Here are some reviews:

Andrea H 10/14/2022

Ruby I 10/13/2022

Chantal J 10/08/2022

Tower Loan FAQs

How much does Tower Loan charge?

There is no information available online about the loan rates or fees charged by Tower Loan.

Are there any pre-payment penalties?

This company doesn’t have any information on Pre-Payment penalties on their website.

How does Tower Loans affect your credit?

It’s important to understand the loan process and how it can affect your credit score, especially when you’re considering applying for a loan.

Lenders will usually do a soft credit check upfront to give you an idea of what interest rates and loan terms you might qualify for. This doesn’t affect your credit score.

However, once you decide to go ahead with the loan application, the lender will need to do a hard credit inquiry to get a full view of your credit history and offer you final rates. These hard inquiries can lower your credit score.

How to cancel Tower Loans?

Before taking out a personal loan, be sure that you are completely comfortable with your decision. Once the funds have been dispersed into your account, you will not be able to reverse or cancel the transaction. By being certain of your decision beforehand, you can avoid any cancellations or changes down the line.

Money can be tight sometimes. Here are some helpful tips to get you back on track.

• First, 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.
• Another option is to speak with a financial advisor who can help you understand your options and develop a plan that works for your unique circumstances.
• And finally, don’t be afraid to ask for help from companies you owe money to. Many are willing to work with customers to create a more manageable payment plan. So reach out to their customer service team for more information.

Is Tower Loans legit or a scam?

Tower Loan is a private company that provides loans. However, many customers have expressed concerns about the company online. These include reports of harassing phone calls and difficulty getting in contact with employees. Additionally, the Better Business Bureau (BBB) has listed a pattern of complaints against the company regarding customer service issues.

In response to these complaints, the company has listed a contact address for customer service on their website.

There are a few things to consider before taking out a loan, such as what you need the money for and whether you can afford the monthly payments. It’s important to compare rates from different lenders and read customer reviews to find the best option. Keep in mind that taking out a loan you can’t afford could create more financial problems down the road.

Do you know Towerloan.com? Leave your experience and review below!

Thank you for reading!