Tower loan bad credit: Tower Loan is one of the few companies that can offer online loans to consumers. Sometimes, life events or unfortunate circumstances can lead to poor credit. Tower Loan will help you to get on the right track by helping you understand why. It takes just 10 minutes to apply online for one of their online loans.
Tower Loan received mostly positive reviews from customers. Trustpilot gave Tower Loan a rating of 4.75.
There are fewer positive reviews on the Better Business Bureau website.
What should you know about Tower Loan?
- Fixed rates
- installment loans paid monthly
- More than 230 offices in more than 170 cities
What is a Tower Loan?
Tower Loan, a legitimate lender, has been in operation since 1984. There are some red flags. Although its website is secured, the terms of service and privacy policy don’t reveal what security measures it uses.
You can also opt-out of your data being shared by Tower Loan only by sending a notice to them. There is no way to contact Tower Loan via email or phone.
Tower Loan Application
Tower Loan prides itself on making the application process as simple as possible.
These are the three steps to applying online for a loan. You can start the online application right here to verify your email and get some personal, employment, and residence information. To verify your identity, answer 3-4 questions. An email will be sent to you letting you know if your application has been approved or denied. After speaking with a representative, a link will be sent to you that allows you to select your loan terms and enter your bank information for deposit. You’ll then sign your documents electronically through an email link. Voila!
However, before you begin your online application, they recommend that you review the requirements below. These are the mandatory requirements that all applicants must meet.
How to Qualify For a Tower Loan Bad Credit:
To be eligible for a loan from Tower Loan you must meet these criteria:
- 18 years of age (19 in Alabama) or older
- Live in Alabama, Mississippi, or Missouri.
- Have a job or source of income.
- Have a valid email address
- Have a checking or savings account
Tower Loan Rates and Fees Terms
Tower Loan does not list interest rates on its website. When I called to get more information, the representative said that APR is dependent on how much you borrow, how long you loan it for, and what collateral you provide. They did mention that the APR could exceed 36%. Maintenance fees are also available, but the representative was unable to provide details.
If you have collateral, you can borrow between $1,000 and $20,000 The loan term can last from 12 to 36 months or more. Interest is prorated according to when your loan is paid off. You can avoid expensive interest charges by repaying your loan early.
Why choose Tower Loans?
Tower Loan has been serving customers since 1936. All loans come with equal installments so you can fit your budget and avoid getting into revolving debt. Tower Loan is a local lender, unlike most online lenders. This is a great option if you need help with a problem or would like to talk to someone in person. Tower Loan has more than 230 locations in 6 states that can serve you locally. They pride themselves on providing the best customer service possible to their customers. They will listen to you to ensure that they remove all the stress and worry from getting credit. Tower Loan will continue to provide customer service as they did the day they met. Tower Loan is a financial institution that specializes in meeting all your financial needs.
For what purpose can this loan be used?
The simple answer is Anything! Most people take out loans to pay for unexpected expenses, such as home or car repairs or unforeseen bills. They also borrow money when they need extra cash for an event, like a vacation, a project around the house, or a downpayment on a vehicle. A personal loan can be used to consolidate debt and create lower monthly payments.
Conclusion:
Tower Loan is a prominent player in the financial sector, but it may not provide the flexibility you require. Its record with the Better Business Bureau is not good.
Frequently Asked Questions about Tower Loan
Is Tower Loan legit?
Tower Loan, a legitimate lender, has been in operation since 1984. There are some red flags. Although its website is secured, the terms of service and privacy policy don’t reveal what security measures it uses.
How long does it usually take for a Tower loan to be deposited?
Once the local branch has completed the verification process, your loan proceeds will be deposited in your bank within 72 hours. This excludes federal holidays.
What happens to my Tower Loan if I don’t pay it?
They can take possession of the property if you fail to pay the loan. Although they have the legal right to repossess, sometimes it is not worth their time. It will all depend on the value of the property that you list.
What amount can you borrow from Tower Loan?
If you have collateral, you can borrow between $1,000 and $20,000. The loan term can last from 12 to 36 months or more. Interest is prorated according to when your loan is paid off.
