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  Tower Loan Personal Loans
Tower Loan Personal Loans
in Personal Loans from Tower Loan
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Tower Loan Personal Loans

Unaffiliated
in Personal Loans from Tower Loan
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Highlights
APR  (Factor Based) 32.99%
(Verified 08/04/2023)
Loan Amount Up to $20,000
Loan Term (Months) 12 - 36 months

Tower Loan Personal Loans Review

Tower Loan Personal Loans is offered by Tower Loan, a nonbank financial services provider founded in 1936 and based in Flowood, MS. Tower Loan are available in 50 states (and Washington, DC).

Key Takeaways

  • Charges a prepayment fee. This is rare for personal loans. It means you will have to pay a fee if you pay off your Tower Loan Personal Loans early.

Tower Loan Pros & Cons

Pros Cons
  • APRs as high as 32.99%.
  • Charges an origination fee.
  • Does not offer pre-approval with soft credit pull.
  • Charges prepayment fees.
  • Charges a late fee

Tower Loan FAQ

What interest rates and personal loan terms does Tower Loan offer?

Tower Loan has higher than average interest rates for lenders reviewed on SuperMoney.

What interest rates does Tower Loan offer?

Tower Loan offers a personal loan product of 32.99%.

What is the maximum loan term you can get with Tower Loan?

Tower Loan offers loans with terms of up to 36 months.

Tower Loan Interest Rates & Loan Terms
Personal Loan Amount up to $20000
Loan Term 12 - 36 months
APR 32.99%

What fees does Tower Loan charge?

Does Tower Loan charge an origination fee?

Tower Loan may charge a personal loan origination fee.

Does Tower Loan charge a late fee?

No, Tower Loan will not charge you a late fee if you miss one of the monthly payments.

Does Tower Loan charge prepayment fees?

No, Tower Loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Tower Loan Fees
Origination Fee No
Prepayment Fee N/A
Late Payment Fee No

What do you need to qualify for Tower Loan Personal Loans?

Tower Loan Personal Loans does not require or does not disclose a credit score minimum.

Tower Loan Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Tower Loan Personal Loans only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Tower Loan Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Tower Loan Personal Loans.

To qualify, applicants may need to provide the following documentation:

  • Driver's license
  • Proof of identity
  • Proof of citizenship or residence permit
Tower Loan Eligibility Criteria
Minimum Age N/A
Bank Account Required? No
Application Types Accepted
  • Individual Applications
Credit Score N/A

Does Tower Loan Personal Loans report your account activity to credit bureaus?

Yes, Tower Loan Personal Loans reports your account activity to the following credit reporting agencies:

  • Equifax
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Are Tower Loan Personal Loans legit?

Tower Loan was founded in 1936, it is a well-established company that has been in business for 87 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 8:30am - 5:30pm
  • Tuesday 8:30am - 5:30pm
  • Wednesday 8:30am - 5:30pm
  • Thursday 8:30am - 5:30pm
  • Friday 8:30am - 5:30pm
  • Saturday Closed

About Tower Loan Personal Loans

View Tower Loan Profile

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Cash
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Proof of Identity
  • Social Security Number
  • Employer Identification Number
Credit Bureau Reporting
  • Equifax
  • TransUnion
Payment Options
  • Automatic Payments
  • Credit/Debit Card
  • Bank Transfer
APR Type Factor Based
Loan Amount Up to $20,000
APR (Factor Based) 32.99%
(Verified 08/04/2023)
Loan Term 12 - 36 months

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