Tower Loan review
Secured loans — but no information online about interest or other fees.
Bottom line: Tower Loan is one of the few short-term lenders to accept coborrowers, and it may help improve your credit score. But its limited reach and lack of transparency are two big drawbacks.
|Product Name||Tower loan installment loans|
|Loan Term||Up to 36 months or more|
|Requirements||Regular source of income, resident of serviced state, open checking or savings account|
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
Tower Loan offers standard installment loans for borrowers in five states. Unlike most short-term lenders, it does report payments to TransUnion and Equifax, which can help build your credit score. You can even apply with a coborrower — although Tower Loan doesn’t state what requirements your coborrower will need to meet to qualify for a loan.
However, it isn’t upfront about its costs, and has a history of harassing phone calls. Its limited availability also makes it a poor choice if you’re not in its serviced area. And if you don’t have sufficient collateral, you may not be eligible to borrow a large loan.
For more options, including unsecured loans, compare other short-term loans.
Pros and cons
- Coborrowers accepted
- Reports payments to TransUnion and Equifax
- Loans up to $20,000
- No loan rates or fees listed online
- Loans must be secured with collateral
- Only available in five states
How do Tower loans installment loans compare?
Tower Loan rates, fees and terms
Tower Loan doesn't list interest rates on its website, and when I called for more information, the representative I spoke to said APR depends on the amount you borrow, your loan term and the collateral you provide. However, they did state that APR could be above 36%. There are also maintenance fees, although the representative wasn't able to give details on how much these cost.
You can borrow anywhere from $1,000 to $20,000 — provided you have the collateral to secure a large amount. Loan terms last anywhere from 12 to 36 months or more, and interest is prorated based on when you pay off your loan. This means that repaying your loan early can help you avoid costly interest charges.
What is Tower Loan and is it legit?
In addition, the only way to opt out of having your information shared is to mail a notice to Tower Loan — there is no phone number or email you can use to make the process easier.
Tower Loan reviews and complaints
|BBB customer reviews||1.2 out of 5 stars, based on 41 customer reviews|
|BBB customer complaints||136 customer complaints|
|Trustpilot Score||4.7 out of 5 stars, based on 5,125 customer reviews|
|Customer reviews verified as of||09 November 2020|
Tower Loan receives mixed reviews. Customers on its Trustpilot page are positive, citing kind customer service and a simple process. But on its BBB page, multiple customers cite problems with rude customer service representatives.
There are reports of harassing phone calls at home and work. And many state that Tower Loan employees weren't willing to work with them after a missed payment or loss of employment.
Because Tower Loan has no centralized customer service team, your experience will depend on the branch you visit. Ensure representatives meet your expectations before you borrow.
Am I eligible?
Tower Loan requires borrowers to meet a few basic requirements:
- Open checking or savings account
- Regular source of income
- Resident of a serviced state
What states is Tower Loan available in?
Tower Loan has over 230 locations in five states:
What information do I need to apply?
Tower Loan doesn't provide details on the information you may need to submit when you apply. However, you will likely need to submit some basic details about yourself, including your Social Security number and date of birth. Customers on Tower Loan's BBB profile also stated that they were required to provide details of valuable possessions to use as collateral for some loans.
How do I apply?
You can complete the application process online or over the phone. But if needed, Tower Loan also has a number of branches in the five states it services that you can visit to discuss your loan application.
To get started online, follow these steps:
- Visit Tower Loan’s website and select Apply now.
- Enter your email address, then read and agree to Tower Loan’s terms and conditions.
- Create a username and password, then enter your ZIP code, phone number, state and preferred loan amount.
- Verify your identity with a code from your email.
- Finalize your application with a Tower Loan representative.
What are my repayment options?
Tower Loan sends an email statement five days prior to your due date every month. You can enroll in automatic repayments, which are deducted from the bank account you provided, or make a manual payment on Tower Loan's website. It also accepts payments over the phone and at its branch locations.
Tower Loan may be a good choice if you live in one of its five serviced states and want in-person customer service. But if you want a lender that's upfront about its costs, compare other short-term loans.