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.

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Min. Amount


Max. Amount


Turnaround time


Product NameTower loan installment loans
Min. Amount$1,000
Max. Amount$20,000
Loan TermUp to 36 months or more
Turnaround TimeVaries
RequirementsRegular source of income, resident of serviced state, open checking or savings account

Review by

Kellye Guinan was a financer writer for Finder, covering everything from loans from auto to personal to business finance.

Expert review

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?

1 – 0 of 0

Name Product Filter Values Loan amount Turnaround time Requirements
$500 to $10,000
As soon as next business day
Depends on lender requirements, poor credit borrowers may still be able to qualify for a loan. Must live in an eligible state.
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MoneyLion Instacash advances
$250, $300 with RoarMoney account
3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account
Bank account must have at least 60 days of activity, show recurring deposits and must have a positive balance
Fee-free, interest-free cash advances up to $250.
OppLoans Installment Loans
$500 to $4,000
1 business day
Direct deposit, Meet minimum income requirements, Live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
CashNetUSA Loan
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.

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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?

Tower Loan is a legit lender that has been in business since 1984. But there are a few red flags. While its website is secure, its privacy policy and terms of service don't disclose the security measures it uses.

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 accredited No
BBB rating B
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:

  • Alabama
  • Illinois
  • Louisiana
  • Mississippi
  • Missouri

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:

  1. Visit Tower Loan’s website and select Apply now.
  2. Enter your email address, then read and agree to Tower Loan’s terms and conditions.
  3. Create a username and password, then enter your ZIP code, phone number, state and preferred loan amount.
  4. Verify your identity with a code from your email.
  5. 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.

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