Tower Loan Reviews- Are They Decent Loans for Bad Credit?

Tower Loan Reviews: Are They Decent Loans for Bad Credit?

Tower Loan is a lender committed to offering personal loans to consumers. They usually review a borrower’s credit report from the major credit bureaus during loan approval. It helps them determine the borrower’s creditworthiness and determine the loan terms. These include the interest rate and loan amount. The loan term varies depending on the loan and the borrower’s credit score. Tower Loan offers personal loans to consumers with a wide range of credit scores.

Even those with less-than-perfect credit are still able to qualify for a loan. Borrowers with lower credit scores get a higher interest rate. Thus, it makes the loan more expensive over time. Tower Loan mainly received good reviews from customers. Trustpilot gave Tower Loan a rating of 4.75. The Better Business Bureau website has fewer positive reviews. What do you need? Fixed rates, installment loans paid monthly, and over 230 offices in over 170 cities.

Tower Loan Highlights

Tower Loans can be used to finance personal or business purposes.

Soft Credit Pull – Pre-qualify

Tower Loan offers a soft credit pull option for consumers who want to pre-qualify for a loan. They check the borrower’s credit rating without it affecting their credit score. It is a useful option for consumers who want an idea of what loan terms they qualify for without a hard inquiry appearing on their credit report.

Tower Loan has branch offices located in various states throughout the United States. Thus, they make it accessible to many consumers. Pre-qualifying for a loan does not guarantee that borrowers get loan approval. The final loan terms vary depending on the borrower’s credit score and other factors. Borrowers need the following to apply online.

• Contact information and Personal information
• Their financial records
• Employment proof

Loan Approval

The approval process for Tower Loan begins with an evaluation of the borrower’s credit criteria. It helps the lender determine the loan terms to offer the borrower. It’s important to consider the cost of credit associated with the loan. It includes not only the interest rate but any other fees. These costs add up quickly, so borrowers must review the loan terms and compare them with different lenders before making a final decision.

Line of Credit

Tower Loan offers a line of credit to its customers. A line of credit allows borrowers to access funds as needed, up to a pre-approved credit limit. A line of credit allows borrowers to borrow and repay funds as needed unlike a traditional loan disbursed in a lump sum and must be repaid in full. It is useful for managing unexpected expenses or covering short-term cash flow needs.

The line of credit offered by Tower Loan comes with a revolving credit limit. The credit limit becomes available again as the borrower repays the funds borrowed. Additionally, borrowers choose between a secured or unsecured line of credit. A secured line of credit requires collateral, such as a savings account or property. An unsecured line of credit is not backed by collateral. It’s important to note that borrowers are charged interest on the funds borrowed from a line of credit. The interest rate is mostly variable. Additionally, fees are associated with establishing and maintaining a line of credit. An example is the annual fee.

Credit Health Tools

Tower Loan offers credit health tools too. They aim to help customers better understand and manage their credit standing. These tools provide valuable information about a customer’s credit file. It helps them know what to do with their credit scores, credit history, and alerts for certain credit transactions.

These include new credit inquiries or changes to their credit account balances. One of the benefits of these tools is that they help customers identify potential errors or inaccuracies in their credit files. It allows customers to work to improve their credit standing. Even a small mistake on their credit file negatively impacts their credit score.

Additionally, these tools help customers stay on top of their credit accounts. It provides real-time alerts about changes to their credit balances or new credit inquiries. Thus, it helps customers detect and prevent potential fraud or identity theft.

Hardship programs

Tower Loan may offer hardship programs to help customers experiencing financial difficulties. These programs provide temporary relief from loan payments. These include deferred payments or reduced payments. The exact details of the hardship program vary depending on the customer’s circumstances. Hardship programs provide temporary relief to customers facing unexpected financial challenges. These include job loss, medical emergencies, or other unforeseen events. They help customers get back on their feet without falling behind on their loan payments.

Hardship programs are not a permanent solution, and customers must be responsible for repaying the loan. The terms of the hardship program vary depending on the customer’s loan and the specific circumstances of their hardship.

Customers interested in a hardship program must contact Tower Loan to discuss their options. They must understand the terms and conditions of the program before enrolling. Have the plan to repay the loan after the hardship program ends.

No Prepayment Penalty

Tower Loan does not have a prepayment penalty for their loans. Thus, customers pay off their loans early without incurring any extra fees. It is a useful option for customers to pay off their loans early, allowing them to save money on interest charges. A prepayment penalty is a fee lenders charge when a borrower pays off a loan early. The fee discourages borrowers from paying off their loans early. It is because it results in lost interest revenue for the lender.

Unsecured Loans

Tower Loans offer personal loans that can be unsecured or secured, depending on the client’s financial situation.

Fees

Doesn’t disclose the fee structure. The loan is repayable early, but there is no prepayment fee.

How to Qualify

Listed below are the criteria to be eligible for a loan.

• 18-year-old (19 in Alabama). Or older
• Living in Mississippi, Alabama, or Missouri.
• Have a job or an income source.
• Please enter a valid email address.
• Open a checking/savings account.

The bottom line

Tower Loan is a well-known player in the financial industry. Upstart offers many repayment plans, including hardship programs that temporarily suspend repayment. Onemain Financial may be a good choice. They have similar industry experience and loan amounts.