Tower Loan Reviews and Ratings

Tower Loan company logo

Tower Loan is a regional consumer installment lender that operates in eight Southern and Midwestern states. The company has more than 240 branch locations. It serves over 250,000 customers each year. Tower Loan offers fixed-rate loans for personal use, debt consolidation, home improvement and emergency expenses. Tower Loan reviews across the web reveal a mixed but active reputation among borrowers.

Borrowers who struggle to qualify with banks or credit unions often turn to lenders like Tower Loan. The company provides in-person service at physical branches. It also accepts online applications in most of its operating states. However, not all applicants can complete the full process online.

This review breaks down Tower Loan’s rates, fees, loan types and customer feedback. It covers how the company stacks up against alternatives. It will help readers decide whether Tower Loan fits their needs or whether a different lender makes more sense.

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What is Tower Loan?

Tower Loan homepage

Tower Loan is a consumer finance company headquartered in Flowood, Mississippi. It specializes in fixed-rate installment loans for individuals who may not qualify for traditional bank financing. The company operates in Alabama, Florida, Illinois, Louisiana, Mississippi, Missouri, Tennessee and Texas.

With more than 240 locations across these eight states, Tower Loan focuses on in-person lending. Borrowers can visit a branch to apply, ask questions and receive funds. The company also offers an online application for borrowers who prefer a digital experience. However, secured loan products and some applicants still require an in-branch visit.

Tower Loan reports payments to TransUnion and Equifax. This means on-time payments can help borrowers build or rebuild their credit scores over time. The company has served over 200,000 customers and continues to expand its branch network in the Southern and Midwestern United States.

Tower Loan is not accredited by the Better Business Bureau (BBB). It holds a D rating on its BBB profile for the Baton Rouge, Louisiana location. Despite this, the company maintains a strong presence on Trustpilot with thousands of positive reviews from verified customers.

Tower Loan key services and programs

Tower Loan offers several loan products designed for different borrowing needs. All loans feature fixed interest rates and set monthly payments over a defined term. Here is a breakdown of the main products available.

Personal loans

These are the most common product Tower Loan offers. Borrowers can apply online for amounts up to $6,000. Those who visit a branch may qualify for up to $20,000 depending on their state and credit profile. Terms range from 12 to 36 months.

Installment loans

Tower Loan structures all of its products as installment loans. Each loan has a fixed payment amount, a set term and a predetermined payoff date. This structure helps borrowers budget their monthly expenses without worrying about variable payments.

Auto-secured loans

Borrowers who own a vehicle free of liens can use it as collateral to secure a larger loan amount. Auto-secured loans are only available through in-branch applications. They require proof of vehicle ownership and valid insurance coverage.

Debt consolidation loans

Tower Loan offers installment loans that borrowers can use to pay off multiple debts. By combining credit card balances or other obligations into one fixed monthly payment, borrowers may simplify their finances. However, the APR on these loans is higher than what many credit unions and banks offer.

Home improvement loans

Borrowers can use Tower Loan funds for home repairs, renovations or upgrades. These loans follow the same fixed-rate installment structure as other Tower Loan products.

Emergency and vacation loans

Tower Loan also offers funding for unexpected expenses or planned travel. These fall under the same personal loan terms and conditions.

Check by mail

Tower Loan sends pre-approved loan checks to existing and potential customers through the mail. Recipients can cash the check to activate the loan. This product has drawn criticism from consumer advocates who argue it targets vulnerable borrowers.

Application process

1. Check rates online through a soft credit pull that does not affect the borrower’s credit score
2. Submit a full application online or visit a local branch
3. Receive funds through direct deposit, in-branch pickup or check

Not all applicants qualify for online processing. Tower Loan may require certain borrowers to visit a branch to complete the application.

Tower Loan pricing and fees

Tower Loan does not publish a full rate table on its website. Instead, it provides representative examples that give borrowers a general idea of costs.

The personal loans page lists a 32.99 percent Annual Percentage Rate (APR) for a $5,000 loan over 36 months. Monthly payments for this example would be $214. The homepage shows a different example. A $6,000 loan at 34.96 percent APR over 26 months would cost $333 per month. The total repayment would be $8,658.

These examples suggest that Tower Loan’s APR falls in the mid-30s range for most borrowers. Actual rates depend on the applicant’s state of residence, credit profile, loan amount and term length. The Consumer Financial Protection Bureau (CFPB) recommends that borrowers compare multiple offers before committing to any loan.

Fee transparency

Tower Loan’s website states that “additional fees may apply to some loan offers.” It also notes that “some state required or permitted fees may be treated as prepaid finance charges.” This means certain fees get rolled into the loan balance. This increases the total cost of borrowing.

The company does not disclose specific origination fee amounts on its website. Borrowers only see the full fee breakdown after they begin the application process. This lack of upfront transparency is a notable drawback. Lenders who publish fee schedules openly give borrowers more confidence. The Federal Trade Commission (FTC) provides guidance on what lenders must disclose before loan agreements are signed.

How Tower Loan compares on price

The average personal loan interest rate in 2026 ranges from about 7 percent to 36 percent. The exact rate depends on the lender and the borrower’s credit profile. Tower Loan’s published APR of 32.99 percent to 34.96 percent sits near the top of this range. Borrowers with good credit scores above 670 will almost certainly find lower rates elsewhere.

Borrowers with fair or poor credit may not qualify at banks or credit unions. For them, Tower Loan’s rates may still be lower than payday lenders or title loan companies. Those alternatives often charge triple-digit APRs.

Tower Loan customer reviews and complaints

Tower Loan receives mixed feedback across review platforms. The split between positive and negative reviews is stark. Satisfaction appears to vary by branch location and individual experience.

Trustpilot reviews

Tower Loan Trustpilot profile

Tower Loan holds a 4.7 out of 5 rating on Trustpilot based on nearly 27,000 reviews. This is a strong score with high volume. Most reviewers praise the company for friendly customer service, fast approvals and a simple process.

Positive reviews frequently mention helpful branch staff. Customers say loan terms are explained clearly. Locations in Texas, Louisiana and Illinois report quick turnaround times and professional interactions. Tower Loan actively responds to Trustpilot reviews. This suggests the company monitors its online reputation.

However, some Trustpilot reviews mention high repayment costs. Borrowers express surprise at how much interest builds over the loan term.

Better Business Bureau (BBB) reviews

Tower Loan BBB business profile

Tower Loan is not BBB accredited. The company holds a D rating on its Baton Rouge BBB profile. It holds an F rating on its Aurora, Illinois profile. The BBB lists 135 complaints filed against the business over the past three years.

Common complaint themes include aggressive collection calls and difficulty changing payment dates. Borrowers also report high interest charges and staff rudeness. Multiple reviewers state that Tower Loan employees contacted their family members and employers about missed payments. The BBB customer review score sits at 1.2 out of 5 based on 41 reviews.

Tower Loan has failed to respond to at least one BBB complaint. This contributed to its low rating. The gap between the company’s Trustpilot score and BBB score is significant.

Reddit reviews

Reddit discussions about Tower Loan are mixed. Some users describe the company as a legitimate option for borrowers who need quick cash and cannot qualify elsewhere. Others warn about high interest rates and pushy staff who encourage borrowers to take on more debt than they need.

A recurring theme on Reddit involves Tower Loan’s “check by mail” program. Several users express concern that mailing pre-approved checks to consumers encourages impulsive borrowing. Other users report that branch-level service varies widely. Some locations earn praise for professionalism while others face criticism for aggressive follow-ups on missed payments.

The overall sentiment on Reddit leans cautious. Most commenters advise exploring credit unions or online lenders first before turning to Tower Loan.

WalletHub reviews

Tower Loan WalletHub profile

On WalletHub, Tower Loan holds a 2.9 out of 5 rating from 103 reviews. The score distribution is heavily polarized. About 44 percent of reviewers give five stars while 47 percent give one star. Very few reviews fall in the middle range. This suggests that borrower experience depends heavily on the specific branch and loan officer involved.

Tower Loan outcomes and success rate

Tower Loan does not publish official approval rates, average savings benchmarks or borrower success metrics. It does not share what percentage of applicants receive approval. It also does not report how its loan products affect borrowers’ financial outcomes.

What is known comes from the company’s own marketing materials and third-party review platforms.

• Tower Loan states it serves over 250,000 customers per year across its eight operating states
• The company reports payments to TransUnion and Equifax, which gives borrowers a path to build credit through on-time payments
• Trustpilot reviews suggest that many borrowers receive approval and funding within one to two business days
• Some branch-level reviews on Trustpilot mention 15-minute approval times for returning customers

However, the total cost of borrowing is high. In the homepage example, a $6,000 loan at 34.96 percent APR over 26 months results in $8,658 in total payments. That means the borrower pays $2,658 in interest and fees on top of the original loan amount.

Borrowers should calculate the full repayment cost before signing any loan agreement. A shorter term reduces total interest paid but increases monthly payments. A longer term lowers monthly payments but increases the total cost.

No regulatory enforcement actions against Tower Loan were identified during research for this review. However, the company’s low BBB rating and high complaint volume suggest that some borrowers have had negative experiences with collections and customer service.

Tower Loan pros and cons

Pros

• Fixed-rate structure with no balloon payments means each payment covers both principal and interest on a set schedule
• Soft credit pull for rate checks does not affect the borrower’s credit score before they decide to apply
• More than 240 branch locations across eight states provide in-person service for borrowers who prefer face-to-face help
• Reports payments to TransUnion and Equifax, which can help borrowers build or rebuild credit
• Strong Trustpilot rating of 4.7 out of 5 based on nearly 27,000 verified reviews
• Fast approval process with some branches completing applications in 15 minutes for returning customers

Cons

• APR of 32.99 percent to 34.96 percent is near the top of the personal loan market. This is well above bank and credit union rates
• Not BBB accredited with a D to F rating and 135 complaints over three years
• Not all applicants can complete the process online, and secured loans require an in-branch visit
• Fee structure is not transparent on the website, and some state-mandated fees get rolled into the loan balance
• Multiple BBB and Reddit complaints cite aggressive collection practices including calls to employers and family members
• The “check by mail” program has drawn criticism for encouraging impulsive borrowing among vulnerable consumers
• Geographic restriction limits availability to only eight states

Who Tower Loan is best for

Tower Loan works best for borrowers in its eight operating states. These include Alabama, Florida, Illinois, Louisiana, Mississippi, Missouri, Tennessee and Texas. It suits those who need a fixed-rate installment loan and may not qualify for bank or credit union financing. It is also a reasonable option for people with fair or poor credit. These borrowers benefit from structured monthly payments and credit bureau reporting that can help build their credit history.

Borrowers who prefer in-person service and want to sit down with a loan officer will benefit from Tower Loan’s extensive branch network. The company is also a fit for borrowers who need funds quickly. These borrowers must be able to manage the higher interest costs that come with subprime lending.

Who should avoid Tower Loan

Borrowers outside Tower Loan’s eight operating states cannot access its products. Those who qualify for bank, credit union or prime online lender rates should avoid Tower Loan entirely. If a borrower can secure a rate below 20 percent elsewhere, they will save significantly over the life of the loan.

Borrowers who need to complete the entire process remotely should also look elsewhere. Secured loan products and some applications require in-branch visits. Anyone uncomfortable with a lender that has a low BBB rating should consider alternatives. Borrowers concerned about documented collection complaints may find better options elsewhere.

Tower Loan vs. OneMain Financial

OneMain Financial is the most direct national competitor to Tower Loan. Both companies serve subprime borrowers through physical branch locations and offer fixed-rate installment loans. Here is how they compare on key factors.

APR range

• Tower Loan offers rates around 32.99 percent to 34.96 percent based on published examples
• OneMain Financial charges 11.99 percent to 35.99 percent depending on the borrower’s credit and state

Loan amounts

• Tower Loan offers up to $6,000 online and up to $20,000 in-branch
• OneMain Financial offers $1,500 to $30,000

Term length

• Tower Loan offers 12 to 36 months
• OneMain Financial offers 24 to 60 months

Geographic availability

• Tower Loan operates in 8 states
• OneMain Financial operates in 44 states

Online capability

• Tower Loan allows partial online applications but not all borrowers qualify
• OneMain Financial offers a full online application process

Origination fees

• Tower Loan does not disclose fees upfront on its website
• OneMain Financial charges a flat or percentage-based fee in some states

OneMain Financial offers a wider rate range, which means qualified borrowers could pay significantly less. It also provides larger loan amounts and longer terms. Tower Loan’s advantage lies in its branch density within its eight-state footprint and its fast in-person approval process. Borrowers who live in Tower Loan’s service area and prefer in-branch service may find the experience more personal. However, on price and flexibility, OneMain Financial has the edge for most borrowers.

Is Tower Loan legit?

Tower Loan is a licensed consumer lender. It operates under the Truth in Lending Act (TILA) and Regulation Z in every state where it does business. The company has been in operation for decades and maintains more than 240 physical branch locations across eight states.

Rates and fees are disclosed in loan agreements as required by federal and applicable state law. The company reports loan payments to TransUnion and Equifax. This confirms it operates within the credit reporting ecosystem used by legitimate financial institutions.

No federal enforcement actions from the CFPB or FTC were identified during research for this review. However, the company’s D to F BBB rating and 135 complaints over three years indicate that some borrowers have had negative experiences. Most complaints relate to collection practices and fee disputes rather than fraud or illegal activity.

Tower Loan is a legitimate lender. But “legitimate” does not mean “affordable” or “ideal.” Borrowers should review all loan terms carefully before signing.

Tower Loan review final verdict

Tower Loan is a legitimate regional installment lender with a clear product offering and an established branch network in eight states. Borrowers in those states who need a structured repayment loan may find Tower Loan a viable option. This is especially true for those who cannot qualify for lower-rate alternatives. The company’s fixed-rate structure, credit bureau reporting and fast approval process are genuine strengths.

However, the cost of borrowing is high. At 32.99 percent to 34.96 percent APR, Tower Loan is far more expensive than bank or credit union alternatives. The lack of fee transparency on its website is a concern. The company’s low BBB rating and complaints about aggressive collections should give borrowers pause.

Borrowers who can qualify for a rate below 20 percent with another lender should pursue that option first. Always calculate the total repayment amount before signing any loan agreement.

Frequently asked questions about Tower Loan

Does Tower Loan check your credit score

Tower Loan performs a soft credit pull when borrowers check their rates online. This does not affect the borrower’s credit score. A hard credit inquiry occurs only when the borrower submits a full loan application.

How fast does Tower Loan approve applications

Approval times vary by branch and application type. Some returning customers report approval in as little as 15 minutes. New applicants who apply online may receive a decision within one business day. In-branch applications can sometimes be processed the same day.

Does Tower Loan report to credit bureaus

Yes. Tower Loan reports payments to TransUnion and Equifax. On-time payments can help borrowers build or improve their credit scores over time. Late or missed payments will also appear on the borrower’s credit report.

Can you apply for Tower Loan online

Yes, but not all applicants qualify for online processing. Tower Loan offers online applications for personal loans up to $6,000. Secured loans and some applicants require an in-branch visit. Borrowers must live in one of Tower Loan’s eight operating states to apply.

What states does Tower Loan operate in

Tower Loan currently operates in Alabama, Florida, Illinois, Louisiana, Mississippi, Missouri, Tennessee and Texas. It has more than 240 branch locations across these states.

Disclaimer: This article is for informational purposes only and does not constitute legal, financial or tax advice. Always consult a licensed professional for advice tailored to your situation.