Updated for July, 2025
What is Tower Loan?
Tower Loan is a lending service that provides personal, installment, and online loans in six different states.
Is Tower Loan Legitimate?
Yes, but proceed with caution. Tower Loan is a legitimate privately owned company. However, there are numerous concerns posted online by customers. Many have reported harassing phone calls and difficulties getting in contact with employees. Also, Tower Loan does not list interest rates on their website. Furthermore, they are not accredited by the BBB (Better Business Bureau). Lastly, the BBB has listed a pattern of complaints about the company regarding customer service issues.
With that being said, the company has responded to these complaints by listing a contact address for customer service complaints on their website.
Where does Tower Loan Operate?
They currently operate over 230 offices in Alabama, Illinois, Louisiana, Mississippi. Missouri, and Texas. You must live in one of those states to take out a loan through Tower Loan, including their online service.
Tower Loan: What do They Offer?
They offer loans ranging from $1,000 to $20,000. They offer the following kinds of loans:
- Online Loans
- Personal Loans
- Installment Loans
Online Loans
Though the Tower Loan website, there is an application process to apply for online loans. They claim the application process takes no more than 10 minutes. They also advertise that bad credit is not a problem. The application will ask for basic information such as your employment and residence info. They will then verify your identity and you will be notified whether you are approved via email.
After you speak with a representative, you’ll receive a link to choose your loan terms & enter your bank information for deposit. Shortly after, you’ll sign your documents electronically via an email link. Overall, the process seems easy. Although, they are not transparent about fees online, so it is impossible for us to review whether or not their APR and interest rates are within a range we would recommend.
Personal Loans
The application process is largely similar. You’ll need to provide all the appropriate personal and financial information. On their website, they state that “interest rates & APR vary from a variety of factors. Once approved, your loan specialist will go over this along with term options that fit your lifestyle the best.” Again, this isn’t ideal. Most lenders will disclose rates or even a range that is available to the public.
Installment Loans
An installment loan is a type of loan where a consumer borrows a set amount of money at one time. This loan is repaid in monthly installments and the monthly installments are usually a fixed amount over that time period. A few types of installment loans are mortgages, auto loans, & personal loans. These loans are convenient but commonly carry high interest. Once again, they do not disclose what kind of fees they charge for any of the loans they offer.
Requirements for Lending
In order to qualify for a loan, you’ll need to provide proof of the following:
- 18 years old (19 in the state of Alabama) or older
- Regular source of income
- Resident of serviced state
- Open checking or savings account
- Valid email address
A Deeper Dive into Tower Loan
After looking through numerous reviews, there are more than a few concerns listed. In fact, there are 134 complaints written on the BBB website within the last 3 years.
One other thing to note is that the customer service contact information they provide on their website is a physical address. This means you’d need to mail in any complaints or questions — a much slower process than other lenders who have chat options online.
Potential Upsides
- Loans up to $20,000
- Online loans offered
- Fast approval
- Coboworrers accepted
Potential Downsides
- No loan rates or fees listed
- Loans must be secured by collateral
- Poor customer reviews
- Lack of customer service options
- Only available in 5 states
Final Thoughts
Tower Loan is one of the few lenders that work with bad credit and accepts co-borrowers. However, their lack of transparency and poor customer reviews are worrisome.
