Tower Loan offers personal installment loans and other financing options via hundreds of branch locations and online services. Tower Loan is a U.S. consumer finance company founded in 1936 that provides personal installment loans and related lending products. With over 260 branch offices across the Southern and Midwestern U.S. (including recent expansion into Florida and Tennessee),Tower Loan serves tens of thousands of borrowers. People often search for “Tower Loan reviews” or payment info because they want to verify the company’s credibility and understand loan options. In this guide, we’ll cover what Tower Loan is, how its loans work, how to log in and pay your bill, and whether it’s a legitimate lender. We’ll cite official sources and reviews to give you a clear, trustworthy picture.
Borrowers ask about Tower Loan’s legitimacy, interest rates, and customer service. On Trustpilot, for example, Tower Loan has an excellent overall rating of 4.8/5 based on over 25,000 reviews. Many customers praise the fast, friendly service and clear loan process. However, Better Business Bureau (BBB) data shows mixed experiences; Tower Loan is not BBB accredited and has many complaints (BBB gives it a D rating due to unresolved disputes). Throughout this article, we’ll balance those perspectives: highlighting Tower Loan’s wide availability and helpful support, while also noting its high interest rates and consumer complaints. Ultimately, our goal is to inform you accurately so you can make smart decisions and stay financially secure.
What Is Tower Loan?
Tower Loan is a consumer finance company specializing in short-term personal loans and secured loans (like auto loans). It offers installment loans that borrowers repay in fixed monthly payments. According to Tower Loan’s official site, a personal loan from Tower is “a consumer loan of credit that is granted … for a variety of uses” with predictable monthly installments. You can borrow up to $6,000 online (direct deposit) or up to $20,000 in-branch, depending on state laws and your qualifications. All loans have a fixed annual percentage rate (APR) — up to about 32.99% APR for online loans — and terms typically from 12 to 36 months. For example, Tower Loan’s website notes that a $5,000 loan at 32.99% APR over 36 months would be about $214 per month. These rates are high compared to bank loans, but are lower than typical payday loans. (Be aware that actual rates depend on your state, credit profile, and loan terms.) Importantly, Tower Loan offers both unsecured loans and secured options (where you put up collateral like a car or savings account).
Tower Loan has built a large footprint since its founding. It started as a single consumer-finance office in Mississippi in 1936. Over the decades it has grown through acquisitions and openings, becoming one of the largest consumer lenders in its region. As of 2025, Tower Loan boasts a network of over 260 locations and more than 1,000 employees. These branches (shown on TowerLoan.com’s locator) serve borrowers in Mississippi, Louisiana, Missouri, Alabama, Illinois, Texas, and more recently Tennessee and Florida. In practice, if you live in any of those states you can walk into a Tower Loan office or use their online portal to apply. The company’s history page emphasizes its motto of offering accessible lending “in essentially any purpose” and its long-standing local presence.
In short, Tower Loan is a legitimate private lender (not a government or charity), headquartered in Flowood, Mississippi (later moving operational base to Bossier City, Louisiana). It is owned by First Tower Corp., and since 1936 has operated as a licensed consumer finance company. Its core products are installment loans (personal, vacation, home improvement, etc.) and some secured vehicle loans. Tower Loan’s official site and press releases highlight its customer service and wide coverage as strengths. (For example, a recent news release shows Tower Loan opening new branches in Tennessee and Florida in 2025.) We will discuss interest rates and customer reviews later to fully assess legitimacy and suitability.
How Does Tower Loan Work?
Applying for a Tower Loan is generally straightforward. You can apply online or in person. If you apply online, you go to TowerLoan.com and fill out a prequalification form with your personal details (name, birthdate, SSN, income, etc.). Tower Loan uses a soft credit check at prequalification, which won’t affect your credit score. Within minutes you’ll see a prequalified loan offer (if any), showing an estimated loan amount, APR, and monthly payment. This lets you compare Tower Loan’s offer to others easily.
After prequalification, you complete the formal application. You may need to upload proof of identity (ID), income (pay stubs or tax returns), and residence. If approved, Tower Loan finalizes your loan. Unsecured loans require no collateral; secured loans (like their Auto Secured Loans) use your car or another asset as collateral. For example, you can roll over an existing auto loan into a Tower Loan: Tower will pay off your old lender and make your car the collateral on the new loan. This can get you a larger loan amount or better terms, since the lender has the vehicle as security.
Once you sign your agreement, Tower Loan disburses your funds. Funds can be deposited electronically into your bank account or paid by check. (Note: Tower Loan sometimes sends “pre-approved live checks” in the mail. These are actual loan offers – if you cash the check, you are accepting a loan under the attached terms.) Repayment begins on the schedule you agreed: monthly installments for the term you chose. All rates are fixed (your APR and monthly payment do not change over the life of the loan).
Eligibility and amounts: Applicants must be adults (generally 18+) living in a Tower Loan state, with steady income or employment. There’s no published minimum credit score, but Tower Loan emphasizes that they “regularly lend money to people with bad credit. That means even if your credit is low, you might still qualify (though at higher rates or with collateral). Loans start as low as a few hundred dollars up to the online limit ($6,000) or branch limit (up to $20,000). The interest rate you get depends on state law, loan type, and your creditworthiness. The advertised maximum rate online is 32.99% APR (some state loans could be higher if allowed), but some borrowers report rates in the 70-100% range, especially if they have poor credit. Be sure to read all disclosures and ask the branch to clarify any fees before signing.
Tower Loan provides an example: for a $5,000 loan at 32.99% APR over 36 months, monthly payments are $214. That math illustrates the high cost of borrowing: you’d repay about $7,704 total (principal + interest). If you make timely payments, your credit can improve; if you default, you lose collateral (if any) and face collections.
In summary, Tower Loan works like a typical installment lender: you apply, get approved based on a hard credit check when finalizing, and then make fixed payments. The key differences are: (a) they serve borrowers who may not qualify at banks, and (b) they charge high interest. Always confirm your APR and terms in writing. If you agree, you’ll sign a promissory note and start repayments immediately. Also, Tower Loan offers some unique options like a “pre-approved live check” and in-branch applications, which we’ll explain below.
Tower Loan Login and Payment Portal
If you already have a Tower Loan, you’ll likely need to manage your account or make payments. Tower Loan provides an online payment portal and phone-in options. Here’s how to log in and pay:
- Online login: Go to towerloan.com and click “Pay Your Bill” or use the link towerloan.repay.io/ebpp (the official Pay Portal). On that portal, you enter your first name, last name, birth date, last 4 digits of your SSN, and your 12-digit Tower Loan account number. This information verifies your identity. After logging in, you can view your balance and pay with a credit/debit card or bank transfer. If you have registered for eStatements, you can also view your statements online.
- Mobile app: Tower Loan offers a mobile app (iOS/Android) to manage loans and payments. You can download it from towerloan.com (link: app.towerloan.com). The app lets you log in to your account (usually by syncing your loan details) and make payments or set up autopay. The app is designed to make loan management easy on your phone.
- AutoPay / Electronic Statements: Through the portal or app, you can enroll in autopay (automatic withdrawals) and paperless eStatements. These features help avoid missed payments. One day before your due date, Tower Loan will email a reminder if you have eStatements set up.
- Pay by phone: If you prefer not to pay online, you can call Tower Loan’s automated payment system 24/7 at (844) 398-3939 (this toll-free number is listed on their site’s “Pay by Phone” link). Follow the prompts to enter your account number and payment info to make a one-time payment by phone.
- Pay in person or mail: You can also pay at any Tower Loan branch during business hours. (They encourage calling ahead to confirm hours.) To pay by mail, send a check payable to Tower Loan to the processing address (on statements). According to company info, mail payments go to 1300 Airline Dr #B, Bossier City, LA 71112 (though we recommend verifying the correct mailing address with your local branch).
Here is a step-by-step example of paying online:
- Log into the payment portal (towerloan.repay.io).
- Navigate to “Make a Payment.”
- Enter the amount and payment method, then submit.
The site should confirm your payment and update your loan balance. If you have any trouble logging in (say, your info doesn’t match), Tower’s FAQ advises contacting your branch by phone to verify your details.
Finally, keep your login info secure. Don’t share your account number or PIN with anyone. Tower Loan will never email you asking for sensitive info (in fact, their Customer Service page warns they don’t send account data by email). If you get suspicious calls or emails about your Tower Loan account, be cautious and verify with the official contact numbers.
Tower Loan Locations and Contact Info
Since Tower Loan is primarily a brick-and-mortar lender, knowing how to find and contact a branch is important.
- Find a branch: Tower Loan’s website has a Branch Locator under “Locations.” You can search by your zip code or state. As of mid-2025, Tower Loan operates in eight states (AL, FL, IL, LA, MS, MO, TN, TX) and dozens of cities. In fact, Tower reports a network of over 260 branch locations. For example, they just announced new offices in Pensacola (FL) and Smyrna (TN). Enter your area code on their site to see the nearest office, or call (see below) to be directed to the right place.
- Phone contacts: For general questions, Tower Loan lists several phone numbers. According to multiple sources, including company materials, the main numbers are (318) 741-7234 and (800) 842-1339. These are for customer support and loan inquiries. You can also dial (844) 398-3939 24/7 for automated payment processing (as mentioned earlier). If you know your branch, you can find its specific phone number via the site’s locator or Google.
- Hours of operation: Most Tower Loan branches are open Monday through Friday, roughly 9am–5pm, and often half-day on Saturday (around 9–12). (Check your local branch hours on the website or by calling, as they may vary.) Note Sunday offices are closed.
- Customer service: For loan questions, you typically contact the branch where you signed your loan, or use the main support numbers above. Tower Loan’s compliance and corporate office is in Mississippi, but customer support is branch-based. If you have escalated issues, Tower’s site suggests contacting the branch manager first or mailing the compliance department (Tower Loan P.O. Box 320001, Flowood, MS 39232). You can also visit Tower Loan’s Facebook or LinkedIn pages for updates and community feedback (they maintain social profiles).
Tower Loan near me: Because Tower Loan is state-licensed, it’s not in every state. To see if there’s a location near you, use the TowerLoan.com branch locator or Google “Tower Loan near [your city].” If none appears, Tower Loan doesn’t serve your area. In that case, consider other local lenders or online lenders that serve your state.
Tower Loan phone number: We mentioned the main lines above. For payment issues specifically, use (844) 398-3939 or your branch number. For general info or to set up a loan, call your nearest office directly. Tower Loan’s official site does not list a single nationwide customer service number (except the automated pay number), so branch contact is best. The billpaymentonline directory confirms the ones above.
Is Tower Loan Legit or a Scam?
This is a top question for many: Yes, Tower Loan is a legitimate company, but it’s important to understand what that means. Tower Loan is a long-established, licensed lender with real branches and real loan products. It is not a fictional or fraudulent entity. Here are some points on legitimacy:
- History and accreditation: Tower Loan was founded in 1936 and is regulated by state financial authorities. It’s part of First Tower Corp., which complies with federal and state lending laws. The company holds proper lending licenses in each state where it operates. It is not accredited by the BBB (a voluntary process), but that is common for many lenders and doesn’t make it a scam. A “legit” check: If you walk into a Tower Loan branch in person and everything seems normal (office, staff, paperwork), that’s a good sign it’s real. The fact that Tower Loan has grown into 260+ offices nationwide also indicates it is a genuine business, not a fly-by-night scheme.
- Customer reviews: Trusted review sites like Trustpilot give Tower Loan very high marks (4.8/5). Customers often say things like “service was fast and staff were helpful. These positive reviews suggest the company is generally trustworthy and provides real loans. On the other hand, if Tower Loan were a scam, we wouldn’t see thousands of positive reviews from satisfied borrowers. However, note that scammers could possibly mimic a company’s name. Always verify you are dealing with Tower Loan, LLC (or First Tower Loan, Inc.) — check the branch address or official website — rather than a similarly named entity.
- “Pre-approved checks”: Tower Loan sends out official pre-approved loan checks to targeted mailing lists. If you receive one in the mail that looks like a check made out in your name from “Tower Loan,” that is a genuine offer – it’s part of Tower Loan’s marketing. Tower Loan’s own site explains that cashing this check essentially enrolls you in a loan with the disclosed terms. It’s not a scam check, but you should only cash it if you truly want that loan, because doing so legally obligates you to repay it at the stated APR (which, again, is high). Never wire money or send gift cards in response to one of these offers; legitimate Tower Loan will only require the usual paperwork and payments back into a loan account.
- Avoiding scams: Unfortunately, scammers sometimes pretend to be Tower Loan to fool people. For example, if you get an unsolicited call or text demanding payment outside of normal channels (asking for gift cards, etc.), that is a red flag. Always double-check: call Tower Loan at their official numbers [(318) 741-7234 / (800) 842-1339] to confirm any suspicious communication. Genuine Tower Loan staff will never ask you to pay through unusual methods or threaten you incorrectly. If something feels off – like extremely high fees sneaked into a refund – step away and verify with Tower Loan directly.
- BBB complaints: The BBB site shows many consumer complaints (late fees, collection tactics, etc.). Many of those reflect unhappy customers saying they felt harassed or that terms were unclear. Tower Loan usually responds by saying loans followed agreed terms. A few complainants even call it a “scam. The lesson here: Tower Loan is not a government agency – they are a business trying to get you to repay loans. Their practices can be aggressive (like many lenders) if you’re late on payments. So Tower Loan itself isn’t a mythical scam, but borrowing from them can be costly if you’re not careful. The BBB rating “D” doesn’t mean “fraud”; it reflects unresolved disputes and complaints about high interest or collection.
In short, Tower Loan is legitimate (you will get actual money if you qualify). However, it carries high costs and strict enforcement. Always review the loan agreement carefully. If you’re offered a pre-approved check, understand it’s a binding loan agreement if you cash it. To verify any loan offer, you can call the branch listed on the offer check or call the main Tower Loan line. And remember: if something seems too good to be true (like “no interest” or “refund after payment”), it probably is.
Pros and Cons of Tower Loan
Every financial service has upsides and downsides. Here’s a balanced look at Tower Loan:
✅ Pros:
- Accessible lending: Tower Loan approves a wide range of borrowers. Even if you have less-than-perfect credit, Tower is often willing to lend (sometimes requiring collateral or co-signer). This makes it a fallback option when banks say no.
- Quick decisions: Both online and in-branch applications are known for rapid approvals. Trustpilot reviewers frequently note a “fast and easy” loan process. The “live check” marketing means some people can get funds by simply depositing a mailed check, then finalizing the loan.
- Physical presence: 260+ physical offices mean you can get face-to-face service – something many borrowers appreciate. If you want personal help or to ask questions in person, there’s likely a branch near you.
- Flexibility: Tower Loan offers various loan types (personal, installment, home improvement, auto-secured, etc.) under one roof. You can often consolidate debts, handle emergencies, or finance vacations via Tower Loan.
- No prepayment penalty: According to Tower Loan FAQs, the APR and payment schedule are fixed, but you can typically pay off the loan early without penalty. (Fixed-rate loans usually allow early repayment without extra fees.) This means if you come into money, you can reduce interest costs by paying sooner.
❌ Cons:
- High interest rates: Tower Loan’s advertised APR of up to 32.99% is high. In practice, many borrowers report rates in the double digits (sometimes well above 50-100%, depending on their state and credit). By comparison, a decent bank loan or credit union might be under 10%. Those high rates mean borrowing costs can quickly add up. Always calculate your total repayment.
- Aggressive collections: Multiple customer reports allege that Tower Loan’s collection practices can be strict. For example, some borrowers say they were contacted repeatedly or had wage garnishments if late by a few days. Tower’s responses indicate they feel they uphold their agreements, but customers may find the pressure stressful. Make sure you can commit to the payment schedule.
- Fees and disclosures: While Tower discloses fees, some customers feel “surprised” by origination fees or insurance costs. Check the fine print: there may be origination or late fees (often a flat fee). State laws vary, so your loan agreement should list any fees.
- Limited transparency online: Unlike fully online lenders, Tower Loan’s website doesn’t show personalized quotes until you apply. You must go through prequalification to see your rate. Some customers dislike this lack of upfront pricing.
- Geographic limitations: Tower Loan is only in about 8 states. If you move or live elsewhere, it’s not available. In states like Florida or Tennessee, it’s very new. Always confirm service areas on Tower’s site.
Comparison: Compared to mainstream banks or credit unions, Tower Loan’s rates are much higher, but banks often require higher credit scores. Compared to payday lenders, Tower’s installment loans might be a better deal (longer terms, lower APR) – but still expensive. Competitors like OneMain Financial or Peerform offer similar installment loans; some customers find credit union or online personal loan alternatives may charge less interest. Tower’s niche is in-person accessibility and approval flexibility, at the cost of high rates. As the Trustpilot summary notes, Tower’s strength is customer service and convenience, but borrowers should only use it when necessary and with a plan to repay quickly.
Common FAQs About Tower Loan
Below are answers to frequently asked questions about Tower Loan:
- What is Tower Loan?
Tower Loan is a Mississippi-based consumer finance company (est. 1936) that makes personal installment loans and secured loans in several U.S. states. Its loans have fixed payments and terms. See our What is Tower Loan? section above for more details. - Is Tower Loan legit?
Yes, Tower Loan is a legitimate, licensed lender with real branches in multiple states. It is not a scam, but it does charge high interest. We cover its legitimacy and reviews in detail above. In brief: it has thousands of satisfied customers (4.8/5 stars on Trustpilot) but also many complaints (BBB rate D) due to its strict loan terms. Always check your loan agreement carefully and only borrow what you can repay. - What time does Tower Loan open?
Most Tower Loan branches follow weekday business hours. For example, one Tower Loan listing shows Monday–Friday 9:00 AM – 5:00 PM, Saturday 9:00 AM – 12:00 PM (closed Sunday). However, hours can vary by location. Always verify hours with your local branch by calling or checking online. During peak days they may open earlier or later. Use the branch locator for specific contact info. - How to get a loan for a tow truck?
(We interpret this as: “Can I finance a tow truck through Tower Loan?”) Tower Loan’s Auto Secured Loan might apply if you already own a tow truck or vehicle. According to Tower’s Auto Secured Loan page, you can use an existing vehicle as collateral to borrow (Tower will even pay off another lender and refinance your vehicle loan). So if you have a title to a tow truck or similar vehicle, Tower could potentially finance it (subject to credit approval and requirements). However, Tower Loan typically finances used cars and trucks, not brand-new purchases at a dealership. If you need a loan specifically to buy a tow truck, consider contacting a bank or credit union for a small business auto loan, or looking into equipment financing loans from specialty lenders. Tower can refinance existing auto debt but is not known for large commercial vehicle loans. - Where can I cash a Tower Loan check?
A Tower Loan check is just like any other check from a financial company. You can cash or deposit it at your bank or credit union (if you have an account) or at a check-cashing service. Federal regulations allow your bank up to 5 business days to clear a check deposit, but often part is available sooner. You can also deposit checks via an ATM (if your bank allows it) or mobile deposit through your banking app. If you have no bank account, you could take it to the bank on which the check is drawn (but Tower Loan is not a big bank, so likely give it to your bank). Some retail stores (like Walmart) and check-cashing businesses will cash personal or business checks (possibly for a fee). Always endorse the check (sign the back) and bring valid ID. Keep in mind: if this is a Tower Loan pre-approved check offer, cashing it automatically creates a loan (see next FAQ). - Are Tower Loan checks legit?
Yes, if the check is really from Tower Loan, it is legitimate. Tower Loan sends out “live checks” to pre-approved customers as part of marketing. Tower’s site says these checks are guaranteed offers specifically selected for the recipient. If you decide to cash or deposit such a check, you are essentially signing up for that loan. After you do, Tower Loan will contact you within a few days to review the loan terms with you. The loan terms (APR, fees, repayment schedule) are printed in the disclosure that comes with the check. So yes, Tower Loan checks are real offers – just be absolutely sure you want the loan before cashing it. If you have concerns about a check’s authenticity, call Tower Loan directly (using the branch number printed on the check or (318) 741-7234) to confirm.
Financial Tips Before Taking a Tower Loan
Taking on debt is a serious decision. Here are some financial tips and a handy tool before you borrow:
- Assess your need: Only use a high-interest loan like Tower Loan for urgent or essential needs (emergency expenses, debt consolidation, etc.). If it’s for convenience (like a vacation), carefully weigh the cost. Sometimes building an emergency fund or finding cheaper financing (0% credit card promotions, for example) is better.
- Budget carefully: Before borrowing, make a budget of your monthly income and expenses. Ensure the loan payment fits comfortably. Don’t borrow the maximum if you can’t pay it back. Tower Loan requires fixed monthly installments, so missing a payment can quickly trigger late fees.
- Emergency fund: It’s wise to have an emergency fund (cash savings) before adding new debt. A good rule is 3–6 months of living expenses in savings. Use our EmergencyFundCalculator.com to figure out how much you should have saved before taking on this debt. The calculator helps you plan how much to save by your target date. If you find your emergency fund is low, consider postponing the loan and building more cushion. (Using such tools signals financial responsibility – consider it a free budgeting coach.)
- Compare alternatives: Always shop around. Check what your local credit union or bank might offer (sometimes they have programs for low-credit borrowers). See if family or friends can lend you money at low or no interest, or if you qualify for any assistance programs. Only after considering these options should you turn to an expensive lender.
- Read the contract: When you get a loan offer or check, read the fine print. Understand the annual percentage rate (APR) and any additional fees (origination, insurance, late fees). You have the right to a copy of your loan agreement. Tower Loan’s FAQ notes that rates are fixed, but other costs might apply. Make sure you know exactly how much you will pay back in total.
Use the EmergencyFundCalculator.com tool to double-check your finances before borrowing. By having a solid savings plan and a clear budget, you’ll avoid the stress of relying solely on high-interest loans in the future.
Conclusion
Tower Loan is a longstanding lender offering quick cash through personal installment and secured loans. It provides a valuable service for people who need immediate funds and may not qualify at banks. With over 260 branches and 80+ years of history, it’s undeniably legitimate. The company prides itself on saying “yes” to borrowers – but that convenience comes at a price. Tower Loan’s interest rates (up to ~32.99% APR advertised) and fees can make repayment challenging. Many reviewers praise the friendly staff and fast service, but customer complaints show the downside of any high-cost lender.
Key takeaways: If you need a small personal loan quickly and have exhausted other options, Tower Loan can provide fast, in-person or online lending. You can apply easily and use their payment portal to manage the loan. Before you borrow, calculate your budget and emergency savings; use tools like EmergencyFundCalculator.com to ensure you can afford the payments. Pay on time to avoid penalties. And verify any loan offer or check by contacting Tower Loan directly to avoid scams.
By staying informed – reading reviews, understanding loan terms, and planning your finances – you can use Tower Loan safely if needed. Always remember: building savings and improving credit can eventually open doors to cheaper loans (or even no-loan solutions). Use smart budgeting and trustworthy tools to manage your debt and achieve financial security.
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