At times, life can throw unexpected financial challenges at us. When this happens, Tower Loan is there to help.
In this article, we’ll explore the history of Tower Loan, the types of loans they offer, and how to make a payment on your Tower Loan bill.
Tower Loan is a US-based company offering personal loans to residents living in Alabama, Illinois, Louisiana, Mississippi, Missouri, and Texas.
They have been in operation since 1936 and have grown to become one of the nation’s leaders among independent finance companies.
History of Tower Loan
Tower Loan has a rich history, spanning over eight decades of growth, expansion, and acquisitions.
Tower Loan began in 1936, experiencing prosperity and growth in the budding consumer finance industry.
After World War II, the company was sold to various employees, including Ed and Kate Clark, who expanded Tower Loan from a single office to 16 offices throughout Mississippi.
Expansion and Acquisitions
In 1972, Jack Lee purchased 12 of Ed Clark’s offices, forming two insurance companies to provide credit-related insurance.
Throughout the 1980s and 1990s, Tower Loan continued to grow, acquiring Reliable Finance Company in 1990 and expanding into Louisiana.
By the end of 1992, Tower Loan had 60 offices. Further acquisitions occurred in the late 1990s and early 2000s, including the purchase of Walthall Finance, Money Mart, Inc., and the receivables of Gulfco Finance Company.
Tower Loan Today
In recent years, Tower Loan has continued to expand, with operations now in Missouri, Illinois, Alabama, and Texas.
In 2018, the company made its largest acquisition, Harrison Finance Company, and expanded into Texas in 2021.
Tower Loan has remained resilient and prosperous despite high-interest rates, recessions, government regulations, and difficult litigation environments.
Tower Loan Bill Payment
When it comes time to pay your Tower Loan bill, there are several convenient options available.
Online Payment Portal
Tower Loan’s Online Payment Portal allows you to make payments quickly and securely.
To access your account, you’ll need to provide your first and last name, date of birth, last four digits of your SSN, and your account number.
Payments received after 7:00 pm CDT will be credited on the following business day. If you have any issues accessing your account, you can contact your local branch for assistance.
Payment through Branch
If you prefer to make a payment in person, you can visit your local Tower Loan branch. To find a branch near you, go to www.towerloan.com, click on “More,” then “Branch Locations,” and enter your address.
You can also call your local branch to verify the information needed to access your account.
ONLINE BILL PAYMENT
Types of Loans Offered by Tower Loan
Tower Loan offers a variety of loan options to cater to the diverse needs of their customers. Here’s an overview of the types of loans they provide:
These loans are designed for those who need quick access to funds. The online application process is fast and efficient, making it a convenient way to borrow money.
Personal loans allow borrowers to receive a lump sum of money for various purposes, such as debt consolidation, major purchases, or other financial needs.
Installment loans are a great option for those who need to cover medical bills, car repairs, or other urgent expenses. These loans come with fixed interest rates and repayment terms, providing predictability and stability throughout the loan’s life.
When you’re ready to take your dream vacation but need some extra funds, Tower Loan’s vacation loans can help make your travel plans a reality.
Home Improvement Loans
For homeowners looking to renovate or make upgrades to their property, Tower Loan’s home improvement loans provide the necessary funds to turn dreams into reality, increasing the value and comfort of your home.
|Type of Loan||Description|
|Online Loans||The fastest way to borrow money.|
|Personal Loans||Borrow a lump sum of money.|
|Installment Loans||Great for covering medical bills, car repairs, or other urgent expenses.|
|Vacation Loans||Get the funds you need to take your dream vacation.|
|Home Improvement Loans||Turn your home improvement dreams into reality.|
Each of these loans is designed to cater to specific financial needs, making Tower Loan a versatile and reliable lending partner for a wide range of borrowers.
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Frequently Asked Questions
Here go some Frequently Asked Questions about tower loan.
Can I pay my Tower Loan bill online?
Yes, by selecting “Pay Your Bill,” you will be directed to a page where you can enter your account details and make your bill payment online. To access your account, you simply need to verify your first name, last name, date of birth, last 4 digits of your SSN, and your 12-digit account number.
Can you pay off Tower Loan early?
Yes, you can pay off your Tower Loan early. Contact your local branch to discuss the early payment process and any potential penalties or fees that may apply.
Does Tower Loan take credit card payments?
It is best to contact your local Tower Loan branch to confirm the accepted payment methods, as they may vary depending on the branch and your account type.
What is the pay period for Tower Loan?
The pay period for Tower Loan typically depends on the terms of your specific loan agreement. Contact your local branch or check your loan documents for details about your payment schedule.
Does Tower Loan report to credit?
Yes, Tower Loan reports your payment history to the major credit bureaus. Making on-time payments can help improve your credit score, while late or missed payments may negatively impact your credit.
What happens if you pay off a loan too early?
Paying off a loan early can save you money on interest, but some lenders may charge prepayment penalties. Contact your local Tower Loan branch to discuss the terms of your loan and any potential fees associated with early repayment.
How can I pay off my loan early without penalty?
To pay off your loan early without penalty, first review your loan agreement for any prepayment clauses. If your loan does not have prepayment penalties, you can make additional payments or pay a larger amount than the minimum due each month to reduce your principal balance more quickly. Always check with your lender before making additional payments to ensure that they will be applied correctly.
Branch Phone Number
Here go the contact number of Mississippi Branches
Here go the customer service number for Texas
|South San Antonio||726-208-3026|
|West Ft. Worth||682-348-3465|