does tower loan check credit
Published December 9, 2023Understanding How Tower Loan Checks Credit: Everything You Need to Know
Introduction
In times of financial need, individuals often turn to personal loans to cover unexpected expenses or consolidate high-interest debt. One popular lender that may come to mind is Tower Loan, a company that has been providing installment loans since 1936. In this article, we will delve into the topic of whether or not Tower Loan checks credit scores as part of their lending process.
The Importance of Credit Scores
A credit score is a three-digit number assigned to individuals based on their credit history. It is an important factor that many lenders look at when determining an individual's creditworthiness. A good credit score reflects a person's responsible financial behavior, while a poor one can be a red flag for lenders.
Having a good credit score opens up many opportunities for individuals, such as lower interest rates, higher credit limits, and faster loan approval. On the other hand, a low credit score can make it challenging to secure loans or other forms of credit, and if approved, they may come with higher interest rates and stricter terms.
Tower Loan's Credit Policies
Many lenders will perform a credit check as part of their underwriting process as it helps them make informed decisions. What sets Tower Loan apart is that they have a more flexible credit policy compared to traditional lenders. Tower Loan understands that everyone's credit situation is unique, and one number doesn't define who you are as a borrower. As such, they offer loans to individuals with a range of credit scores and understand that past financial mistakes do not necessarily predict future behavior.
When you apply for a loan with Tower Loan, they will consider various factors beyond just your credit score. They look at your income, employment history, and overall financial stability. As long as you have a steady income and demonstrate the ability to repay the loan, Tower Loan may approve your application regardless of your credit score.
Credit Check vs. Credit Inquiry
It is essential to differentiate between a credit check and a credit inquiry when it comes to applying for loans. A credit check involves accessing your credit report from one of the three main credit bureaus (Equifax, Experian, and TransUnion). This type of credit check is known as a hard inquiry and can lower your credit score by a few points.
On the other hand, a credit inquiry is a soft inquiry, and it does not impact your credit score. This type of review is usually done when you are checking your credit score or when a company, such as Tower Loan, pre-approves you for an offer. Additionally, when a company performs a soft inquiry on your credit, it will not show up on your credit report.
Tower Loan's Application Process
Now that we understand the difference between a credit check and a credit inquiry let's look at Tower Loan's application process. When you apply for a loan with Tower Loan, they will perform a soft inquiry using their own internal credit scoring system. The goal is to assess your creditworthiness without affecting your credit score.
If you are pre-approved based on their internal scoring system and you continue with the application process, Tower Loan may then perform a hard inquiry on your credit. This is to verify the information provided on your application and ensure they are making a responsible lending decision.
Benefits of Tower Loan's Flexible Credit Policy
As mentioned earlier, Tower Loan's credit policy is more flexible compared to traditional lenders. This is beneficial for individuals who have had financial setbacks or are in the process of rebuilding their credit. Tower Loan gives these individuals a chance to secure financing and prove themselves as responsible borrowers through on-time payments.
Additionally, Tower Loan's installment loans report to the credit bureaus, which can help improve your credit score over time. As you make timely payments, your credit score will gradually go up, opening up more financial opportunities in the future.
Conclusion
In conclusion, while Tower Loan may perform a credit inquiry as part of their application process, they prioritize other factors, such as income and employment history, when making lending decisions. Their flexible credit policy gives individuals with less than perfect credit a chance to secure financing and rebuild their credit. So, if you are in need of a personal loan and are worried about your credit score, consider applying with Tower Loan and taking advantage of their flexible credit policies.
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