tower loan check in the mail
Published December 9, 2023Maximizing Tower Loan Check-in the Mail: A Step-by-Step Guide for Convenient Payments
Introduction
For many individuals and families, accessing the necessary funds for unexpected expenses can be a difficult and stressful task. Whether it's a medical emergency, car repairs, or home maintenance, these surprises can put a strain on your budget. This is where getting a loan can be an ideal solution. However, traditional bank loans can be lengthy and have strict eligibility requirements. This is why many turn to alternative lending options, such as tower loans, which offer a quick and convenient way to get the funds you need. In this article, we'll delve into one particular aspect of tower loans � the check in the mail option � and how it works.
What is Tower Loan?
Tower Loan is a non-traditional lender that provides personal loans ranging from $500 to $5,000. They have been in business since 1936 and operate in over 240 locations across 5 states, including Mississippi, Louisiana, Missouri, Illinois, and Alabama. Their loans are typically used for unexpected expenses, debt consolidation, and home improvements.
How Does the Check in the Mail Option Work?
For some tower loan customers, receiving a physical check in the mail is the preferred method of receiving their loan funds. This is a simple and convenient option for those who do not have a bank account or do not want to receive direct deposits. Here's how it works:
Applying for the Loan
The first step in getting a tower loan is to fill out an online application form or visit one of their in-store locations. This process involves providing basic personal information, employment details, and the loan amount desired. Applicants also have the option to include a co-borrower to help with the approval process. The application typically takes around 15-20 minutes to complete.
Verification and Approval
After submitting the application, the tower loan team will review it and verify the information provided. This usually involves a credit check and income verification. If everything checks out and the loan is approved, the borrower will receive the loan agreement and terms to review and sign.
Receiving the Check in the Mail
Once the loan agreement is signed and all necessary documents are submitted, the lender will process the loan. For those who have opted for the check in the mail option, the funds will be sent via a physical check to the borrower's provided address. The check usually takes 1-3 business days to arrive at the designated address.
Benefits of Receiving a Check in the Mail
Receiving a check in the mail may not be the most modern method of receiving funds, but it does have its advantages. Here are some benefits of choosing this option:
Accessibility
One of the main advantages of receiving a check in the mail is accessibility. This option is ideal for those who do not have a bank account or those who do not want to deal with the hassle of setting up a direct deposit. The physical check can be easily cashed at any bank or check-cashing location.
Control
Another benefit of receiving a check in the mail is the control it provides to the borrower. With a direct deposit, the funds are automatically deposited into the designated account, making it difficult to control spending. However, with a physical check, the borrower has the option to cash it and use the funds as they see fit.
Privacy
For some individuals, direct deposits can be a privacy concern. With a physical check in the mail, the only party that has access to the borrower's personal information is the lender. This can provide a sense of security for those who are wary of sharing their bank information.
Conclusion
In conclusion, the check in the mail option for tower loans provides a convenient and accessible way to receive loan funds. This option is ideal for those who do not have a bank account, want more control over their funds, or have privacy concerns. Tower Loan's quick and easy application process, combined with their check in the mail option, make them a great alternative lending option for those in need of fast cash. However, it's important to carefully consider the loan terms and ensure that you can make timely repayments before taking out any loan. We hope this article has helped you understand how the check in the mail option works and the benefits it offers.
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