what is tower loan
Published December 9, 2023Understanding the Basics: What is Tower Loan and How Does it Work?
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Introduction
Tower Loan is a well-known name in the lending industry, but many people may still have questions about what exactly it is and how it works. This article aims to provide a comprehensive guide to Tower Loan, including its history, services, and benefits. Whether you're considering taking out a loan or are just curious about this financial institution, read on to learn all about Tower Loan.
What is Tower Loan?
Tower Loan is a company that offers personal loans to individuals in need of financial assistance. It was founded in 1936 by Howard L. Johnson and has been providing loans to customers for over 85 years. With locations in over 180 cities across the United States, Tower Loan has become a trusted source for many people facing financial difficulties.
Services Offered by Tower Loan
Tower Loan specializes in providing personal loans to its customers. These loans can be used for a variety of purposes, such as home improvement, debt consolidation, medical expenses, and more. The company offers both secured and unsecured loans, depending on the borrower's credit history and financial situation.
Secured vs. Unsecured Loans
A secured loan requires collateral, such as a car or property, to be put up against the loan amount. This collateral acts as a guarantee for the lender, in case the borrower is unable to repay the loan. On the other hand, an unsecured loan does not require collateral and is solely based on the borrower's creditworthiness. Tower Loan offers both types of loans, giving customers more options to choose from.
The Application Process
The application process for a Tower Loan is simple and easy. Interested individuals can apply online or visit a physical branch to fill out an application form. The form will ask for personal information, such as name, address, employment details, and income. Applicants will also need to provide proof of identification and income, such as a driver's license and payslips.
Loan Approval and Disbursement
After submitting the application, it will be reviewed by Tower Loan's underwriters to determine loan eligibility. If approved, the borrower will receive the loan amount through direct deposit or a check. The time frame for approval and disbursement may vary depending on the loan amount and the borrower's credit score.
Benefits of Tower Loan
There are several benefits of obtaining a loan from Tower Loan. Firstly, the company offers competitive interest rates, making it an affordable option for borrowers. Secondly, Tower Loan has a quick and easy application process, making it a convenient choice for individuals in need of immediate financial assistance. Additionally, the company has flexible repayment options, allowing borrowers to choose a plan that works best for them.
Closing Thoughts
Tower Loan has been a leading provider of personal loans for decades, helping countless customers with their financial needs. The company's long-standing history and wide reach across the country make it a trustworthy and reliable source for loans. With competitive interest rates, flexible repayment options, and a simple application process, Tower Loan is a great choice for anyone looking for a personal loan. Consider this financial institution for your next loan needs.
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