Tower Loan

Tower Loan: personal loans with a presence in six states

Tower Loan is an American consumer credit company that offers personal, installment, and secured loans. Its activity focuses on providing financing for specific needs, with an application process that can be started online and a network of offices distributed across several states.

Financing products

The loan catalog includes the following types:

• Personal loans
• Installment loans
• Vacation loans
• Home improvement loans
• Auto secured loans
• Emergency loans
• Debt consolidation loans

The company also allows payment by check by mail. According to published information, the loans offered are fixed-rate, fully amortizing consumer credit, with terms of no less than one year. Terms, amounts, and rates depend on the applicant's state of residence and credit evaluation.

Geographic presence and reach

Tower Loan has offices in six states and more than 240 cities. The company states it has helped more than 200,000 customers. Operations extend to Alabama, Florida, Illinois, Louisiana, Mississippi, Missouri, Tennessee, and Texas, although the company can only lend in those states where it is licensed.

History

Tower Loan's history dates back to 1936, when it opened its first office amid the expansion of the consumer finance industry. In 1945, after World War II, the company sold its offices to various employees. The South State Street office in Jackson, Mississippi, was acquired by Ed and Kate Clark, who expanded the business from a single office to 16 in Mississippi. In 1972, following Kate Clark's death, Jack Lee purchased 12 of Ed Clark's offices, located in North Jackson, Clinton, East Jackson, Yazoo City, Canton, Kosciusko, Pascagoula, Louisville, Eupora, Carthage, Moss Point, and Philadelphia. Some operated under the Tower Loan brand and others as Russell Baker Finance. In 1983, the company established two insurance companies: American Federated Life Insurance Company, specializing in credit life and credit accident and health insurance, and American Federated Insurance Company, focusing on credit property insurance. That same year, Tower expanded to 29 offices in Mississippi. In 1990, it acquired Louisiana-based Reliable Finance, its largest acquisition to date, entering 13 offices in that state. To consolidate its structure, First Tower Corp. was formed as a holding company.

Customer resources

The company maintains a blog with informative articles on personal finance, such as comparisons between secured loans and personal loans, the difference between FICO score and credit score, and the distinction between secured and unsecured loans. It also offers a mobile app, a rewards program, and the option to make payments by phone 24/7. Additionally, it has a donation program for Palmer Home for Children.