Brand Overview: Tower Loan
Tower Loan is a regional consumer finance company founded in 1936 and headquartered in Flowood, Mississippi. Operating under First Tower Corp., the lender has expanded to run over 200 branch locations across several Southern and Midwestern states, specializing in short- to medium-term consumer lending solutions.
Contact Info
Tower Loan restricts general customer service via email due to privacy protocols and requires borrowers to handle account servicing through local branches or phone channels. However, the company provides a designated email for mobile platform issues at [email protected]. Key official phone contacts include:
- Customer Service and Automated Pay-by-Phone: 844-398-3939
- Mobile App Support: 855-859-1709
- Headquarters Contact: 601-932-1520
Industry and Operations
Tower Loan operates within the non-bank consumer lending and specialty finance sector. The company provides credit products primarily aimed at individuals needing personal funding or those seeking alternatives to traditional banking channels.
- Personal Installment Loans: Fixed-rate loans tailored for debt consolidation, vehicle repairs, medical costs, and home improvements.
- Retail Sales Financing: Consumer financing programs offered through local retailers and merchant partners.
- Credit Insurance Services: Credit-related life, accident, disability, and property insurance provided in partnership with American Federated Insurance Company.
- Branch-Based Servicing: Local storefront lending operations combined with online application facilities and web portal payment options.
User Sentiment
Customer feedback regarding Tower Loan frequently centers on dissatisfaction with loan costs, rigid servicing procedures, and collection methods. Many borrowers highlight difficulties in handling customer support when disputes arise over account balances and credit reports.
- High Interest Rates and Financing Charges: Many customers express dissatisfaction with high APRs, interest compounding, and the added cost of ancillary products like credit insurance.
- Aggressive Collection Practices: Borrowers complain about persistent and frequent collection calls, including contact directed to workplaces and personal references when an account falls past due.
- Credit Reporting Discrepancies: Multiple complaints describe delays in marking accounts as paid, erroneous reports of late payments, or hurdles in correcting erroneous credit reporting data.
- Payment Posting and Payoff Issues: Consumers report issues with payments taking too long to reflect, disagreements over late penalties, and discrepancies in official loan payoff quotes.
- Inconvenient Customer Service Structure: Frustrations are often voiced about the inability to handle routine account problems via email or a central online desk, requiring customers to call or visit physical branch locations directly.
Share Your Experience
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