Tower Loan Blog

Industry News, Resources, and Useful Tips

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Do student loans affect credit score?

Do student loans affect credit score? Student loans are ubiquitous when it comes to finding ways to finance higher education. There are usually many sources of helpful information for navigating the process of obtaining student loans, but that’s where the help usually ends. Taking out a loan of any kind can impact your finances in…

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consequences of passing the 36% APR lending law

The “intended” consequences of passing the 36% APR lending law

The “Intended” Consequences of Passing the 36% APR Lending Law A new study, currently posted for public comment, has found that rate caps prevent Americans from accessing high-quality credit products they need and want. Why It Matters The study, entitled Effects of Illinois’ 36% Interest Rate Cap on Small-Dollar Credit Availability and Financial Well-being, found that after the imposition of…

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Documents Needed for Loan Applications

Personal Loan Documents Checklist There are lots of steps involved in loan applications, but one of the most important is getting all of your documents ready for the lender’s approval. These loan documents prove who you are, back up your financial information, and give lenders the information they need to make an informed decision. Every…

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A Special Announcement

A Special Announcement Tower Loan Purchases Non-Real Estate Loan Accounts of American Thrift Tower Loan is pleased to announce the purchase of all of the non-real estate secured loan accounts of American Thrift, based in New Orleans, Louisiana. The loans will now be serviced by Tower Loan within our network of branch offices.  Tower Loan’s…

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How to Borrow Money Online? Loan Options

How to Borrow Money: An Easy-to-Follow Guide Almost everyone needs to borrow money at some point in their adult life. You may be in a tight spot and need some quick cash, or you may require a more significant amount for undertakings like buying a home. Luckily, there are numerous ways to borrow money. However,…

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Is Debt Consolidation a Good Idea? Things to Consider

Is Debt Consolidation a Good Idea? The Pros and Cons The debt of American households reached a staggering $14.6 Trillion in 2021. And unfortunately, many of the millions of people with debt struggle with tackling multiple debts at once, with the interest rates preventing them from making any real progress. Because of that, many people…

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How Do Credit Card Cash Advances Work?

What is a Cash Advance? (And Why There are Better Options) We’ve all been there. Your cash flow is low and you need funds now. Many people turn to a credit card cash advance. However, there are downsides to doing so. In fact, there are better options available. With that in mind, we’ve dedicated this…

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Personal Loans vs. Short-term High APR loans: Which is Best?

Short-term High APR Loans vs. Personal Loans: An In-Depth Guide When you’re short on funds, you’re probably searching for convenient ways to get the money you need right now. If so, comparing short-term high APR loans vs. personal loans is a smart start. With that in mind, let’s review what a short-term high APR and…

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Debit vs Credit: Understanding accounting examples

Debit vs Credit: Understanding accounting examples Business accounting can be a complicated undertaking, but it’s essential to keep all financial transactions in order. One of the most popular accounting methods many businesses use today is debit vs credit or the debit and credit method, commonly known as double-entry accounting. It’s called double-entry accounting because every…

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how long does credit stay on your report

How long does credit stay on your report?

How Long Does Credit Stay on Your Report? You’re hoping to take out a loan but, uh oh, you’ve got a negative credit on your report. Consumers who want to borrow money in the form of a loan or credit card are evaluated based on their individual credit score, or credit rating, which lenders obtain…

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