What is a personal loan?
Personal loans are consumer loans of credit that are granted to consumers for a variety of uses, but contain fixed payment amounts over a fixed period of time. Personal loans can be advantageous over typical revolving credit or credit cards due to the predictable payment plan. These loans are paid off with monthly installments over a scheduled period of time. These can even be a tool for building credit to increase your personal credit if payments are made on time. Tower Loan offers both secured & unsecured personal loans, depending on what the consumer qualifies for.
Benefits of Personal Loans
When trying to find the best personal loan, it’s essential to carefully consider your options in order to choose one that is the most beneficial to your particular situation. There are a wide variety of personal loan providers online. Choosing the right one can be incredibly beneficial to your financial situation both in the short-term and the long-term.
At Tower Loan, we take pride in providing the best personal loans that allow our clients to take control of their finances.
So what are the benefits that personal loans online can offer compared to other types of loans?
Well, first off, personal loans can have much lower interest rates than some of the other types of loans, such as credit card loans. Tower Loan offers the best personal loan rates that a consumer can qualify for, and we always strive to provide optimal conditions for each customer. We understand that our loans play an essential role to the financial well-being of our customers. Because of this, Tower Loan specialists work with you to always give you the best options available depending on your personal situation.
Another significant benefit of using a personal loan company like Tower Loan for your loan is the flexibility that we can offer.
The application process is relatively quick and straightforward, so if you need an influx of cash, you can gain approval faster and have the money in your bank account in no time. Whenever you have a quick expense you need to cover, you can apply for a personal loan and solve the issue quickly.
And, since Tower Loan offers online loans, you can get a personal loan much faster. The process simply involves filling out an online form and verifying your identity. It can be completed on a desktop, tablet, or mobile phone. You will be connected with a representative and can then set up the details of your loan as soon as the verification process is completed.
Finally, with personal loans, you aren’t restricted in how you can use the money. Whatever the reason for the loan, you can spend the money however you want. This varies significantly from other types of loans that are only approved for certain types of expenses (like a student loan or a mortgage).
Uses for Personal Loans
As we briefly mentioned in the previous section, there are numerous reasons why a person might need a personal loan, and thus there’s almost no purpose for a loan that wouldn’t be accepted.
But what types of personal loan uses are the most common?
Well, a popular use for this type of loan is consolidating high-interest debt from credit cards or other accounts. Since personal loans can have much better interest rates, by choosing to refinance your debt, you can save a significant amount if you refinance your other debts using this method.
Another common use of a personal loan is vacation loans.
Many people don’t want to save up for years at a time to have their perfect vacation. This is especially true when their schedule has a limited window for planning a trip.
With the help of a personal loan, you can finance your vacation instantly and pay back the loan in monthly installments with reasonable interest rates. Whether you need money for a road trip across the country, a multi-week excursion to Europe, or saving a spot on a luxurious cruise ship, Tower Loan has you covered.
Some people use personal loans as a down payment for a bigger purchase, such as a car. If the right opportunity presents itself, personal loans give them the chance to obtain a quick down payment for their next vehicle. Deals can come and go quickly. Nothing is worse than finding the perfect vehicle for what you need, only to see it sold to someone else before you have time to get a payment together. Having access to a quick source of funds is an indispensable benefit for these types of time-sensitive situations.
Personal loans can also be helpful when you have sudden expenses such as emergency medical bills or damage to your house. These types of events can turn your world upside-down. It’s hard enough to get together a substantial amount of cash in an instant when life is stable. After an unexpected disaster? It’s nearly impossible. However, with a personal loan, you can set up a stable and affordable payment plan that will help you get back on your feet.
The reality is that there is almost no limit to the potential reasons why a personal loan might be needed. Some other common use cases included:
- Paying for a wedding
- Moving expenses
- Expenses after the birth of a child
- Paying for a funeral
- Paying for gifts
- Helping a loved one financially
- Expensive electronics (TVs, computers, etc.)
- Pet expenses
Why choose Tower Loan?
Tower Loan has been helping our customers since 1936. Since all of our loans have equal installment payments, there’s no worry with getting lost in revolving debt. Tower Loan has over 230 locations to serve you locally. We take pride in servicing our customers with the best customer service around. We listen carefully to your needs to make sure we take the worry out of obtaining credit. You can count on Tower Loan to continue our customer services just as the date we first met. We specialize in taking care of all of your financial needs.
See what you qualify for today
If you’re interested in applying for a personal loan from Tower Loan to see what you qualify for, you can do this a variety of ways. We take pride in offering top notch customer service in our physical branches near you. We have over 230+ locations in Mississippi, Louisiana, Alabama, Missouri, & Illinois. You can use our branch locator to find the address or phone number and apply in person or over the phone. We’re also proud to offer the ability to apply for a personal loan online by clicking here to complete your application 100% online. For those that qualify, you may be able to even sign your documents electronically & have the funds deposited into your checking or savings account without ever having to step foot in an office!
What to Expect With Tower Loan?
Our interest rates & APR vary from a variety of factors. Once approved, your loan specialist will go over this along with term options that fit your lifestyle the best. Here is what you can expect for the process:
1) Complete an application. This can be done online by clicking here or you can call or visit one of our local branches near you. We’ll request some of your personal, financial, and employment information to provide an immediate decision on your loan application.
2) Verify your information. If you completed your application online, you may be able to answer a few identity questions to do this. Otherwise, you’ll be visiting the closest office near you to have a loan specialist verify your identity, income, and collateral (if applicable) as well as discuss your loan options.
3) Sign and receive your funds. For the online loans, after choosing your term options, you can sign your documents electronically, then expect the funds to be deposited into the account you’ve provided. If in the office, you’ll review and sign your loan documents there, then will be provided a check with the proceeds from your loan. Then, you’ll be all set!