Tower Loan

*Throughout our various locations where we are licensed, we offer traditional installment consumer credit which includes both installment loans and direct and indirect extensions of credit through retail installment sales contracts. It is a fixed rate, fully-amortized closed-end extension of consumer credit as defined in Regulation Z to the Truth in Lending Act (TILA), in which the principal (defined as Amount Financed under TILA) and the scheduled interest (defined as Finance Charge under TILA) are repaid in substantially equal multiple installments at fixed intervals to fulfill the consumer’s obligation.  The loans we offer typically have a variety of maturities, but none less than one (1) year.  We can only lend in those states in which we are licensed and not all rates or loan amounts are available in all of the states we operate.  Minimum and maximum amounts are dependent on an applicant’s state of residence and the underwriting of the loan.   Disclosures provided in the loans, such as the Annual Percentage Rate (APR) are consistent with the requirements  of TILA and Regulation Z.  The APR stated on a loan represents the cost of credit as a yearly rate and will be determined based upon the applicant’s credit at the time of application, subject to state law limits.

*Typically, loan offers feature quotes for loans with terms of 12 to 36 months. For example, if you borrowed $6,000 with a 34.96% Federal Annual Percentage Rate (“APR”) with a 29.22% State Federal Annual Percentage Rate (“APR”)  and a 26-month term, your payments would be $333.00 per month. The total amount paid back would equal $8,658.00 if kept open the full term.  Not all consumers are eligible to apply online. Secured loan options are available exclusively in-branch and have additional collateral and insurance requirements. Loan terms, rates, and origination fees apply based on the state of residence of the borrower and may vary.  All loans and renewals are subject to approval pursuant to standard underwriting criteria. Not all consumers will qualify.  Specific interest rates and fees are determined as permitted under applicable state law and depend upon loan amount, term, and the applicant’s ability to meet our credit criteria, including, but not limited to, credit history, income, debt payment obligations, and other factors such as availability of collateral.  Additional fees may apply to some loan offers and some state required or permitted fees may be treated as prepaid finance charges. Any such charges shall be in addition to the loan amount requested and/or approved and shall be fully disclosed to the applicant on the loan agreement.  Not all applicants will qualify for the lowest rates or larger loan amounts, which may require substantive collateral to secure the loan, such as with an automobile.