Industry News, Resources, and Useful Tips

Get The New Tower Loan App Today! In today’s modern digital world, money borrowing apps help people access the funds they need more quickly and efficiently than ever before. Tower Loan is pleased to announce the launch of our new app, available for download via the iPhone App Store and Google Play. Here’s an overview…

How Do I Get Out of Debt? Did you know that the average American owes $105,056 in debt? If you have mortgage, auto, student, personal, and other loans, as well as credit card debt, you’re certainly not alone. Managing debt effectively and eliminating debt are among the most common goals people have in our world…

How Is Loan Interest Calculated? Loan interest is the cost of borrowing money and is typically expressed as a percentage of the loan amount. This percentage represents your interest rate, which is the amount a lender charges you to use their money over a specified period of time. Borrowers must understand how to figure interest…

What Drivers Need to Know About Auto Repair Financing For many people, having a reliable vehicle is essential to success at a job, transporting kids to school, and living independently every day. However, if your car breaks down or is involved in an accident, unexpected car repairs can really stretch your budget. This Tower Loan…

Wondering how to plan for retirement? WE detail the importance of saving early, how to invest, and crucial retirement planning tips. ✓ Click here!

8 Expert Tips for How to Improve Credit Score Think your credit score is just a boring number that doesn’t matter? Think again – it could be the key to unlocking a life-changing loan or moving into your dream home. Learning how to increase credit score is crucial because your score affects your ability to…

Differences Between Revolving Credit and Installment Credit Credit allows you to borrow money based on an agreement that you’ll pay it back later. Whether through a personal loan, credit card, or line of credit, it gives you the ability to finance major purchases and handle unexpected emergencies. There are two main types of consumer credit:…

Understanding Debt-to-Income Ratio The debt-to-income ratio is one of several factors that contribute to overall financial wellness. It compares your monthly debt payments to your gross monthly income. This ratio is significant because it can help you find peace of mind with your finances and make smart decisions when making big life decisions. In this…

Understanding the Effect of Student Loans on Credit Score If you took out loans to pay for your education, you might be concerned about how student loans affect credit scores. It’s true that student loans can impact your credit. However, responsible management of student loans can actually help you build your credit, while mismanaging loans…

APR Meaning and Significance What does APR stand for, and why does it matter regarding your finances? APR stands for annual percentage rate, and it’s a crucial factor when borrowing money or using a credit card. It’s a rate calculated based on a yearly cost and represented as a percentage. APR matters because it represents…