Installment Loans
What is an installment loan?
An installment loan is a type of personal loan where a consumer borrows a set amount of money at one time and repays the loan in monthly installments, usually at a fixed amount over that time period. These types of loans are beneficial because the APR and interest rate are fixed over that repayment period opposed to revolving debt like credit cards that can change over time.
Tower Loan offers repayment period options based on the size of the loan that can fit your lifestyle the best. This helps you budget for your payment each month to avoid missing payments due to monthly interest changes like revolving debt. A few types of installment loans are mortgages, auto loans, & personal loans.
How do I Apply for an Installment Loan Online?
You can apply for an online installment loan from Tower Loan in a few ways.
1. Apply Online
Complete your installment loan application entirely online by clicking here! 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!
2. Apply Over the Phone or In Person
We also take pride in offering top notch customer service at our physical branches near you. With over 250+ locations, you can use the branch locator below to find the address or phone number for the branch nearest you and apply either in person or over the phone!
The Benefits of Installment Loans
Used across various industries and settings, installment loans are so popular because they provide a number of benefits to the borrower. We’ve highlighted just a few of these benefits below and how they differ from other loan types.
Predictability
- Installment loans are very predictable compared to other types of debt such as short-term high APR loans, which can fluctuate depending on a range of personal circumstances.
- An installment loan, which can be repaid in fixed payments each month, can provide much more stability to the borrower, allowing for greater budget control and avoidance of unpleasant surprises.
No Entrapment
- Whether it’s six months, a year, or another time-frame, the clear deadline and payment structure of personal installment loans means that borrowers always know precisely what they’re getting into and can make educated decisions about what type of loan works best for them.
- The transparency and predictability of installment loans offered by Tower Loan means borrowers are provided with a set deadlines for every loan they take out and are not based on fluctuating interest rates like other types of loans.
- Installment loans for borrowers with bad credit means the lender is taking on the bigger risk, sometimes accepting applicants without any collateral. This can mean that the interest rates are a bit higher than at the local bank, but still serve as an excellent option for those that don’t meet the strict requirements of certain lenders, yet still need an affordable and transparent loan.
Convenience
- Applicants for online installment loans receive instant approval, get evaluated in a matter of minutes, and receive an offer for the best available rates soon after.
- The next steps are to decide the size of the installment loan and set up a payment schedule before receiving the funds.
- With easy online monthly payments, we’ve eliminated the lengthy process of filling out the application in person. Instead, borrowers can complete all of the steps from the comfort of their own home.
Ready to apply for an installment loan?
Have questions?
Contact your nearest Tower Loan location today.
Our dedicated team members are here to serve and help every customer in a professional manner.
Common Types of Installment Loans
Now with a better understanding of the benefits, let’s take a look at the common types of installment loans and how they can apply to your personalized financial requirements. Most conventional loans can be considered installment loans – basically, any loan that has monthly installments falls under the same umbrella.
Personal Loans
Personal loans apply to a wide range of situations and sudden expenses such as medical bills, expensive electronics, funeral bills, and more. They are also a popular option for people looking to consolidate debt.
Vacation Loans
One of the best installment loan use cases is to go on your personal dream vacation. Life often forces us to delay plans for years because of various circumstances, but with vacation loans, you can enjoy your vacation now and pay off the loan in consistent monthly installments.
Home Improvement Loans
Whether it’s the renovation project you’ve always dreamed of or sudden issues with your home that need to be dealt with immediately, home improvement loans can be a great option allowing you to get started right away.
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 260 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.
What to Expect With Tower Loan?
Our interest rates & APR vary based on a variety of factors. Once approved, your loan specialist will go over this along with term options that best fit your lifestyle. 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!