Where and how to pay Tower Loan
Tower Loan is a consumer finance company that offers personal loans, and you can make payments through several channels depending on what works for your situation. The most common methods are online through their website, by phone, by mail, or in person at a Tower Loan branch.
To pay online, log into your account at towerloan.com using your username and password, then navigate to the payment section. You can set up a one-time payment or enroll in automatic payments from your bank account. Phone payments go through their customer service line — the number appears on your loan statement and on their website. If you prefer to mail a check, write your loan number on it and send it to the address listed on your statement. In-person payments at a local branch are also an option if you have one nearby.
Whichever method you choose, payments are typically processed within one to two business days if made before the cutoff time (usually 5 p.m. Eastern). Payments made after hours or on weekends post the next business day.
Key Takeaways
- Tower Loan accepts payments online, by phone, by mail, or in person at branch locations.
- Online and automatic payments are the fastest methods and reduce the risk of late fees from mail delays.
- Your loan statement shows the exact amount due, the due date, and the mailing address if you pay by check.
- Setting up automatic payments from your bank account ensures you never miss a due date.
- Late payments trigger fees and can damage your credit score, so paying by the due date matters even if you pay a day early.
Setting up automatic payments
Automatic payments remove the guesswork and the risk of forgetting. When you enroll, Tower Loan withdraws your payment directly from your checking or savings account on the due date each month. You choose the account and the withdrawal date during setup, and you can change or cancel the arrangement anytime through your online account or by calling customer service.
Most people set the withdrawal date to match their loan due date, but you can pick an earlier date if your paycheck arrives before then. This gives you a buffer if there are any processing delays. If your bank account doesn't have enough funds on the withdrawal date, the payment fails and you may face an overdraft fee from your bank plus a late fee from Tower Loan, so make sure the money is there.
What happens if you miss a payment
A payment is considered late if it arrives after your due date. Tower Loan typically charges a late fee — the amount depends on your loan agreement, but it's usually a percentage of your monthly payment or a flat fee. The late fee is added to your balance, so you owe more than you did before.
More importantly, a late payment is reported to the credit bureaus and appears on your credit report. Even a single late payment can lower your credit score by 50 to 100 points or more, depending on how late it is and your overall credit history. If you're more than 30 days late, the damage is worse. If you miss multiple payments, Tower Loan may declare your loan in default and pursue collection action, which can include wage garnishment or a lawsuit.
If you know you can't make a payment on time, contact Tower Loan before the due date. Some lenders offer hardship programs, payment deferrals, or loan modifications that let you skip a month or extend the term. You won't know what's available unless you ask, and calling before you're late is always better than calling after.
Understanding your loan statement
Your Tower Loan statement shows several key pieces of information. The payment amount is what you owe that month. The due date is when it must arrive to avoid a late fee. The remaining balance is how much you still owe on the loan after this payment. The interest rate and loan term tell you how long you have to repay and how much interest you're paying.
The statement also breaks down how much of your payment goes toward principal (the original loan amount) and how much goes toward interest. Early in the loan, most of your payment covers interest. As time goes on, more of each payment reduces the principal. This is normal and expected, not a sign something is wrong.
If anything on your statement looks incorrect — a wrong payment amount, a payment that didn't post, or a fee you don't recognize — contact Tower Loan's customer service with your loan number and statement in hand. They can research the issue and correct errors.
Paying off your loan early
You can pay more than the minimum payment at any time, and the extra amount goes directly toward your principal balance. This reduces the total interest you pay and shortens the loan term. Some people make one extra payment per year; others add $50 or $100 to each monthly payment. Even small extra payments add up over time.
Before you start making extra payments, check your loan agreement for a prepayment penalty. Some loans charge a fee if you pay off the balance before the term ends, though this is less common with personal loans than with mortgages or auto loans. If there's no penalty, paying extra is always in your favor. If there is a penalty, do the math: if the penalty is $200 but paying extra would save you $500 in interest, it still makes sense to pay early.
Payment methods and processing times
| Payment Method | Processing Time | Best For |
|---|---|---|
| Online payment (one-time) | 1 business day | Quick payments when you remember |
| Automatic bank withdrawal | 1 business day | Never missing a due date |
| Phone payment | 1 business day | Paying without internet access |
| Mail (check) | 5 to 7 business days | No account needed, but slowest |
| In-person at branch | Same day | Immediate confirmation |
Mail is the slowest method because the check has to travel to Tower Loan's processing center, be opened, and be deposited. If your due date is close, mail is risky — a check that arrives even one day late triggers a late fee. Online, phone, and automatic payments are safer because they process within one business day and you have a record immediately.
Frequently Asked Questions
Can I pay my Tower Loan with a credit card?
Tower Loan does not directly accept credit card payments. However, you can use a third-party payment service like Plastiq or your credit card's bill pay feature to send a check to Tower Loan on your behalf. Be aware that these services charge a fee, and that fee may be higher than the interest you'd save by paying early.
What if I want to change my payment due date?
Contact Tower Loan's customer service to request a due date change. They may be able to move your due date to align with when you get paid, which makes it easier to remember and ensures funds are available. Some changes take effect immediately; others apply to your next billing cycle.
Do I need to include anything with my check payment?
Yes. Write your loan number on the check itself, and include the payment stub from your statement if you have it. The loan number tells Tower Loan which account to credit. Without it, your payment may be delayed while they figure out which loan it belongs to.
What happens if I pay twice in one month by accident?
The extra payment is applied to your principal balance, reducing what you owe. You won't be charged a fee for overpaying. Contact customer service if you want them to refund the overpayment, though most people prefer to let it reduce their balance and shorten the loan term.
Is there a grace period after the due date?
Tower Loan's grace period depends on your specific loan agreement. Some loans have a 10-day grace period before a late fee is charged; others do not. Check your loan documents or call customer service to find out. Even if a grace period exists, paying on time is always safer because late payments still damage your credit score even if no fee is charged.