Tower Loan and Renewalfinancial.com have partnered to provide financial education that helps consumers understanding the complex financial issues of banking, budgeting, creating wealth, credit, homeownership, identity theft and insurance. This information is designed to help consumers improve their financial situation by moving into the financial mainstream. We have partnered with Members, United States Senators, State Legislators, Federal and State Regulators, installment lenders, bankers, community and faith-based organizations and others to conduct research and educate them about the important role that Tower Loan plays in providing capital to credit-challenged consumers.

Tower Loan traces its origin to 1936, when the consumer finance industry was in its infancy. Tower Loan now services over 150,000 customers in over 130 branches throughout Mississippi, Louisiana, and Missouri. Although traditional small loans are the primary product that its customers request most, Tower Loan also offers small home equity loans. The company is also a market leader in its area providing retail financing services for merchants, particularly those selling furniture and appliances.

It is Tower Loan’s goal to provide safe affordable financing alternatives for its borrowers through traditional branch office relationships with its customers. Quick service, friendly faces, and customer choices are all hallmarks of the Tower Loan customer experience.

Renewal Financial Services, LLC, is specifically focused on building networks that improve accessible to unbanked, underbanked and thin-filed consumers. We serve as a catalyst for change at the point of service within the community. According to the United States Federal Reserve and Federal Deposit Insurance Corporation (FDIC), the fringe financial service market consists of consumers who are predominately unbanked, underbanked and thin-filed. This market also includes:

• Twenty-eight percent (28%) of the adult American population (53% of whom are African-American and Hispanic)
• An estimated 80 million people in the U.S. with credit scores of 660 or below
• An estimated 54 million individuals with no credit score or a “thin” credit file
• Consumers who live in income polarized communities where mainstream financial service organizations have either left the market or have seriously curtailed their offerings
• People who live in communities with cash economies and believe a bank account does not make sense for their cash-driven transactions
• Individuals who live in communities that have high debt-to-income ratio and lower levels of education causing higher unemployment rates, experience special needs such as major medical bills, cash purchases of household appliances, incarceration, etc. and lack financial discipline and/or foresight
• Consumers who live in communities that often require them to rely on sub-prime mortgage companies, pawn stores, check cashing outlets, rent-to-own merchandisers, payday advance loan companies, auto title loan firms and refund anticipation loan organizations to meet their financial needs

Tower Loan plays an important role in providing low-cost capital to consumers who are credit-challenged and who are either denied access to mainstream banking services or are charged exorbitant fees by payday lenders.. This company is clearly different from fringe financial service organizations that charge high interest rates. Tower provides direct and ancillary educational benefits to consumers through its partnerships with Renewalfinancial.com.

In partnership with Tower Loan, Renewalfinancial.com has designed the Renewal Coach to help consumers address the complex financial issues they experience on a daily basis. This patent pending tool provides a personalized and customized gameplan to address various financial situations experienced by consumers. It helps you establish your financial goals and objectives. The Renewal Coach sets forth the “Renewal Five” which maps where the consumer is, where they’d like to be, how they plan to get there, how they will know when they’ve arrived and what to do if unsuccessful. The coach can help you build a personalized budget, financial and investment strategy to help you achieve your financial goals and objectives. If you would like to gain more information about the Renewal Coach, go to renewalfinancial.com/coach.

In partnership with Tower Loan, Renewalfinancial.com provides access to a classroom module providing financial information on Banking, Budgeting, Creating Wealth, Credit, Homeownership, Identity Theft and Insurance. Consumers can view each lecture series, take tests based on course content, immediately get test results, and derive additional sponsor support benefits based their success completion of this process. If you would like to gain more information about the Renewal Classroom, go to renewalfinancial.com/classroom.

Renewalfinancial.com has provide additional tools in partnership with VISA and Tower Loan to help rework budgets, calculating allowances, calculating interest on a car loan, how to save a million dollars, calculating the true cost of a loan and calculating the cost of credit, among others. Additionally, the Renewal Tools section provides games that help teach children and adults about saving, budgeting and general money matters. If you would like to gain more information about the Renewal Tools section, go to renewalfinancial.com/tools.