Tower loan is indeed legit. They are a large operation with many branches.
Their loan contracts are enforceable so you should not take out a loan unless you can afford to repay it. And since their loan contracts are enforceable, Tower Loan is entitled to take you to court in case of default.
Tower Loan makes several types of loans.
Tower Loan partners with stores to finance furniture, appliances, and electronics. They will often offer 0% interest if you pay the loan back on time.
But if you are late on a payment, interest kicks in. The interest rate can be high so it is best to not miss a payment. If you don’t pay the loan back then they can repossess the property you purchased.
They will also make secured and unsecured personal loans. If you need to borrow money, they may ask you to list some of your personal belongings. People often list their TVs, DVD players, video game consoles, jewellery, mowers, and other items of value.
If you don’t pay the loan back, they can repossess the property. While they have the legal right to repossess, in reality, it is sometimes not worth their time to repossess the property. The decision will depend on how valuable the property you listed is.