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Tower Loan Announces New Customer Mobile App

1. Tower Loan app launches Q2 2025 to enhance loan efficiency. 2. App simplifies loan applications and offers customer financial resources. 3. Tower Loan, part of PSEC, focuses on innovation and financial literacy. 4. CEO emphasizes commitment to positive customer financial journeys. 5. App aims to empower users, particularly younger demographics.

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FAQ

Why Bullish?

The launch of an innovative app signals potential growth for Tower Loan and PSEC, similar to past tech expansions that resulted in higher valuations.

How important is it?

The app aligns with market trends towards digitization in financial services, potentially increasing PSEC's profitability.

Why Short Term?

The immediate launch of the app could boost customer engagement and loan uptake, influencing PSEC's short-term stocks positively.

Related Companies

PSECCNCAFG
March 10, 2025 17:49 ET  | Source: First Tower Finance Company LLC JACKSON, Miss., March 10, 2025 (GLOBE NEWSWIRE) -- First Tower Finance Company LLC, d/b/a Tower Loan is introducing a new innovative mobile app in Q2 2025, designed to streamline its customers' financial journeys. The innovative app will enhance the loan process by making it more efficient and providing additional resources to help customers manage their finances. The new mobile app will allow customers to apply for loans with just a few taps, further simplifying the process. In addition, the app will help customers assess and choose the loan option that best suits their needs. Making payments will be easier than ever, with recurring payment options and timely reminders to ensure customers never miss a payment. Patrick Thornton, Tower Loan's Chief Technology Officer (CTO), stated, "The release of this mobile app marks just the beginning. We are committed to continuously innovating and expanding the app's capabilities to serve our customers better and positively impact their financial journeys. We want our customers to be able to track their progress, and we are excited about the opportunities this app will offer to our customers now and in the future." The mobile app also showcases Tower Loan's trusted interest-free partners, helping customers make purchases they need but might not be able to afford. Financial literacy is a key part of the app, with valuable tips, resources, and courses available to help users improve their financial skills, significantly, benefiting younger customers. "We are thrilled to introduce a mobile app that not only simplifies the application process but also offers a variety of tools and resources that will empower our customers to achieve financial success," said Mr. Francis C. Lee, Chief Executive Officer (CEO) of Tower Loan. "This app represents our commitment to supporting our customers in every step of their financial journey, from loan application to financial education." The Tower Loan mobile app will be available for download on iOS and Android platforms. Stay tuned for more information as the launch date approaches. About Tower Loan: Tower Loan is a portfolio company of Prospect Capital Corporation (NASDAQ: PSEC), a publicly traded business development company with $7.2 billion in total assets as of December 31, 2024. For further information, contact: Francis C. Lee, President and Chief Executive Officerceo@towerloan.com

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