60 Month Loans Personal Loan Review
NMLS#1136
Read more about how we rated 60 Month Loans.If you don’t qualify for a personal loan from a traditional lender because of your credit, 60 Month Loans could be worth checking out. Here’s what to keep in mind before you apply:
- No hard credit check: 60 Month Loans offers personal loans with no credit check. Instead of pulling your credit report, this lender runs a soft credit inquiry and reviews your bank statements to determine your eligibility.
- Available to those with bad credit: 60 Month Loans may approve you even if you have less-than-perfect credit.
- Fast funding: It typically takes one business day for 60 Month Loans to make an approval decision. Funds could be in your bank account in one to three business days after you sign.
- No collateral needed: Loans through 60 Month Loans are unsecured, so you won’t need to put up collateral.
- No prepayment penalties: 60 Month Loans allows you to pay off your loan early with no penalty.
- May be a good alternative to a payday loan: If you’re considering a payday loan, 60 Month Loans could be a better choice, since its APR caps out at just under 36%.
60 Month Loans pros and cons
60 Month Loans caters to borrowers who wouldn’t otherwise have access to a loan because of their credit scores. Depending on your credit profile, it could be the ideal company. Still, check out its pros and cons below before you commit:
| Pros | Cons |
|---|---|
Bad-credit borrowers may still be eligible No hard credit hit Easy application process Flexible loan terms Could help build credit since monthly payments are reported to the credit bureaus | High minimum APRs Charges origination fee Loan sizes may not meet all borrowers’ needs Only available in 19 states No cosigners Limited customer service options |
Borrowers with good-to-excellent credit may want to look elsewhere, as 60 Month Loans’ minimum APR starts at 8.74% (depending on your state). However, if you’ve been turned down for a personal loan because of bad credit, 60 Month Loans could be worth checking out.
The maximum APR is high at 24.99%, but still under the 36.00% threshold that most financial professionals typically consider as predatory lending. Plus, your payments are also reported to the credit bureaus, which could help to improve your credit score as you pay off your loan.
On the downside, 60 Month Loans only does business in 19 states, including:
| Alabama | California | Connecticut | Delaware |
| Georgia | Idaho | Iowa | Kentucky |
| Missouri | Montana | New Hampshire | New Mexico |
| North Dakota | Oregon | South Carolina | South Dakota |
| Utah | Virginia | Wisconsin |
There’s also loan size to consider. If you’re looking for a large loan, 60 Month Loans might not meet your needs, as its maximum loan amount tops out at $10,000. At the same time, loans start at $2,600, so if you only need a small bit of money to get you through payday, this lender may not be the best fit.
60 Month Loans requirements
60 Month Loans’ eligibility requirements may be looser than many other lenders, but they’re also a bit vague. 60 Month Loans looks at two main two things when reviewing your application: Your FICO Score (based on a soft-credit check) and three months’ worth of bank statements.
Unfortunately, though, it doesn’t disclose what minimum FICO Score you must have, or exactly what it’s looking for when it comes to your bank statements.
| Minimum credit score | Not disclosed |
| Debt-to-income ratio | Not disclosed |
| Minimum income | Not disclosed |
| Required documents | Three months’ worth of bank statements |
| Citizenship requirements | Must be a U.S. resident and at least 18 years old |
If 60 Month Loans’ loan options won’t work for your borrowing needs, be sure to shop around for a lender that can help you meet your financial goals and offer you the best-fitting interest rates, terms and amounts for your situation.
How to get a loan with 60 Month Loans
60 Month Loans only offers personal loans online — instead of visiting a brick-and-mortar office, you simply need to complete an application on its website. Follow the steps below to apply:
Fill out an application
To get funding from 60 Month Loans, first you’ll have to fill out an application. Here, you’ll provide basic information, like your name, contact information, Social Security number, driver’s license number (or that of another government ID), employment information and annual income.
Supply bank statements
When you apply, you will also need to provide 60 Month Loans with three months’ worth of bank statements. You can do this by emailing PDF copies of your statements to the lender or through an electronic bank verification process.
Wait for the underwriter to call
After you submit your application and bank statements, an underwriter will call you within one business day to ask additional questions.
Sign your loan documents
If the underwriter approves you, you’ll sign your loan documents electronically. Generally, 60 Month Loans will deposit your funds directly into your bank account as soon as the next business day. It could take up to three business days before you have access to your loan, depending on if your bank puts a hold on the funds.
Begin repayment
About 30 days after you receive your loan, you’ll enter repayment. Your payments will be automatically deducted from your bank account on your due dates (which are shown in your loan agreement).
Although 60 Month Loans approves bad-credit borrowers, there is a minimum FICO Score that applicants must have to meet its eligibility requirements (although the lender doesn’t disclose what this score is). To boost your personal loan approval odds, you may want to work on your credit score by paying off excessive outstanding debt (this can help your debt-to-income ratio).
How 60 Month Loans compares to other personal loan companies
Even if you believe 60 Month Loans aligns with what you want in a personal loan, it never hurts to shop around and compare other lenders. Here’s how 60 Month Loans stacks up against similar personal loan lenders:
| 60 Month Loans | Upstart | Happy Money | |
|---|---|---|---|
| LendingTree’s rating | 3.4/5 | 4.5/5 | 4.1/5 |
| Minimum credit score | Not disclosed | 300 | 640 |
| APRs | 8.74% - 24.99% | 7.80% - 35.99% | 8.95% - 17.48% |
| Loan amount | $2,600 - $10,000 | $1,000 - $50,000 | $5,000 - $40,000 |
| Repayment term | 12 to 60 months | 36 or 60 months | 24 to 60 months |
| Origination fee | Up to 5.00% | 0.00% - 12.00% | 1.50% - 5.50% |
| Funding timeline | Receive funds as soon as the next business day after loan approval | Receive funds as soon as one business day after loan approval | Receive funds as soon as three to six business days after loan approval |
| Bottom line | 60 Month Loans has easy eligibility requirements, but is only available in 19 states and offers limited loan amounts. | Upstart offers flexible loan amounts to those with bad or no credit history, but funds may come with a high origination fee and limited choices for repayment terms. | Happy Money could be helpful if you’re looking for credit card refinancing, but this is the only kind of loan this lender offers. |
How we rated 60 Month Loans
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Yes, 60 Month Loans is a legitimate lender that specializes in no-credit-check loans for people who have fair or bad credit. But just because 60 Month Loans is legitimate doesn’t mean it’s the best one for you — especially if you meet the eligibility requirements for a more traditional lender. Be sure to prequalify for a few personal loans and compare before signing on the dotted line.
Yes, 60 Month Loans is a direct lender. This means the company itself lends you the money itself, rather than sourcing its funds from a partnering bank or other financial institution.
Every lender sets its own personal loan requirements. For instance, some will only lend to people who have excellent credit or bring in a certain annual income, while others will consider bad-credit borrowers as long as they agree to a higher-than-average APR.
In general, you might have a hard time getting a traditional personal loan if your credit score is below 640, or if you have a poor payment history, delinquent debt or insufficient income.