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60MonthLoans Pros
60MonthLoans Cons
Types of Personal Loans Offered by 60MonthLoans
60MonthLoans doesn’t specifically state any prohibited uses for its personal loans for bad credit, but most lenders won’t allow you to use a loan for illegal activity. Commonly, borrowers turn to 60MonthLoans when they face urgent expenses.
| Common loan uses | Prohibited uses |
| Car repairs Home repairs Moving expenses Medical bills Credit card consolidation | Illegal activity |
If using a 60MonthLoans personal loan for debt consolidation, make sure the APR you are given is lower than your current credit card APRs.
If you are struggling with substantial amounts of debt, a debt relief company such as National Debt Relief could be your lifeline. The company can help you help you save up to 30% of your total amount owed.
60MonthLoans Loan Features
You can borrow between $2,600 and $10,000 from 60MonthLoans. Loan terms vary by state and loan amount, but range from 24 to 60 months. In some states, you won’t get a choice of term — for example, in California, all loans issued have a term of 36 months. There’s no period of deferment, so you’ll begin making payments on your loan the month after you receive the funds. You can use the money for almost anything.
| Loan terms | 24 to 60 months |
| Repayment period | Immediate |
| Loan amount | $2,600 to $10,000 |
| Loan Use Limitations | None |
60MonthLoans Interest Rates and Fees
Interest rates on bad credit loans are typically high, and 60MonthLoans is no exception. In some states, they range from 19% to 36%, but in other states, they can be as high as 69.5%. 60MonthLoans charges an origination fee, but it will be no more than 5% of the loan amount. You won’t have to worry about other fees, including prepayment penalties. To ensure you get the lowest rate available to you, you should check your state rate for your desired loan amount and compare it to other similar lenders, such as OppLoans.
| Borrowing/Origination Fees | Up to 5% of the loan amount |
| Prepayment Fees | None |
| Late Payment Fees | None |
| Other fees | None |
| Interest Rates | 19% to 69.5% |
60MonthLoans Qualification Requirements
To get a loan from 60MonthLoans, you must be a resident of one of the states the lender serves. You’ll also need to be 18 and have a bank account, but there are few other requirements. 60MonthLoans doesn’t disclose a minimum income, and a hard credit check isn’t used. The lender does not allow you to apply with a co-signer or joint applicant, however.
| Membership Requirement | None |
| Minimum Credit Score | None |
| Income Requirements | None |
| Co-signer/Joint Application Requirements | No co-signers or joint applicants |
60MonthLoans Application Process
The application for 60MonthLoans is entirely online, mobile-friendly, and takes 5-10 minutes to complete. The first step is to enter your contact information and consent to electronic communications from 60MonthLoans.
You’ll also need your social security number handy. Once you submit your application, 60MonthLoans will request three months of bank statements, either submitted by PDF over email or through instant bank verification. 60MonthLoans will then take one to two business days to review your application, and the underwriter may call you with additional questions.
After you are given an offer, you’ll review and sign your loan documents. If you do this before 4:30pm CT, you’ll receive your funds the next business day. Offers accepted after 4:30 will be pushed back another business day.
60MonthLoans Customer Support
You can reach 60MonthLoans by phone at 844-707-7300, but customer service hours are limited. 60MonthLoans is open weekdays between 9am and 5pm PST and Saturday between 10am and 5pm PST. You can also email the lender at myloan@60monthloans.com. However, there’s no live chat. Keep in mind that if you want to schedule extra payments, you’ll need to call or email at least three days before your scheduled payment, so make sure these customer service hours will be convenient for you.
If customer service reviews for 60MonthLoans on Trustpilot are any indication, you’ll get great service when you call customer support. Some reviewers even mentioned their support representative by name.
For example, one customer wrote: “Irina was very helpful (and very quick) to assist me with getting the payoff statements that I needed. She made sure I knew the address to send the payment to and my loan number so that the payment can be processed quickly and accurately. Irina was very friendly and I am very happy she is the one that took my call today.”
Another customer wrote, “I needed to defer some payments and Ashley was very helpful and understanding of my situation. She explained everything clearly and was very pleasant to work with.”
60MonthLoans Perks and Bonuses
60MonthLoans isn’t as flexible with payments as some other lenders. The lender doesn’t offer any formal deferment or forbearance programs, and you can’t modify your loan terms. However, customer reviews indicate that 60MonthLoans is willing to work with individuals going through times of hardship on a case-by-case basis.
Transparency
While the 60MonthLoans website is not misleading, it could be more transparent. The FAQ section is limited and there are no educational resources for borrowers. We weren’t able to find certain information, such as how a customer can make payments.
Technology
Customer service reviews indicate that you can enroll in automatic payments, but the 60MonthLoans site isn’t clear about whether you can manage your loan through an online portal. There’s also no mobile app or live chat support. And you need to call or email to make extra payments or pay off your loan early, which is a bit antiquated compared to other lenders in the industry.
60MonthLoans Compared to Other Lenders
| 60MonthLoans | OppLoans | Upstart | |
| Loan Terms | 24 to 60 months | 9 to 18 months | 36 or 60 months |
| Loan amount | $2,600 to $10,000 | $500 to $4,000 | $1,000 to $50,000 |
| Interest Rates | 19% to 69.5% | 59% to 160% | 5.99% to 35.99% |
| Min Credit Score | None | None | 300 |
| Co-signer Requirement | No co-signers allowed | No co-signers allowed | No co-signers allowed |
Final Thoughts
60MonthLoans makes its determinations based on bank statements, so poor and fair credit borrowers can qualify. However, 60MonthLoans charges high interest rates on its bad credit loans, so you should only consider applying if you’ve exhausted other options. For example, you might try prequalifying with a fair credit lender like Upstart, applying with a co-signer at a lender that allows it, or applying for a secured product like an auto equity loan. If none of those options meet your needs, then 60MonthLoans is a safer alternative than taking out a payday loan in an emergency.
But because 60MonthLoans doesn’t offer financial education, you should use other resources to educate yourself about credit. A good place to start might be the FDIC’s Money Smart program or the CFPB’s educational tools. Competing lender OppLoans also offers a variety of resources through its OppU Hub
