Does 60MonthLoans do a hard inquiry? This question is about 60MonthLoans

Does 60MonthLoans do a hard inquiry?

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This question is about 60MonthLoans

Rick Bormin, Personal Loans Moderator

@rhandoo2020 • 11/15/21 This answer was first published on 11/15/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, 60MonthLoans does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

60MonthLoans's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the credit score simulator on WalletHub.

If you're looking for a lender that does not do a hard inquiry at all, you could consider Integra Credit, OppLoans, and NetCredit.

Answer Question

Does a 60MonthLoans personal loan affect your credit score?

Yes, a 60MonthLoans personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a 60MonthLoans personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.… read full answer

How a 60MonthLoans Personal Loan Affects Your Credit Score

Hard pull: When you apply for a 60MonthLoans personal loan, 60MonthLoans will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.

Increased debt level: Taking out a 60MonthLoans personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.

Account diversity: One positive way that getting a 60MonthLoans personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.

Payments: The biggest factor in how a 60MonthLoans personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.

The bottom line is that while a 60MonthLoans personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.

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How can you get 60MonthLoans personal loan pre-approval?

You can get 60MonthLoans personal loan pre-approval through WalletHub’s free personal loan pre-approval tool. This will allow you to see your odds of approval for a personal loan with 60MonthLoans, as well as your potential interest rates, and the process will have no impact on your credit score.

How to Get 60MonthLoans Personal Loan Pre-approval… read full answer

Go to WalletHub’s free personal loan pre-approval tool.

Enter your desired loan amount and select the reason for borrowing.

Click “Get Started.”

Select your employment status, then enter your annual income.

Select whether you rent or own your home and click “Continue.”

Create a WalletHub account if you haven’t already.

Receive your pre-approval status.

It’s important to note that WalletHub’s personal loan pre-approval tool doesn’t just check for pre-approval with 60MonthLoans. It also checks with multiple other personal loan providers at the same time, so you can see your options.

Keep in mind that if you are pre-approved for a personal loan, you’re not guaranteed to be approved when you submit an application. Your approval odds will be very high, though.

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How do I apply for a 60MonthLoans personal loan?

To apply for a 60MonthLoans personal loan enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.

How to Apply for a 60MonthLoans Personal Loan

Enter your personal information on the application. 60MonthLoans requires the following personal information on the application: your full name, date of birth, email address, phone number, marital status, home address, housing type, time at residence, Social Security number and driver’s license or State ID.… read full answer

Enter your financial information on the application. 60MonthLoans requires the following financial information on the application: your main income source, net monthly income, employer name, work phone, job title, time at employer, pay frequency and next pay date.

Double check the application for accuracy. To ensure that your 60MonthLoans personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.

Submit your application. 60MonthLoans will typically provide a decision on your application within Up to 3 business days.

If you are approved for a 60MonthLoans personal loan, you will generally receive the funds within up to 3 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.

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