Yes, 60MonthLoans will verify your income when you apply for a personal loan. 60MonthLoans requires a minimum annual income of $30,000 to ensure that you can make your monthly payments, and if you don’t meet the minimum income requirement, you likely won’t get approved.
60MonthLoans verifies income by requesting 3 months of bank statements. However, simply meeting the income requirement does not guarantee approval for a loan. There are other 60MonthLoans personal loan requirements, as well.
60MonthLoans Personal Loan Requirements
$30,000 annual income
Be at least 18 years old
Be a US citizen or permanent resident
Must have a Social Security number
Have good or excellent credit score
Must live in AL, CA, DE, GA, ID, IL, MS, NM, ND, SC, UT, or WI
If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub’s free pre-qualification tool.
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.
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.
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 … read full answercredit 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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.