Pros
- 24-60 months to pay loans off
- $0 prepayment fee
- No hard pull during the application process
Cons
- Expensive APR: 19% - 35.83%
- Origination fee of up to 5%
- Only available in 12 states
60MonthLoans Personal Loan Review Summary
60MonthLoans personal loans are available to people with good or excellent credit but are not a good choice for that demographic because they are very expensive, with APRs ranging from 19% - 35.83%. In addition, 60MonthLoans charges an origination fee that can be as high as 5%.
One positive feature of 60MonthLoans personal loans is that the lender only does a soft credit pull during the application process, so submitting an application will not affect the applicant’s credit score. Unfortunately, only people in 12 states can apply for a loan in the first place.
Below, you can see how WalletHub rates 60MonthLoans personal loans in three major categories: Terms, Requirements & Application, and Reviews & Transparency. We also compare 60MonthLoans personal loans to some alternatives from major competitors.
60MonthLoans Personal Loan Terms
 | |
| APRs | 19% - 35.83% |
| Loan Amount | $2,600 - $10,000 |
| Loan Terms | 24-60 months |
| Origination Fee | 0% - 5% |
| Prepayment Fee | $0 |
| Late Fee | $0 |
| Minimum Credit Score | None* |
| Minimum Income | $30,000 |
| Loan Purpose | Debt Consolidation, Refinance, Home Improvement |
| Time to Receive Loan Money | Up to 3 business days |
| Other Requirements | N/A |
60MonthLoans Personal Loan Rates, Fees & Other Terms
Category Rating: 3.1/5
- APR: 60MonthLoans personal loan rates range from 19% - 35.83% overall but differ from state to state.
- Origination fee: 60MonthLoans charges an origination fee that also differs from state to state. It ranges from 0% - 5%. This fee is deducted from the loan funds that you receive.
- Loan sizes and terms: 60MonthLoans offers relatively small loans, with loan sizes ranging from $2,600 - $10,000. The loans last for 24-60 months.
Due to the high costs of 60MonthLoans personal loans, it loses points in this category.
60MonthLoans Personal Loan Requirements & Application Info
Category Rating: 3/5
- Location: 60MonthLoans personal loans are only available to people in 12 states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, South Carolina, Utah and Wisconsin.
- Credit score: 60MonthLoans does not do a hard pull of your credit during the application process. However, the company says you should have at least a 550 credit score for approval.
- Age: You must be at least 18 years old.
- Citizenship: You must be either a U.S. citizen or permanent resident.
- Identification: You must have with a Social Security number. You can apply for a 60MonthLoans personal loan online or by phone. 60MonthLoans does not allow people to apply with a cosigner.
Because its loans have limited availability, 60MonthLoans loses a few points in this category.
60MonthLoans Personal Loan Reviews & Transparency
Category Rating: 4.1/5
- Better Business Bureau: 60MonthLoans is accredited by the BBB and gets an “A+” rating.
- Consumer Financial Protection Bureau: The CFPB complaints database does not have any information on 60MonthLoans.
- WalletHub: 60MonthLoans has an average user rating of 4.3/5, but there are only a few reviews contributing to that score.
- Transparency: 60MonthLoans is transparent about both its loan terms and requirements.
Overall, 60MonthLoans does well in this category because of its good BBB rating and high degree of transparency.
60MonthLoans Personal Loan Score by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 3.1/5 |
| Requirements & Application Info | 3/5 |
| Reviews & Transparency | 4.1/5 |
| OVERALL | 10.2/15 |
60MonthLoans Personal Loans vs. Competing Lenders
| Info | 60MonthLoans | Avant | Achieve Personal Loans |
|---|---|---|---|
| Reviews | |||
| APRs | 19% - 35.83% | 9.95% - 35.99% | 7.99% - 29.99% |
| Loan Amounts | $2,600 - $10,000 | $2,000 - $35,000 | $5,000 - $50,000 |
| Loan Terms | 24-60 months | 24 - 60 months | 24 - 72 months |
| Minimum Credit Score | None* | Bad* | Bad* |
| Winner |  Achieve Personal Loans | ||
Methodology
In order to provide the most accurate review of 60MonthLoans personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. For 60MonthLoans, that was California.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
