- Up to 60 months to pay loans off
- No prepayment fees
- No hard pull during the application process
- Expensive APRs: 19.24% - 69.5%
- Origination fee of up to $250
- Only available in 20 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 19.24% - 69.5%. In addition, 60MonthLoans charges an origination fee that can be as high as $250.
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 20 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||19.24% - 69.5%|
|Loan Amount||$2,600 - $10,000|
|Loan Terms||24-60 months|
|Origination Fee||0% - 6%|
|Minimum Credit Score||None*|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement|
|Time to Receive Loan Money||Up to 3 business days|
60MonthLoans Personal Loan Rates, Fees & Other Terms
Category Rating: 59.2% (2.96 out of 5)
60MonthLoans personal loan rates range from 19.24% - 69.5% overall but differ from state to state. For example, in California, the rates range from 18% to 33.5%, and in Georgia, they range from 16% to 55%.
In addition, 60MonthLoans charges an origination fee that also differs from state to state. For example, it’s a flat $75 in California, $0 in New Mexico, and $155 - $250 in Georgia. This fee is deducted from the loan funds that you receive.
60MonthLoans offers relatively small loans, with loan sizes ranging from $2,600 to $10,000. As the lender’s name suggests, it offers up to 60 months to pay loans off, with the shortest term being 12 months.
Due to the high costs of 60MonthLoans personal loans, it loses points in this category.
60MonthLoans Personal Loan Requirements & Application Info
Category Rating: 60% (3 out of 5)
60MonthLoans personal loans are only available to people in 20 states.
60MonthLoans also says it only does a soft credit pull during the actual application process, which is very unusual. There are a few requirements for getting a personal loan from 60MonthLoans, including being at least 18 years old and a U.S. citizen or permanent resident 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 are difficult to qualify for and don’t allow cosigners or joint applicants, 60MonthLoans loses a few points in this category.
60MonthLoans Personal Loan Reviews & Transparency
Category Rating: 82.4% (4.12 out of 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: There are currently no user reviews for 60MonthLoans.
- 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.
Summary: 60MonthLoans Personal Loan Ratings by Category
|Rates, Fees & Other Terms||2.9/5|
|Requirements & Application Info||3/5|
|Reviews & Transparency||4.12/5|
60MonthLoans Personal Loans vs. Competing Lenders
|APRs||19.24% - 69.5%||7.99% - 35.99%||7.99% - 29.99%|
|Loan Amounts||$2,600 - $10,000||$2,000 - $36,500||$5,000 - $50,000|
|Loan Terms||24-60 months||24 - 72 months||24 - 60 months|
|Minimum Credit Score||None*||Bad*||Bad*|
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.