60 Month Loans Personal Loan Review
- APR
- Not specified
- Eligibility and access: 4/5
- Cost to borrow: 1.6/5
- Loan terms and options: 2.5/5
- Repayment support and tools: 1/5
If you don’t qualify for a personal loan from a traditional lender because of your credit, 60 Month Loans could be worth checking out. Here’s what to keep in mind before you apply:
- No hard credit check: 60 Month Loans offers personal loans with no credit check when you apply. Instead of pulling your credit report, this lender runs a soft credit inquiry and reviews your bank statements to determine your eligibility. If you accept a loan offer, the company will run a hard credit check, which will be reported on your credit report. This type of inquiry typically lowers your score by five points or less.
- Can still qualify if you have less-than-perfect credit: 60 Month Loans accepts fair-to-poor credit scores, and although it pulls a soft credit report, 60 Month Loans mostly uses bank statements to determine your eligibility.
- Fast(ish) funding: It typically takes one business day for 60 Month Loans to review your application and bank statements. You could have your money in one to three business days after that.
- Very few tech features: 60 Month Loans has no mobile app, just an online portal. Payments are automatic from your bank account only — there’s no option to make a manual payment, by phone or otherwise. And there’s no live chat for support; you’ll need to call or email a representative.
- No collateral needed: Loans through 60 Month Loans are unsecured, so you won’t need to put up collateral, like your home or vehicle.
- No prepayment penalties: Unlike some predatory credit lenders, 60 Month Loans allows you to pay off your loan early with no penalty.
- Best for poor-to-fair credit loans (in the 16 states it does business in): Unlike other lenders, 60 Month Loans uses your bank statement rather than your credit score as the main determination of whether or not it will extend a loan to you. While rates vary by state, they are much lower than you’d find with most no-credit-check lenders.
60 Month Loans pros and cons
60 Month Loans caters to borrowers who wouldn’t otherwise have access to a loan because of their credit scores or lack of collateral. Depending on your credit profile, it could be the ideal lender. Still, check out its pros and cons below before you commit:
Pros
- May still qualify with poor credit
- No hard credit hit when you apply
- Easy application process
- Could help build credit since monthly payments are reported to the credit bureaus
Cons
- Can likely find lower rates if you have good credit
- Will keep a portion of your loan as an origination fee (Up to 5.00%)
- No small-dollar loans and no big loans, either
- Only available in 16 states
- Can’t add a second person to your loan
If you’ve been turned down for a personal loan because of poor credit, 60 Month Loans could be worth checking out.
Rates are high compared to traditional lenders (and vary by state and the amount you borrow). However, they still generally fall under the 36% threshold that many financial experts consider predatory lending. Plus, your payments are also reported to the credit bureaus, which could help to improve your credit score as you pay off your loan.
On the downside, 60 Month Loans only does business in 16 states, including:
- Alabama
- Arizona
- California
- Delaware
- Georgia
- Idaho
- Iowa
- Missouri
- Montana
- New Mexico
- North Dakota
- Oregon
- South Carolina
- South Dakota
- Utah
- Virginia
There’s also loan size to consider. If you’re looking for a large loan, 60 Month Loans might not meet your needs, as its maximum loan amount tops out at $10,000. At the same time, loans start at $2,600, so if you only need a small bit of money to get you through payday, this lender may not be the best fit.
60 Month Loans requirements
60 Month Loans’ eligibility requirements may be looser than many other lenders, but they are also a bit vague on some details. The company looks at two main things when reviewing your application: Three months’ worth of bank statements and your FICO Score (based on an initial soft credit check).
The company requires a minimum 640 credit score to qualify, but it does not detail what it looks for when reviewing your bank statements. Note that you must also be a resident of one of the 16 states where 60 Month Loans offers loans and at least 18 years old to apply.
If 60 Month Loans doesn’t fit your needs, shop around for a lender with better-suited rates, terms and loan amounts.
How to get a loan with 60 Month Loans
60 Month Loans only offers personal loans online — instead of visiting a brick-and-mortar office, you simply need to complete an application on its website. Follow the steps below to apply:
Fill out an application
To get funding from 60 Month Loans, first you’ll have to fill out an application online. In the application, you’ll be required to provide basic information, like your name, contact information, Social Security number, driver’s license number (or that of another government ID), employment information, net monthly income, pay frequency, and the dates of your next two paydays.
Supply bank statements
When you apply, you will also need to provide 60 Month Loans with three months’ worth of bank statements. You can do this by emailing copies of your statements to the lender or through an electronic bank verification process.
Wait for the underwriter to call
After you submit your application and bank statements, an underwriter will call you within one business day to ask any additional questions.
Sign your loan documents
If the underwriter approves you, you’ll sign your loan documents electronically. Generally, 60 Month Loans will deposit your funds directly into your bank account as soon as the next business day. It could take up to three business days before you have access to your loan, depending on if your bank puts a hold on the funds.
Begin repayment
About 30 days after you receive your loan, you’ll enter repayment. Your payments will be automatically deducted from your bank account on your due dates (which are shown in your loan agreement).
How 60 Month Loans compares to other personal loan companies
Even if you believe 60 Month Loans aligns with what you want in a lender, it never hurts to shop around and compare other options. Here’s how 60 Month Loans stacks up against similar personal loan lenders:
| 60 Month Loans | Upstart | Happy Money | |
|---|---|---|---|
| LendingTree’s rating | 2.4/5 | 4.4/5 | 3.7/5 |
| Minimum credit score | 640 | None | 620 |
| APRs | Not specified | 6.30% to 35.99% | 8.95% to 35.99% |
| Loan amounts | $2,600 – $10,000 | $1,000 – $75,000 | $5,000 – $50,000 |
| Repayment terms | 12 to 60 months | 36 or 60 months | 24 to 60 months |
| Origination fee | Up to 5.00% | Varies | 2.00% – 12.00% |
| Funding timeline | May receive funds as soon as the next business day after loan approval | May receive funds as soon as one business day after loan approval | Varies by lender. May receive funds as soon as the next business day after loan approval |
| Bottom line | 60 Month Loans has easy eligibility requirements, but is only available in 16 states and may only make sense if you have poor or fair credit. | Upstart offers loans to those with poor or no credit history, but it is also competitive for borrowers with excellent credit. However, Upstart only offers two repayment terms: 36 or 60 months. | Happy Money could be helpful if you’re looking for credit card refinancing, but this is typically the only kind of loan this lender offers. |
How we rated 60 Month Loans
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Yes, 60 Month Loans is a legitimate lender specializing in applications for borrowers with fair or poor credit. But “legitimate” doesn’t mean “best for you” — especially if you qualify for a more traditional lender. Before signing anything, prequalify with a few personal loan lenders and compare offers.
Yes, 60 Month Loans is a direct lender, meaning it lends you the money rather than sourcing its funds from a partner bank or other financial institution.
Lenders set their own requirements. While some want to see excellent credit, others accept fair or even bad credit at higher APRs. Generally, a credit score below the high 600s, poor payment history, delinquent debt or insufficient income can disqualify you from a traditional personal loan.
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