60MonthLoans Review: Is 60MonthLoans Legit?

60monthloans Review

If you’re looking for some fast cash but don’t want to get slammed with high payments, you came to the right place. I’m gonna break down the 60monthloans Review for you so you can decide if it is the right lender for your situation.

What is 60MonthLoans?

60monthloans is an online lender that offers personal installment loans with terms of up to 60 months (5 years). That means you can spread your payments out over a longer period of time, which results in lower monthly payments.

They cater to borrowers with bad credit by not requiring a minimum credit score. If you’ve been turned down by your bank or other lenders, 60monthloans may be able to help.

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Here are some key facts about 60monthloans:

  • Available loan amounts range from $2600 – $10,000
  • Loan terms up to 60 months (5 years)
  • No prepayment penalties
  • Fast online application and funding
  • Funds deposited directly into your bank account

How Do 60monthloans Work?

The application process at 60monthloans is quick and easy. Here’s how it works:

  1. Submit your information: Fill out the online application with your personal details and the loan amount requested. It only takes a few minutes.
  2. Get approved: 60monthloans uses alternative data sources to assess your creditworthiness if you don’t meet the minimum credit score requirement. You’ll get a decision in minutes.
  3. Sign loan agreement: If approved, e-sign the loan agreement which outlines the loan amount, interest rate, and payment schedule.
  4. Get funded: The loan funds will be deposited directly into your bank account, usually by the next business day. No waiting around!

Once you’re all set up, you’ll make fixed monthly payments over the loan term you select. You can pay down the loan faster if you want since there are no prepayment penalties.

60monthloans Loan Details

is 60monthloans legit

Now that you know how 60monthloans work, let’s look at what kind of loan terms and rates they offer.

Loan Amounts

You can borrow between $2600 and $10,000 with 60monthloans. The maximum you can borrow will depend on your income and overall credit profile. But their minimum loan is one of the lowest in the industry.

Interest Rates

Your interest rate will be determined based on your creditworthiness, income, and other factors. 60monthloans don’t publish their rates online, but reviewers report them ranging from about 8% – 35%.

That’s not unusual for installment loans from online lenders. But be sure to compare rates and do the math on the total interest you’ll pay with the longer 5-year term.

A lower monthly payment may look nice, but you could end up shoveling way more money into interest charges over the life of the loan.

Loan Terms

Here’s the real selling point of 60monthloans – loan terms up to 60 months. Most installment lenders top out at 2 or 3 years.

Having up to 5 years to repay is great if you need a higher loan amount and want lower monthly payments. You’ll pay more in interest over that longer period, but the monthly payment might fit better into your budget.

Origination Fee

Expect to pay an origination fee of around 4% – 6% with 60monthloans. This fee is taken out of your loan amount.

So if you borrow $5,000, you might actually get around $4,750 deposited into your account after the origination fee is paid. Just a heads up.

Late Fees

Like any lender, 60monthloans charges late fees if you miss a payment. This is typically 5% of your monthly payment or $15, whichever is greater.

Late fees can add up quickly, so do your best to pay on time each month. Set up autopay through your bank or ACH on the 60monthloans website.

Prepayment Policy

60monthloans give you the flexibility to pay down your loan faster. There are no prepayment penalties, so you can pay more each month or even pay off the full balance early.

Who Is 60monthloans Best For?

In my opinion, 60monthloans is best for three types of situations:

  1. You need a higher loan amount ($2,600 – $10,000) for debt consolidation, medical bills, home repairs, etc. The longer terms allow for more affordable monthly payments.
  2. Your credit isn’t great, so you may not qualify with other lenders. 60monthloans uses alternative data for credit decisions.
  3. You want the flexibility to pay off the loan early without penalty. The prepayment policy makes this hassle-free.

The longer terms won’t be for everyone. You may prefer a shorter 24 – 36 month loan to pay less interest. But for some borrowers, those lower monthly payments on a 5-year loan can make all the difference.

The Pros and Cons of 60monthloans

60monthloans Review

Let’s summarize the key benefits and potential drawbacks of 60monthloans so you can decide if it’s the right fit.


  • Loan terms up to 60 months
  • No prepayment penalties
  • Fast funding possible in 1 business day
  • Funds deposited directly to your account
  • Origination fee comparable to other lenders
  • Online application and automated approvals
  • May approve applicants with bad credit


  • Rates can be high compared to other lenders
  • Origination fee of 4% – 6%
  • Late fees if you miss a payment
  • Will pay more interest with a longer 5-year term

Overall, 60monthloans stands out for its flexible loan terms for borrowers with less-than-stellar credit. Just be cautious of the total interest charges and make sure the payments fit your budget.

Alternatives to Consider

Though I think 60monthloans is one of the better installment loan options out there, it’s smart to shop around.

Here are a few other places you may want to check out:

  • LendingClub: Peer-to-peer lending marketplace with 3 – 5 year loans. Fixed rates from 5.99% – 35.89%. No prepayment fees.
  • Upgrade: Online lender with 2 – 7 year installment loans. Rates from 5.94% – 35.97%. Prepayment penalty of 2 months interest.
  • Best Egg: Personal loans up to 5 years. Rates from 5.99% – 29.99%. No prepayment fees.
  • Lightstream: Loan terms of 2 – 12 years from this bank. Fixed rates from 4.29% – 19.99% with excellent credit. No fees for early repayment.

As always, crunch the numbers to find the best rate and terms for your situation!

FAQ About 60MonthLoans reviews

Alright, let’s wrap things up with answers to some frequently asked questions about 60monthloans:

How long does it take to get funded with 60monthloans?

Once approved, you can receive your loan funds deposited as soon as the next business day. Pretty fast compared to some other lending options out there.

Can I get a loan with bad credit from 60monthloans?

Yes, 60monthloans uses alternative data sources to make lending decisions for borrowers with less-than-ideal credit. They don’t have a posted minimum credit score requirement.

Does 60monthloans do a hard or soft credit check?

They will do a hard credit inquiry when you apply for a loan, which can temporarily lower your credit score. This is standard for any kind of installment loan.

How are the monthly payments determined?

Your monthly payment amount will depend on the loan amount, interest rate, and repayment term you select. Payments are fixed for the life of the loan.

Can I pay more each month to pay off the loan faster?

Yes, 60monthloans have no prepayment penalties. You’re free to pay extra or even pay off the full balance early with no additional fees.

What happens if I miss a payment?

Like any lender, 60monthloans will charge a late fee if you miss or are late on a payment. This is typically 5% of the monthly payment or $15 minimum. Multiple missed payments could impact your credit score.

Is 60monthloans available in my state?

60monthloans provides loans in over 30 states across the U.S. Check their website or give them a call to see if they operate in your location.

And there you have it – everything you need to know about 60monthloans! Overall, they’re one of the better options out there for installment loans up to 5 years, especially for borrowers with less-than-perfect credit. Just make sure you’re comfortable with the payments and interest charges.

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I'm Ellie, a freelance writer with years of experience in the loan industry. Based in the United States, I founded cuploan.net, a loan finance blog providing expert advice and insights. I specialize in creating high-quality content promoting financial literacy and consumer rights to ensure fair and transparent lending access.

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