60 Month Loans Review, April 2025

It can be tough to get approved for a personal loan when you have bad credit. If the top personal loan lenders turned you down, 60 Month Loans may be worth a try, provided you live in one of the states the lender serves. 60 Month Loans considers applicants with fair and poor credit scores, and applying won’t damage your credit any further. 

But there are drawbacks to 60 Month personal loans, including high starting rates and a limited range of loan amounts. We’ll cover the pros, cons, qualification requirements, and how 60 Month Loans compares to its competitors, so you can decide if the lender is right for you.

Who are 60 Month personal loans best for?

Best for fair or bad credit borrowers

60 Month Loans considers applicants with fair credit or bad credit, with a minimum credit score requirement of 580 through Credible. The lender primarily approves applicants based on their bank statements, so your income is more important than your credit score when it comes to your approval odds. And 60 Month Loans offers lower APRs than other no-credit-check loan options like payday loans. 

Great for an easy application process

60 Month Loans offers an easy application you can complete online or from your mobile phone. The application takes only 5-10 minutes, and you may be able to verify your income through an instant bank verification. Many customers cite the quick and easy application process as a reason for their positive reviews. And because 60 Month Loans requires only a soft credit check, applying won’t damage your credit score.

Pros and cons of 60 Month personal loans

Pros

• No hard inquiry required: 60 Month Loans doesn’t require a hard credit check, so applying won’t damage your credit score. 
• No collateral required: Personal loans from 60 Month Loans are unsecured, making the lender a great option for borrowers who don’t have (or prefer not to use) a valuable asset like a home or vehicle to use as collateral. 
• Reports to credit bureaus: 60 Month Loans reports your payment activity to credit bureaus, giving you the opportunity to build credit with on-time payments. 
• Repayment terms up to 5 years: While most personal loans from 60 Month Loans come with a 2- or 3-year term, some borrowers may qualify for a term of up to 5 years. Most other loan options available without a hard inquiry are short-term loans, which can be risky. A longer repayment term means a lower monthly payment but also more total interest costs over the life of the loan. 

Cons

• Limited range of loan amounts: 60 Month Loans offers only amounts between $2,600 and $10,000. The maximum loan amount makes it less than ideal for expensive projects like home renovations. Many other lenders offer a wider range of loan amounts. 
• Not available in most states: 60 Month Loans offers personal loans in 19 states. If you reside elsewhere, you’ll need to explore other options. 
• High starting APRs: 60 Month personal loan APRs, which include the interest rate and origination fee expressed as an annual cost, start at more than 17%. While that’s preferable to a payday loan with a triple-digit APR, other fair credit personal loans may come with lower rates, so it’s important to compare your options. If you have good credit, you should apply elsewhere. 
• No cosigners or joint applicants: 60 Month Loans doesn’t allow you to apply with a cosigner or co-borrower. A cosigner is someone with good credit who guarantees repayment of the loan, which can help a bad credit borrower qualify for a lower APR. Under a joint personal loan, a co-borrower shares responsibility for repayment and has equal access to the loan funds.

Read More:

• Best Personal Loans With a Cosigner
• Best Joint Personal Loans

How to qualify for a 60 Month personal loan

Your credit score and financial history

60 Month Loans doesn’t publish a minimum credit score, although the minimum credit score requirement when applying through Credible is 580, the lender only performs a soft inquiry. While 60 Month Loans will view your credit score and payment history, the lender primarily makes approval decisions based on a review of your bank statements. 60 Month Loans will consider applicants with fair or poor credit, provided they meet other requirements. 

Your income and employment

When you apply for a personal loan from 60 Month Loans, you’ll need to provide your net income, employment information, and pay frequency, which the lender will review in conjunction with your bank statements. Your income and expenses are more important to 60 Month Loans than your credit score, but the lender doesn’t publish a specific minimum income requirement. 

While you’ll need to show a steady source of income, it doesn’t necessarily need to come from a job. You can select another source of income on your application, such as self-employment income, passive income, or government benefits. 

60 Month personal loan purposes

Most personal loan lenders allow you to use the funds for a variety of household expenses with few restrictions. 60 Month Loans doesn’t publish any specific restrictions, which may vary by state, so it’s important to read your loan agreement carefully. For example, many lenders restrict borrowers from using personal loan funds to pay for college. 

You can use 60 Month Loans for a variety of personal expenses, including:

• Credit card consolidation
• Auto repairs
• Home repairs
• Emergency expenses
• Medical bills
• Moving expenses
• Weddings

60 Month personal loan fees and penalties

Loan origination fees

60 Month Loans charges an origination fee that is deducted upfront from the loan proceeds. The fee may vary depending on your state and your individual financial criteria, but it won’t be more than 5% of the loan amount. For example, if you’re approved for a $5,000 loan with a 5% origination fee, 60 Month Loans will issue $4,750 in funds. The origination fee covers the lender’s costs to process your application. 

Early repayment penalties

Like many personal loan lenders, 60 Month Loans doesn’t charge prepayment penalties. You can make extra payments or repay your loan at any time to save money on interest. 

Other fees

60 Month Loans may charge incidental fees. These may vary by state but will be disclosed in your loan agreement. For example, 60 Month Loans charges the following fees in New Mexico:

• A late payment fee of $10 or 5% of the payment amount, whichever is less
• A returned check fee of $15 if there isn’t enough money in your account to cover the payment

How 60 Month compares to other lenders

60 Month Loans charges a higher starting APR, offers a limited range of loan amounts, and lends in fewer states than many other online lenders. But it’s also one of the few lenders to approve applicants with only a soft credit check. 

Still, you should always compare your options. Here’s how 60 Month Loans compares to two similar lenders. Note that OneMain Financial may offer cosigned and secured loans, which may help you qualify for a lower rate. Additionally, while 60 Month Loans requires a credit score, Upstart may consider applicants with no credit history. 

How 60 Month Loans compares to more lenders: Best Personal Loans

How to contact 60 Month Loans

To get in touch with a 60 Month Loans representative, you can:

• Email [email protected] 
• Call 844-707-7300

Business hours are 9 a.m. to 5 p.m. PST on weekdays and 10 a.m. to 5 p.m. PST on weekends. 

About 60 Month personal loans

60 Month Loans was founded in 2015 and is headquartered in Menlo Park, California. The lender aims to provide access to credit at affordable rates in the 19 states it serves. 60 Month Loans is BBB-accredited with an A+ rating and has a 4.7/5-star rating on Trustpilot. 

Rating 60 Month Loans

Credible evaluates personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.