60 month loans, a lender spanning five years, offer a practical solution for individuals needing to finance expenses such as purchasing a car or home improvements. This online lender loan term provides the advantage of lower monthly payments compared to shorter-term loans. Helping to ease the financial burden on your budget and situation
60 month loans extended period allows for better financial planning and stability. This makes it easier to handle unexpected expenses without jeopardizing your loan repayment. This middle-ground option between short-term and long-term loans offered by 60 months helps to strike a balance. Providing the time needed to repay the debt comfortably while still achieving your financial goals.
How 60 Month Loans Work
If you can’t get a personal loan from a traditional lender due to your credit, you should definitely consider 60 month loans. Here’s what you need to know before going through the application process.
- No hard credit check: They use a soft credit inquiry and check your bank statements to know if you are qualified enough, so your credit score won’t be impacted.
- Bad credit accepted: Even with poor credit, you may still be able to get approval for the loan.
- Fast funding: Approval decisions are typically made within one business day. This means that borrowers could receive funds in one to three business days after signing.
- Unsecured loans: No collateral required
- No prepayment penalties: You can easily pay off your loan early without any fees or penalties involved.
- Better than payday loans: Compared to payday loans, it’s a more affordable option, with an APR capped just under 36%.
This approach makes 60 Month Loans a nice and easy option for people with bad credit seeking quick, unsecured loans.
60 Month Loans: Pros and Cons
Pros
- Bad Credit Accepted: You might qualify even with poor credit.
- No Hard Credit Check: Your credit score won’t be affected by their inquiry.
- Simple Application: The process is straightforward and easy to navigate.
- Flexible Terms: Various loan terms are available to fit your needs.
- Credit Building: Monthly payments are reported to credit bureaus, which could improve your credit score.
Cons
- High APR: Minimum APR starts at 19%, with a maximum of 35.83%, which is high but under the 36% predatory lending threshold.
- Origination fee: They charge a fee to process the loan.
- Limited loan amounts: The maximum loan amount is $10,000, which may not suit all needs.
- State restrictions: Available only in 19 states, including Alabama, California, and Texas.
- No cosigners: You can’t add a cosigner to your loan.
- Limited customer service: Fewer support options compared to some lenders.
Just as I have mentioned above, if you have bad credit and need a loan, 60-month loans could be a good option. However, if you have good credit or need a very large loan, it is advisable that you explore other lenders.
60 Month Loans Requirements
60 Month Loans offers more flexible eligibility compared to many lenders, but the specifics can be a bit unclear. To apply for a loan and get qualified for a loan, you will need to
- FICO Score: They use a soft credit check to review your score. However, they don’t specify a minimum requirement.
- Bank Statements: You’ll need to provide three months’ worth of bank statements, though what they look for in these statements is fully detailed.
If this online lender doesn’t meet your needs, we advise you to compare other lenders to find better rates, terms, and loan amounts that suit your financial situation.
How to Get a Loan with 60 Month Loans
Getting a loan from 60-Month Loans is straightforward and can be done entirely online. Here’s how to apply:
- Fill Out an Application: You will need to begin by completing an online application with your personal details, including your name, Social Security number, employment info, driver’s license (or another government ID), contact info, and annual income.
- Provide Bank Statements: You’ll need to provide the lender with your three months’ worth of bank statements. You can easily get this done by sending PDF copies via email or via an electronic verification procedure.
- Wait for a Call: After you submit your application and bank statements, an underwriter will contact you in just one business day for any additional questions or information.
- Sign Documents: If approved, you will have to sign your loan documents online. Keep in mind that funds will typically be sent into your bank account by the next business day. However, keep in mind that deposition may take up to three days depending on your bank.
- Start Repayment: You need to keep in mind that your first payment will be due about 30 days after receiving the loan. Payments will automatically be deducted from your bank account on the due dates that are listed on your loan agreement.
You need to always keep in mind that 60-Month Loans does accept borrowers with bad credit. However, they do have a minimum FICO Score requirement that isn’t specified. To improve your chances, you should try improving your credit score by reducing outstanding debt. This can easily help your debt-to-income ratio.
