First impression of 60MonthLoans Personal Loan
60MonthLoans appear to be a relatively small lender for Personal Loans. This means that they can be responsive to customers, but it may also mean that a lot of their processes are not dialed in. There are a few things about their processes that aren’t clear. This can cause a lot of confusion when you are deciding to use them or working on paying them back. That doesn’t necessarily mean you’re going to have a bad experience. It just means that there could be some confusion, especially early in your experience.
Maybe the first look doesn’t tell the whole story
60MonthLoans Personal Loans website does not align well with the kind of experience you are going to get in the end. For example, most lenders will have a very robust footer on their website. Most people ignore these things, but they are very important in financial services. The footers are important because they make the lenders positions clear, and that’s key from a regulatory perspective.
It is very hard to identify exactly the kind of loan you can be approved for with 60MonthLoans. They are a state-regulated lender and they are only available in these 17 states. Their loans are not issued by bank partners so the fees and interest that they charge are based on state law. The details of their loans will vary state-by-state.
What are the 60MonthLoans personal loans like?
60MonthLoans lends between $2,500 and $10,000 with loans that are repayable in 1 to 5 years. When you review their website to understand what you can expect in your state, this is where things get a little deceiving. 60MonthLoans shows you what the best qualified applicants can get. This is not best-practices for lenders. Lenders really should be showing you the “most common” or “likely” loans. A majority of their borrowers are not qualifying for these rates.
What does a personal loan from 60MonthLoan cost? Their APRs range from 19% to 69%. You can only expect a loan at the lower end of that range if you have a strong credit score and low debt-to-income ratio. 60MonthLoans does not charge a prepayment penalty– almost no one does anymore–but they will charge an origination fee between 5% and 10% of your borrowed amount.
Who Qualifies for a 60MonthLoans Personal Loans?
It appears that 60MonthLoans caters to people with damaged credit, but not too low. They will look at your credit report and scores. If your credit score is lower than say 600, you might not get approved. However, the only way to know for sure is to apply. They don’t only look at credit score, though. They will also look at your debt-to-income ratio to see if you can afford the loan payment.
What does the application process look like?
The application process can be a little confusing. The process is split into two stages. The first stage is an initial prequalification where they look at your FICO score, your income, and your debt-to-income ratio. If you clear this first hurdle, you will receive an email. This email has confused customers in the past. They think they are approved for the loan, when they are just “approved for the application,” meaning the applicant can now move to the next step in the process. That second step is a bank statement review. They will ask to see three months of your bank account data. The main thing they are looking for is the average amount of money in that account. They are looking to see if you are likely to struggle to add another payment…or two.
60MonthLoans will align your payment to your pay schedule. That means the loan agreement offered to you will likely ask you to make two payments a month. You can change this, but you have to do it before you sign the agreement. Because your loan will accrue interest on a daily basis, paying once a month will increase the amount of interest you pay over the life of the loan. So, keep that in mind as you structure the loan terms that will meet your needs.
Is 60MonthLoan is a legitimate company
Every indication that I’m seeing is that 60MonthLoans Personal Loans is a legitimate company, but they are small and their policies are not as clear and locked down as they should be for a lender. If you’re comfortable with a small company that is more likely to be responsive to your needs, 60MonthLoans may be a good lender for you. If you are uncomfortable with the fact that they’re still a little loose on their policies, they may not be a good option for you.
The loan they would offer you will almost certainly be more expensive than what’s listed on their website. So, if you have a credit score in the mid-600s or better, you probably would do better applying with a more established company.
Whatever you do, you owe it to yourselves to get the best loan you can possibly get. That’s why we recommend you shop around. Before you accept alone, you should have at least 2 or 3 approvals in hand from other lenders. That will give you the power of knowing that you’re getting the best deal that you can get. One of the most effective ways of shopping around is visiting our marketplace page at The Yukon Project. You can apply to any one of our premium lenders and behind the scenes we’ll check your rate with up to 40 lenders. We will return to you all of the pre-qualified offers, so that you can pick the loan that is best for you. The best thing about it is that applying uses only soft credit checks so it will not affect your credit score.
Conclusion about 60MonthLoans Personal Loans
60MonthLoans for Personal Loans is a smaller lender that does appear to try to be responsible in how they conduct their business, but some of their communications and policies can cause confusion. They might be able to offer you a loan that you want, but you should always shop around before you make a final decision.
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