60MonthLoansPersonal Loans Review. $2,500-$10,000. Soft Credit Check. No prepayment penalty.

60 month loans appears to be a relatively small lender. This means that they can be responsive to customers, but it also means that there's a lot of their processes that are not dialed in. That does not necessarily mean you're gonna have a bad experience, but it almost certainly means there's going to be some confusion, especially early on. It is very hard to identify the kind of loan that you can be approved for with 60 month loans. They are a state regulated lender, which means that they are only available in these 17 states. Their loans are not issued by bank partners, so the fees and interest that are charged is based on state law. This means that the details will vary state by state. 60 month loans lends between $2,500 and $10,000, with loans that are repayable in one to five years. When you review their website to understand what you can expect in your state, this is where things get a little deceiving. 60 month loans shows you what the best qualified applicants can get. This is not best practices for lenders. Lenders really should be showing what's most common, or the most likely loans. A majority of their borrowers are not qualifying for these rates. Their APRs range from 19% to 69%. You can only expect a loan at the bottom end of that range if you have a strong credit score and a low debt to income ratio. 60 month loans does not charge a prepayment penalty, but I don't know of anyone who does anymore. But they will charge an origination fee between 5% and 10% of your borrowed amount. It appears that 60 month loans caters to people with damaged credit, but not too low. They will look at your credit score and your credit report. If your credit score is lower than, say, 600, you might not get approved, but unfortunately, there's only one way to know for sure, and that's to apply. They won't only look at your credit score, though. They'll also look at your debt to income ratio and try to determine whether you can afford the payment. The application process can be a little confusing. The process is split into two stages, and 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, which has confused customers in the past. They think they are being approved for the loan when they are just being approved for the application. 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 your account. They are looking to see if you are likely to struggle with another payment. 60 month loans 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 on each of your paydays. 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 to meet your needs. Every indication that I'm seeing is that 60 month loans is a legitimate company, but they are small and their policies are not as clear or 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, 60 month loans 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 would almost certainly be more expensive than what is 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 yourself to get the best loan you can possibly get. That's why we recommend you shop around. Before you accept a loan, you should have at least two or three 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'll 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 a soft credit check, so it will not affect your credit score. If you found this video helpful, please hit the like button and subscribe to our channel so we can continue bringing you the insider's perspective on financial services. Thanks for watching.