Frequently Asked Questions
Do you want to know more about our personal loans?
Here are some of the most frequently asked questions that we receive from our customers:
- How long does it take to receive funds?
- Is there an early repayment penalty?
- Can I pay off my loan early or make larger payments?
- Do you charge any processing or additional fees?
- How do I repay my loan?
- What happens if I cannot make my payment?
- Will checking my FICO score affect my credit rating?
- Do you accept co-signers?
- Are the loans secured or unsecured?
- What agreements must I sign to receive the loan?
- Can I apply for a second loan?
- How can I cancel my application?
- How long can I take to pay back my loan?
- How do I receive my funds?
- What is the maximum amount of money I can borrow?
- Do you offer loans in my state?
- What is a Hard Inquiry vs a Soft Inquiry to your credit report?
- What are some good ways to check my credit score?
- What is the application process with 60monthloans, Inc.?
1. How long does it take to receive funds?After you sign the loan agreement, and all the necessary documentation has been provided you can expect your funds to be deposited into your bank account as early as the next business day. It may take up to 3 business days to receive your funds depending on your bank.
2. Is there an early repayment penalty?No. We do not charge any penalties for early repayment. We believe that for a personal loan to be a flexible financial solution there shouldn't exist any barriers such as early repayment penalties or hidden fees.
3. Can I pay off my loan early or make larger payments?Yes! You have the option to make early and large payments. To schedule an early or large payment please contact us by phone at 844-707-7300 (Mon-Fri 9am – 5pm PST Sa/Sun 10am – 5pm PST) or by e-mail at: firstname.lastname@example.org . We require that you contact us at least 3 business days before your regular payment so that your change can be processed.
4. Do you charge any processing or additional fees?We do charge a loan origination fee which is deducted from the loan proceeds. It won’t be any more than 5% of the loan product you qualify for. We recommend you read carefully your loan agreement in order to acknowledge all conditions of your loan.
5. How do I repay my loan?Your loan will be repaid in installments that will be withdrawn from your bank account at regular intervals. The loan agreement will contain your full repayment schedule.
6. What happens if I cannot make my payment?If you are unable to make your payment on time we recommend you immediately contact us either by phone at 844-707-7300 (Mon-Fri 9am – 5pm PST Sa/Sun 10am – 5pm PST) or by e-mail at: email@example.com to discuss an alternative payment solution. Make sure you give us at least a 3-business day notice, or we may not be able to help you with the payment you can’t make. It’s best to make sure that you have appropriate funds in your account 1 week before your payment is due.
7. Will checking my FICO score affect my credit rating?After you submit your application, we will be performing a set of credit checks to verify your ability to repay the loan. Because of our relationship with Experian, we are able to find out the credit information we need without having to do a hard inquiry on your account. Completing an application with us will not affect your credit score in any way.
8. Do you accept co-signers?No. We do not provide the option to apply for a personal loan with a co-signer.
9. Are the loans secured or unsecured?Our 60Monthloans, Inc. loans are unsecured. You are not required to provide any collateral to be eligible for a personal loan.
10. What agreements must I sign to receive the loan?You will only be required to sign the online lending agreement if you are approved for a personal loan.
11. Can I apply for a second loan?You can apply for a new loan once the current one is paid-off. In order to do this, you should contact our customer service by phone at 844-707-7300 (Mon-Fri 9am – 5pm PST Sa/Sun 10am -5pm) or by e-mail at firstname.lastname@example.org
12. How can I cancel my application?To cancel your application, you will have to contact our customer service at 844-707-7300 (Mon-Fri 9am – 5pm PST Sa/Sun 10am – 5pm PST) or email@example.com. If you do not contact us the application is automatically canceled in 7 days.
13. How long can I take to pay back my loan?The repayment term of the loan depends on the program you are qualifying for. The period of time in which you can repay your personal loans may vary from 1 to 5 years. Most loans we typically give out have 2–3-year terms.
14. How do I receive my funds?Your funds will be transferred directly to your bank account through an ACH (Automated Clearing House). The loans are generally transferred the next business day. It can take up to 3 business days depending on your bank.
15. What is the maximum amount of money I can borrow?The maximum amount of money that you can access through one of our personal loans is $10,000. Please note that first time borrowers may not be offered the maximum amount.
16. Do you offer loans in my state?60MonthLoans, Inc. offers loans in Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, South Carolina, Utah, and Wisconsin. If your state is not in this list, we may be coming to your state soon, so check back in with us!
17. What is a Hard Inquiry vs a Soft Inquiry to your credit report?A Hard Inquiry goes allows the creditor to see all your credit information that has been reported to them. This does put a mark on your credit that takes 2- 3 years to come off and having too many of these can negatively affect your credit score
A Soft Inquiry allows the creditor to see some of the information on your credit report (including your score). The soft inquiry does not put a mark on your credit report and therefore will not negatively affect your credit score. Because 60monthloans, Inc. has different types of credit checks we have found a way to be able to get the information we need on you by just using the Soft Inquiry and therefore your credit will not get negatively affected at all when you complete an application with 60monthloans, Inc.
18. What are some good ways to check my credit score?60monthloans, Inc. uses the credit bureau Experian for its credit checks. We recommend going to Experian.com to see your credit score.
You can also see your credit score from all three credit bureaus at annualcreditreport.com where you can get a free copy of all your credit reports once a year.