Payoff Personal Loans
Payoff is a California-based financial services company that’s been around since 2009, offering borrowers with good credit a fixed-rate personal loan designed specifically for consolidating credit card debt.
The application process is simple and straightforward, and it allows you to check their rates in just under 3 minutes without harming your credit score. Once you select an offer with terms and conditions that work for you, you can finish your application, which will run a hard credit check to verify your information. You’ll then receive funds in just a few days.
Payoff offers fixed monthly rates, no fees whatsoever, and places a heavy emphasis on getting borrowers out of debt and even boosting their FICO score, making Payoff a solid option for a debt consolidation loan.
Payoff Loan Types and Terms
|Loan types||Personal Loan|
|Loan amount||$5,000 to $35,000|
|Repayment terms||24 – 60|
|APR||5.99% – 24.99%|
|Minimum credit score||640|
|Lender type||Direct Lender|
|Good for:||Good Credit, Debt Consolidation|
Who Payoff is Good For
- Good Credit
- Debt Consolidation
Payoff is pretty transparent about what their requirements are on getting approved for a personal loan. Borrowers must have overall good credit, which includes a FICO score of 640 or greater, a debt-to-income ratio of 50% or less, and at least three years of good credit, among a few other factors.
If your credit is in good standing, Payoff is an excellent choice if you’re looking to take out a personal loan with the purpose of consolidating your credit card debt. They offer customizable loan terms, lower rates than most credit cards, and affordable fixed monthly payments—all of which can help you get rid of high-interest credit card debt.
Payoff Personal Loans: Pros
- Transparent about who gets approved
- APR rates lower than most credit cards
- No application fees, late fees, prepayment penalties, or returned check fees
- Quick and easy online application process
- Great customer service with phone support, email, live chat, and an FAQ section
Payoff Personal Loans: Cons
- Origination fees ranging between 0% and 5%
How to Apply
Applying for a Payoff loan is easy and will take just a few minutes. Borrowers can start with a short pre-approval form which won’t affect your credit score and will ask a few basic questions, such as:
- Name and contact info
- Yearly income
- How much you pay in rent or mortgage each month
- How much you want to borrow
- What your credit score is
From there, you can view offers and select the one with the best rates and terms. Completing your application with the selected offer will result in a hard credit inquiry in order to validate your information and get you the funds. The time it takes to receive funds is typically 1-3 business days, assuming your application is complete and has all of the correct information needed.
If you aren’t approved , Payoff will provide you with the reason why and you’ll be able to apply again in 30 days.
Terms & Requirements
Let’s take a look at the terms and requirements when securing a personal loan with Payoff.
- FICO score minimum of 640
- Debt-to-income ratio of 50% or less
- Minimum of three years of good credit
- Open credit lines that are in good standing
- No more than one installment loan within the last year
- 0 credit delinquencies and none greater than 90 days within the last year
- APR rates range from 5.99% – 24.99%
- A personal loan amount ranges from $5,000 to $35,000.
- No application fees, prepayment fees, late fees, or returned check fees
- 0%-5% origination fees
- Loans are not offered in: AL, AZ, CT, DE, IA, KS, LA, MA, MD, MI, MN, MS, NC, NE, NH, NV, OH, OK, RI, SD, TN, VA, VT, WA, WI, AND WV.
- 24 – 60 months
Privacy & Security
Payoff does not sell user information, but they may share personal data with affiliates and third parties, such as their lending partners. They will not share your information with non-affiliates without your consent.
Payoff takes security and keeping your data safe seriously by using bank-level security, outside expert certification, secure data encryption, session time-outs, and strict password requirements.
Payoff offers support via email, phone, and live chat where you can speak directly with a representative. When reaching out via live chat, we were able to get in touch with someone immediately, and the agent was friendly and helpful.
Payoff also offers a support center with common questions about Payoff, about the Payoff loan, getting approved, applying for a Payoff loan, rates and fees, and how to manage your loan. This kind of information is super useful and shows the effort Payoff makes to ensure a seamless customer service experience all around.
Payoff has a solid reputation, great customer service, and offers an online loan application process that will get you offers quickly and easily. Even if you aren’t approved, they’ll give you the exact reasons why and allow you to apply again in 30 days.
Their rates are lower than most credit cards, so borrowers can turn multiple debts into one easy monthly payment with a low fixed rate, which can even lead to a nice boost in your credit score.
Aside from a possible origination fee ranging from 0%-5%, there are no other fees involved that are common with other lenders, such as late fees and prepayment penalties. If a borrower believes they will be late on a payment or is already late, they can speak with a representative and they’ll do their best to work with you.
Payoff has a niche, and that’s in offering personal loans specifically for debt consolidation. If you have good credit, want to consolidate your debt, and pay off your credit cards faster, they’re an excellent choice.
3200 Park Center Drive, STE 800,
Costa Mesa, CA 92626