Skip links

Payoff Personal Loan

payoff logo

  • APR Range: 5.99% – 24.99%
  • Loan Amount: $5,000 to $40,000
  • Loan Terms: 24 to 60 Months
  • Minimum Credit Score: 550

Financeive Rate

Pros

  • Preapproval with a soft credit check is possible: This requires users to provide basic personal information, has no impact on their credit rating, and takes just a couple of minutes to complete.
  • The Payoff annual percentage rates (APRs) vary from 5.99% to 24.99%. The top end of this range is higher than some lenders, but it is still competitive—especially for borrowers with poor credit.
  • Borrower requirements are readily apparent on the company’s website: Payoff considers applicants based on a variety of financial criteria, including FICO Score, debt-to-income (DTI) ratio, credit utilization, and age of credit history. These parameters are open and clear online, allowing you to assess your probability of approval more quickly.

Cons

  • While many lenders provide personal loans that may be utilized for a variety of reasons, Payoff loans are designed to only combine several credit cards.
  • Payoff loans have Origination Fees of 0% to 5% of the total loan sum. For other borrowers, the fee may raise the overall cost of the loan; however, it may not apply to the most qualified borrowers.
  • Payoff gives loan amounts from $5,000 to $40,000. While this is the maximum amount of money that can be borrowed by a traditional lender or an online lender, it is lower than those of some competitors.
This company is outstanding in every way! They processed my loan within 24 hours, people working there are courteous and friendly. And they gave me the lowest interest rate, far lower than other lenders. I actually enjoyed working with them.

Note: This is an affiliate link and by applying through this button you’ll contribute to the site’s revenue. If you don’t want to use our affiliate link you can go directly from here.

[INSERT_ELEMENTOR id=”3896″]

Payoff is credit card consolidation loan provider that caters to people who want to lower their debt.

Loans can range from $5,000 to $40,000 and minimum loan amounts differ by state.

Personal loans provided by Payoff come in various APRs of 5.99% to 24.99%, depending on your credit score, credit usage, overall credit history, state, loan amount, and loan term.

Payoff, unlike other lenders, does not add a prepayment penalty to borrowers who repay their loans early.

We’ve put up the most comprehensive Payoff review for your convenience.

Today, we’ll go over any concerns you may have about Payoff, as well as how it works and what to anticipate throughout the application process, APR information, and most importantly, how Payoff compares to other lenders.

What Is Payoff?

Payoff is a subsidiary of Happy Money, Inc., which was founded in 2009. It works with lending partners to provide credit card consolidation loans.

Payoff, unlike many online loan services, tries to assist customers in reducing their debts and improving their credit scores.

Payoff loans are available in every state save Massachusetts and Nevada, and the firm is based in Tustin, California.

Payoff Personal Loans: What They Are?

Payoff loans are only available for credit card debt consolidation.

Payoff personal loans are not meant to be utilized for home upgrades, major purchases, or emergency expenditures because of this.

This is another disadvantage of Payoff loans.

Payoff loans are available to people with credit scores as low as 550 and at least 3 years of established credit.

When determining whether or not to grant a loan, Payoff considers each applicant’s debt-to-income ratio, credit usage rate, defaults, and other variables.

Depending on your loan’s APR, combining credit card debt with a personal loan may save you a lot of money in interest expenses.

You may also like: Payday Loans vs Personal Loans: What’s Better For Your Situation

When You’ll Get The Fund?

Payoff sends loan funds 3 to 6 business days after loan approval.

Keep in mind that, depending on the borrower’s financial institution, funding periods may vary.

4 Features of Payoff Personal Loans

1. Improve Your FICO Score

Consumers who pay off at least $5,000 in credit card debt with a Payoff loan may see their credit score improve by 40 points or more

Payoff allows consumers to monitor and improve their credit reports by allowing them to pay off their bills faster and get FICO Score notifications monthly.

2. The Due Date Is Flexible

Borrowers in need of financial assistance can change their payment date by visiting their Payoff Happy Money account and clicking the “Change Date” button next to their new payment date.

You may also like: Which Document Represents The Borrower’s Promise To Repay The Loan

3. Direct Card Payoff

The Direct Card Payoff service from Payoff unifies your credit card accounts.

Payoff will send loan funds to third-party credit card companies instead of the borrower’s bank account if a borrower opts into this service.

Borrowers who rather pay off their credit card debt on their own may select this option when filling out the application.

4. Credit Check Without a Hard Inquiry

Payoff, like many top online lenders, allows borrowers to pre-qualify for a loan without having their credit checked.

To check your interest rate, go to Payoff’s homepage and select “Check My Rate” If you got a prequalification letter, choose “I have an invite code

The lender will not perform a hard credit check until you submit a complete loan application.

Pre-qualification for a loan without a hard credit check is a nice bonus, especially if you’re looking for the best loan rates and terms.

You may also like: Using a Personal Loan to Invest: Is It Make sense?

Who Is Payoff Best For?

Payoff offers personal loans and credit monitoring tools to assist borrowers who want to consolidate their debts.

Rates are competitive, and this lender only requires a FICO Score of 550 while taking into account a variety of other financial criteria.

While customer reviews are mixed, many of them are negative and concentrate on concerns with the application, approval, and high APRs.

Because of this, we only suggest Payoff if you don’t qualify for better rates elsewhere and are looking for a credit card consolidation loan.

How to Apply for a Payoff Personal Loan 

If you’re thinking about taking out a Payoff loan to pay off credit card debt, start by assessing your rate and getting pre-qualified.

This only requires a simple credit check, so your credit will not be harmed.

Follow these 3 steps to finish your loan application:

After you’ve filled out the necessary pre-qualification data, Payoff displays relevant loan options. Select an offer that fits your borrowing requirements and the preferred repayment period. Before getting into the underwriting process, Payoff performs a full credit check.

You’ll need to verify your application and submit documentation, which might include copies of your identification, pay stubs, and bank statements.

The length of time it takes Payoff to examine and approve each application is determined by a variety of factors, including how fast the necessary papers are submitted. However, in general, Payoff needs up to 7 days to go over intake information and request more documents.

Is It Possible to Refinance a Personal Loan With a Payoff?

Payoff does not allow borrowers to refinance their personal loans.

Because the origination fee is subtracted from the loan amount and these are only credit card consolidation loans, the overall loan amount will be your credit card debt plus whatever the origination fee is.

You may also like: 5 Reasons Why Your Personal Loan Was Rejected And How To Recover

Calculate Your Interest and Monthly Payment

Personal Loan Calculator

$
$
$

How Payoff Compares to Other Personal Loan Lenders

APR: 5.99% to 35.99%. Loan Amount: $1,000 to $35,000.

5

Financeive Rate
Interest Rates
4.9/5
Loan Amounts
5/5
Customer Experience
5/5
Availability
5/5
Approval Rate
4.7/5
APR: 5.99% to 35.99%. Loan Amount: $1,000 to $35,000.

5

Financeive Rate
Interest Rates
4.9/5
Loan Amounts
5/5
Customer Experience
5/5
Availability
5/5
Approval Rate
4.7/5
Loan Amounts: $500 – $10,000. APR Range: 5.99% – 35.99%.

4.2

Financeive Rate
Interest Rates
4/5
Loan Amounts
4.5/5
Customer Experience
5/5
Availability
4/5
Approval Rate
4/5
APR: Not specified. Up to $25,000 Unsecured Personal Loan.

4.5

Financeive Rate
Interest Rates
4.5/5
Loan Amounts
5/5
Customer Experience
4.3/5
Availability
5/5
Approval Rate
5/5
Est. APR: 5.40-35.99%. Loan amount: $1,000-$50,000. Loan Terms: 36 Months or 60 Months.

4.5

Financeive Rate
Interest Rates
4.6/5
Loan Amounts
5/5
Customer Experience
4/5
Availability
5/5
Approval Rate
4/5

Payoff Customer Service

The customer service Team of ‘Payoff’ can be reached by phone Monday through Friday from 6 a.m. to 6 p.m. PT, and Saturday through Sunday from 6 a.m. to 3 p.m. PT.

Borrowers can leave a message for current and prospective borrowers who call at unusual hours. Member Advocates may be reached through email or online chat.

Also, Payoff provides a variety of online resources to help borrowers and their advocates simplify the application and loan repayment process.

Customer Satisfaction

On Trustpilot, Payoff’s parent firm Happy Money has an average rating of 4.5 out of 5 stars.

Some dissatisfied customers accuse lenders of high APR and a difficult application procedure.

Some applicants have complained about difficulties to verify their income and identity.

Other candidates reported lengthy call center response periods and unhelpful representatives.

Payoff has received excellent feedback from clients in the past.

Customers who were delighted with the service praised it for allowing them to pay off their debts and raise their credit scores.

Customers appreciate that the application procedure is quick if you have all of the required papers and that customer service personnel are polite.

Our Methodology

Financeive is dedicated to providing borrowers with fair, thorough evaluations of personal loan providers.

To ensure that our information assists borrowers in making the best personal loan selection for their needs, we gathered over 30 data points from more than 15 lenders to provide accurate information.

Frequently Asked Questions

  1. Can you trust Payoff?

    Yes, Payoff is a BBB accredited company with an A+ rating.

    Payoff received a 1.47-star rating due to issues with the automated payment procedure, high APRs, and negative customer service experiences.

  2. What bank does payoff use?

    Payoff has four federally-insured Lending Partners (Alliant Credit Union, First Electronic Bank, First Tech Federal Credit Union, and Technology Credit Union), all of whom will deposit the money into your checking account in 3 to 7 business days after being approved.

  3. Does payoff charge a fee?

    Origination Fee 0% – 5%. Prepayment Fee $0. Late Fee $0.

  4. How long does it take to get approved by payoff?

    It takes around 7 business days to get approved for a Payoff loan and up to 2 to 6 business days to receive the cash after approval.

  5. Do payoff loans have prepayment penalties?

    Payoff does not have any prepayment penalties.