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Additional information

Interest Rate (APR)

5.99% – 24.99%

Loan Amount

$5,000 to $40,000

Min. credit score


Financeive’s rating



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.

You can read our full Payoff bank personal loan review to inform your decision-making process.


  • 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.


  • 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.

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.