Payoff personal loans review
Specialized loans for credit card debt consolidation.
finder.com’s rating: 3.9 / 5.0
- Best for borrowers looking to bundle their credit card debts into one affordable monthly repayment.
- Pick something else if your credit isn't up to snuff.
Max. Loan Amount
5.99% to 24.99%
Min. Credit Score
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
Payoff specializes in helping borrowers pay off their credit card debt. Its signature Payoff Loan is a personal loan that’s designed specifically to eliminate or lower your credit card balances by combining them into one monthly payment at a fixed rate and term. With APRs starting at 5.99%, there’s a good chance you can save money on interest compared to the rates you’re stuck with on your credit cards.
But you have to meet pretty tough eligibility requirements — including a minimum credit score of 640 and at least three years of good credit history. It’s also not the fastest option out there — it could take up to five days to receive your funds. And you’ll be on the hook for an origination fee up to 5% — many personal loan providers don’t charge this fee at all.
Not sure Payoff will pay off? Compare your other options below.
First, am I eligible?
To qualify for a credit card debt consolidation loan from Payoff, you must meet the following requirements:
- You must have a FICO score of 640 or higher.
- At least 3 years of credit history.
- A debt-to-income ratio of no more than 50%.
- You must live in a state where Payoff offers loans.
- Must be 18 years or older.
- No current delinquencies
- No delinquencies over 90 days in previous 12 months
- No more than one installment loan within the last year
States where Payoff is not available
Payoff is available almost everywhere in the US, but you won’t qualify if you live in one of the following states:
- West Virginia
- Competitive rates compared to credit card APRs
- Potential to improve your credit score
- Monthly FICO score updates
- Career support
- Origination fee of 0% to 5%
- Tough eligibility requirements
- Must be used for credit card debt
- Can take up to five days to get your funds
Compare other personal loan providers
What do customers say about Payoff?
|BBB customer reviews||2 out of 5 stars, based on 24 customer reviews|
|Trustpilot score||3.2 out of 5 stars, based on 1 customer reviews|
|Customer reviews verified as of||23 December 2019|
The most recent customer reviews all criticize Payoff for its lackluster customer service and slow processing times. Some of the positive reviews noted they were approved despite their credit. However, both positive and negative reviews alike noted that rates can be high — something to look out for if you want to pay less interest on your debt.
How do I apply?
- Click the Go to Site button on this page to be redirected to Payoff’s website.
- Click Check My Rate. If you have an invitation code, you can enter it now.
- Enter your personal details, including your contact and financial information
- Create an account and read Payoff’s disclosures to submit your application.
What information do I need to apply?
To complete your application, you will need to provide a few details:
- Annual income
- Monthly housing payment
- Bank statement or banking information
- Copy of government-issued photo ID
- Two most recent pay stubs or most recent tax return
What happens after I apply?
Payoff will get in touch with you about your loan. If you’re approved and like one of your offers, select it and verify your information before e-signing your loan documents. Once it receives your documents, your funds should be disbursed within two to five business days.
If you aren’t approved, you can reapply after 30 days.
How do repayments work with Payoff?
Your repayments will be drawn directly from your checking account every month. You can change your monthly due date every 12 months. And because there are no prepayment penalties, you’re able to pay off your loan at any time — helping you save money on interest.
Not sure about Payoff? Compare other options with our guide to personal loans.
Frequently asked questions
Short-term loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze short-term loan providers and similar services to help you weed out predatory lenders and find a company you can trust. We rate providers on a scale of one to five stars. Our ratings are based on factors that are most important to you, which include: loan amount, application process, fees, customer reviews and borrower experience.
Read the full methodology of how we rate short-term loan providers and similar services.