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Payoff personal loans review

Specialized loans for credit card debt consolidation.’s rating: 3.9 / 5.0


Bottom line: You don’t have to stop using your cards when you consolidate with Payoff — but your savings will be limited if you don’t have a strong credit score.


Min. Loan Amount$5,000
Max. Loan Amount$40,000
APR5.99% to 24.99%
Interest Rate TypeFixed
Min. Credit Score640
Loan Term2 to 5 years
Turnaround Time2 to 5 days
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  • Competitive rates compared to credit card APRs
  • Potential to improve your credit score
  • No late or annual fees
  • Career support available


  • Origination fee between 0% to 5%
  • Tough eligibility requirements
  • Must be used for credit card debt
  • Can take up to five days to receive funds

Payoff rates, fees and terms

Payoff offers competitive rates for those with excellent credit — but it isn’t much better than a credit card for people with fair credit. Its APRs range from 5.99% to 24.99% which includes an origination fee of 0% to 5%.

You can borrow between $5,000 to $40,000 to pay off your credit card debt. And loan terms last 2 to 5 years.

Our calculator can help you estimate your monthly repayments. Compare Payoff to your current credit card debt to see if consolidation is worth it.

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How Payoff compares to other lenders

Name Product Filter Values APR Min. Credit Score Loan Amount
BHG personal loans
$20,000 – $200,000
A highly-rated lender with quick turnaround and reliable customer service.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$600 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Best Egg personal loans
5.99% to 29.99%
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
PenFed Credit Union personal loans
5.99% to 17.99%
$600 – $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi personal loans
4.99% to 19.63%
$5,000 – $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

Payoff reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1.65 out of 5 stars, based on 54 customer reviews
Trustpilot Score 2.6 out of 5 stars, based on 6 customer reviews
Customer reviews verified as of 01 February 2021

The most recent customer reviews 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 credit card debt.

How to qualify

To qualify for a credit card debt consolidation loan from Payoff, you must meet the following requirements:

  • FICO score of 640 or higher
  • At least three years of credit history
  • Debt-to-income (DTI) ratio under 50%
  • No current delinquencies
  • No delinquencies over 90 days in the last 12 months
  • No more than one installment loan within the last year

What information do I need to apply?

To complete your application, you will need to provide a few details about yourself and your finances.

  • 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

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:

  • Massachusetts
  • Mississippi
  • Nebraska
  • Nevada

How the application works

To get started with Payoff, click Go to site on this page or visit its website and click Check my rate. You will need to enter information — but it should take no more than a few minutes to complete the application.

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 your application isn't approved, you can reapply after 30 days.

What sets it apart

Payoff may only be for credit card debt consolidation, but it offers a few benefits that other lenders rarely match.

  • Free FICO score updates. Like credit card companies, Payoff sends you free FICO score updates every months so you can keep track of your credit score.
  • May improve credit score. Payoff states that some borrowers saw an increase in their credit score of up to 40 points after paying off at least $5,000 in credit card debt. It’s not guaranteed — but even a small boost can help.
  • Limited fees. Payoff doesn’t charge late fees, check processing fees, returned check fees or annual fees. So while you may be stuck with an origination fee, a late payment won’t cost you extra.
  • Change repayment due date. Every 12 months, you can change your monthly due date with Payoff.

Is Payoff legit?

Yes, Payoff is a legit lender run by Happy Money, which also offers checking and savings accounts through NBKC Bank. Its privacy policy, hosted on the Happy Money website, covers what information it collects and how it shares that information. In fact, it states that it won’t share or sell your nonpublic personal information to nonaffiliates without your consent.

If Payoff doesn't seem like the best for your finances, compare other options with our guide to personal loans.

Frequently asked questions

Our answers to some common questions about Payoff.

Will checking my rate for the Payoff Loan affect my credit?

No, checking your rate for the Payoff Loan will not affect your credit. It doesn’t perform a hard credit check until it finalizes your loan.

Do I have to close the accounts I pay off?

No. You are not required to close any credit cards that you pay off with a loan from Payoff.

Personal loan ratings

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We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.


Review by

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.

Expert review

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 even more options before applying.

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