We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Payoff personal loan review

Last updated:  

A specialized loan for credit card consolidation to simplify multiple debts into one affordable monthly payment.

With a Payoff personal loan, you can pay off multiple high interest credit cards and reduce them into one affordable monthly loan payment. When you borrow through Payoff, you can expect one-on-one assistance and a customer support team eager to answer questions. However, you will have to meet strict eligibility criteria in order to access Payoff’s debt consolidation loan.


Max. Loan Amount

5.99% to 24.99%



Min. Credit Score


Product NamePayoff Personal Loans
Min. Loan Amount$5,000
Max. Loan Amount$35,000
APR5.99% to 24.99%
Interest Rate TypeFixed
Min. Credit Score640
Minimum Loan Term2 years
Maximum Loan Term5 years
Turnaround Time2 to 5 days
Go to Payoff Personal Loans's website

Do I qualify?

  • You must have a FICO at least score of 660
  • You must have zero delinquencies
  • At least three years of good credit history
  • You must be at least 18 years old
  • You must be a US citizen or permanent resident

What is a Payoff personal loan?

Payoff is a financial wellness company that specializes in helping borrowers pay off their credit card debt. Its signature Payoff Loan is a personal loan that is designed specifically to eliminate or lower your credit card balances by combining them into one monthly payment at a fixed rate and term.

If you’re approved for a loan, the funds will be electronically deposited into your bank account. Payoff personal loans range from $5,000 to $35,000, and terms range between two to five years. Interest rates start as low as 5.99%. When you borrow from Payoff, you will also have to pay a loan origination fee of 2% to 5%.

What are the benefits of borrowing from Payoff?

  • Potential credit score increase. Payoff claims that its average member has a 40 point increase in their credit score within four months of receiving the Payoff loan. Your exact experience will vary.
  • FICO score updates. Payoff sends monthly FICO score updates to its borrowers.
  • Career support. If you lose your job, Payoff will work with you to create a new payment plan for the loan. Additionally, Payoff has a team of recruiters that can review your resume, provide job interview advice and help you find a new place of employment.
  • No extra fees. Payoff doesn’t charge application, late, check processing, returned check, non-sufficient funds or annual fees.

How does Payoff compare to other lenders?

Updated November 17th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
No fees. Multiple member perks such as community events and career coaching.

Compare up to 4 providers

What does the Internet have to say about Payoff?

Payoff has been accredited by the Better Business Bureau since January 2015 and receives an A+ rating. Of the five total customer reviews on the website, one is positive and the other four are negative, complaining about higher loan rates than what they were prequalified for, long waits for loan approval, and lots of hoops to jump through in order to get an answer on their loan. Payoff does not have a review on TrustPilot.

Am I eligible?

  • You must have a 660 credit score or higher
  • You must have no credit credit delinquencies
  • You must have no delinquencies greater than 90 days within 12 months
  • You must have no more than two open lines of credit and one installment loan taken out in the last year
  • You must have at least three years of good credit
  • You should have a debt-to-income ratio of 50% or less

How to apply for a Payoff personal loan

    1. Click the Go to Site button on this page to be redirected to Payoff’s website.
    2. Click Check My Rate.
    3. Enter your contact and financial information and submit your application.

Payoff should get in touch with you with offers. If you like one, select it and verify your information before e-signing your loan documents. Once it receives your documents, your funds should be disbursed.

Bottom line

If you’re looking to pay off your credit card debt, then taking out a Payoff Loan might be a good fit for you. It does require a relatively good credit score of at least 660 to qualify, and you can’t have had any credit delinquencies, so it may not be an option if you’ve struggled with paying off your debt in the past. As with any big financial decision, it’s a good idea to shop around to find a loan with the best rates and terms for your individual needs.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site