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Payoff personal loans review

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Specialized loans for credit card debt consolidation.

TrustPilot Reviews: 2.8 / 5.0 (5 reviews)’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


Product NamePayoff personal loans
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
Check my rate

Expert review

Aliyyah Camp

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 your other options below.

Best of 2020
Finder experts pick Payoff personal loans as a 2020 best pick for personal loans.

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:

  • Massachusetts
  • Mississippi
  • Nebraska
  • Nevada
  • 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

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Monevo personal loans
3.49% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
Fiona personal loans
4.99% to 35.99%
Get loan offers from multiple lenders at once without affecting your credit score.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 18.28%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

Payoff reviews and complaints

BBB accreditedYes
BBB ratingA+
BBB customer reviews1.7 out of 5 stars, based on 48 customer reviews
Trustpilot score2.8 out of 5 stars, based on 5 customer reviews
Customer reviews verified as of12 October 2020

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.

Payoff user reviews

2.8 / 5.0 (5 reviews)
  • Much as everybody else on these reviews my credit is in the 750s I just...
    read full review
  • As others have said here and on other sites STAY FAR AWAY from this company....
    read full review
  • I had a great experience with PayOff. I paid off my credit cards, which had...
    read full review
  • I would not recommend using Payoff for getting rid of existing debt. The interest rate...
    read full review
  • They approached me with regard to a debt consolidation. Two weeks later I was told...
    read full review

How do I apply?

Follow these steps to apply for a Payoff personal loan online:

  1. Click the Go to Site button on this page to be redirected to Payoff’s website.
  2. Click Check My Rate. If you have an invitation code, you can enter it now.
  3. Enter your personal details, including your contact and financial information
  4. 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

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