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.
|Product Name||Payoff Personal Loans|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$35,000|
|Min APR||From 5.94%|
|Minimum Loan Term||2 years|
|Maximum Loan Term||5 years|
|Requirements||Must have a FICO score of 660+, at least 3 years of credit history and a debt-to-income ratio of no more than 50%. Must live in a state where Payoff offers loans; check availability.|
- You must have a FICO score of 660 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.
Do you qualify? What you need to be eligible
- At the least 18 years old
- US citizen or permanent resident
- 660+ FICO score
- Zero delinquencies
- At least three years of good credit history
Applying for a Payoff personal loan is simple, and there are no application fees or commitment obligations. You can review, verify and sign your loan documents online. Unlike most lenders, Payoff does not require you to upload bank statements and income documentations. Instead, you can link your bank account for Payoff to verify it.
If you are 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 are often used to help pay off high interest credit card debt. Terms range between two and five years.
Cost example: For a $15,000 loan with a 12% APR, you would have a monthly payment of $395.01 for 48 months.
Residents of the following states are ineligible for a Payoff loan:
- West Virginia
- Washington DC
Benefits of a Payoff loan
- Potential credit score increase. The company claims most of its members increase their credit score through the personal loan. The average member who uses the personal loan to pay off at least $5,000 of their credit card balance has a 40 point increase in credit score (this varies by case). As a member, you also get monthly FICO score updates.
- No extra fees. Payoff does not make you pay application, late, check processing, returned check or annual fees.
- Career support. As a member, you have access to job loss and 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.
How does Payoff compare to other lenders?
Things to consider when applying for a Payoff loan
- Credit card consolidation. With a Payoff loan, you have the ability to reduce multiple high-interest payments into one affordable monthly payment and eliminate your credit card debt faster.
- Loan amount and terms. Loans range from $5,000 to $35,000, and you can choose a term within 2 year(s) and5 year(s).
- APR. Your rate will be fixed, and can be as low as 5.94%
- Customer service. You can call, email, live chat with a customer service representative.
- Origination fee. You’ll be a charged a one-time fee between 2% and 5% of your loan amount, depending on the terms.
- Non-sufficient funds fee. Loan payments that cannot be processed will incur an NSF fee.
How to apply for a Payoff personal loan
To apply for a Payoff personal loan, click the Go to site button on this page. Once you’re on the Payoff website, click Check my rate. Follow the steps to enter your contact and financial information and submit it for a soft credit pull that won’t hurt your credit score. This shouldn’t take more than a few minutes.
Payoff should get in touch with you with offers. If you like one, select it and verify your information before eSigning your loan documents. Once it receives your documents, your funds should be disbursed.
- A good credit score. You should have at least a 660 credit score to qualify for a Payoff personal loan. After you are a member, Payoff will send you your FICO Score for free every month.
- No delinquencies. Payoff requires you to have zero credit delinquencies, and no delinquencies greater than 90 days within 12 months.
- Few other recent debts. No more than two open lines of credit and one installment loan taken out in the last year.
- Established credit history. To be approved, you must have at least three years of good credit.
- Low debt-to-income ratio. You should have a debt-to-income ratio of 50% or less.
Required documents & information:
- Full name
- Residential address
- Email address
- Social security number
- Bank account information