Payoff Personal Loan review

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 NamePayoff Personal Loans
Min Loan Amount$5,000
Max. Loan Amount$35,000
Min APR From 5.94%
Minimum Loan Term2 years
Maximum Loan Term5 years
RequirementsMust 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.
Application Fee$0
  • 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.

State restrictions

Residents of the following states are ineligible for a Payoff loan:

  • Massachusetts
  • Mississippi
  • Nebraska
  • Nevada
  • Ohio
  • Vermont
  • Wisconsin
  • West Virginia

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?

Rates last updated January 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR Requirements
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
From 5.5% (fixed)
Must be a US citizen or permanent resident with a valid I-551 card. Best for people w/ 680+ credit scores and $60,000+ annual income.
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
From 4.99% (fixed)
Must have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident.
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
From 5.99% (fixed)
You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income.
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
From 5.99% (fixed)
Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
From 2.99% (fixed)
Must be a US citizen or permanent resident, age 18 or older, with a credit score of 580 or higher, and have a minimum annual income of $35,000.
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
From 15.49% (fixed)
Must have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
From 34% (fixed)
Varies depending on your state of residence.

Compare up to 4 providers

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.

Eligibility criteria:

  • 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
  • Birthdate
  • Email address
  • Social security number
  • Bank account information
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