Payoff personal loan review: Eliminate credit card debt | finder.com

Payoff personal loan review

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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.

Product NamePayoff Personal Loans
Min Loan Amount$5,000
Max. Loan Amount$35,000
APR5.99% to 24.99%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term5 years
RequirementsMust have a FICO score of 640+, no current delinquencies, at least 3 years of credit history and a debt-to-income ratio of no more than 50%. No more than 1 installment loan and no delinquencies over 90 days in the past year. Must live in a state where Payoff offers loans; check availability.
  • 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

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?

Rates last updated October 20th, 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
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99%–36% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
6.99% to 35.97% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.09%–35.99% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16% to 35.89% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.99% to 14.87% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
$10,000
5.99%–35.99% (fixed)

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.

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