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.

Product NamePayoff Personal Loans
Min Loan Amount$5,000
Max. Loan Amount$35,000
APR5.99%–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 you qualify? What you need to be eligible

  • At least 18 years old
  • US citizen or permanent resident
  • 660+ FICO score
  • Zero delinquencies
  • At least three years of good credit history

What is a Payoff personal loan?

Payoff is a financial wellness company that specializes in helping consumers pay off their credit card debt. Their 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.

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 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
  • 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 their credit score (this varies by case) within four months of receiving the Payoff loan. 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, non-sufficient funds 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 September 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
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (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%–35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.990% – 14.865% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
640
$35,000
5.99%–24.99% (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)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (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)

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 5.99%
  • Customer service. You can call, email or live chat with a customer service representative.
  • Origination fee. You’ll be a charged a one-time fee between 0% and 5% of your loan amount, depending on the terms.

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 and information:

  • Full name
  • Residential address
  • Birthdate
  • Email address
  • Social Security number
  • Bank account information

What do other customers have to say about Payoff personal loans?

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.

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. While they have an origination fee between 0% and 5% of the loan, that’s the only fee you’ll pay during the life of your loan. They do 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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