Are you looking for a loan that will let you consolidate your credit card debt?
Payoff offers loans specifically for individuals who wish to simplify paying off their high-interest credit cards. Through a Payoff loan you can potentially repay your credit card debt faster.
How does Payoff Loans compare to other lenders?
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How does borrowing from Payoff Loans work?
If high-interest credit card debt is a problem for you, you might consider getting a Payoff Loan. You don’t have to provide any kind of collateral to get this unsecured loan. One limitation is you can only use proceeds from the loan to consolidate existing credit card debt.
What you need is at least three years of credit history along with an ability to repay the money you wish to borrow. The annual percentage rate (APR) you have to pay depends on multiple factors. It can vary from 8% to 25%% and 25%.
You can complete and submit an online loan application in a matter of minutes. If Payoff Loans approves your application it transfers the money in your nominated bank account electronically. You can then use this money to repay your credit cards.
Whether or not you continue using your credit cards is up to you. Since credit card debt got you in trouble in the first place, Payoff Loans recommends that you limit their usage.
Benefits of a Payoff debt consolidation loan
Here’s what you need to know if you’re thinking about getting a loan through Payoff Loans:
- Variable loan amount and term. You can borrow any amount from $5,000 to $35,000. However, the maximum you can borrow depends on your existing financial condition and other eligibility factors. Loan term can vary from 24 to 60 months.
- Disbursement of funds. Once Payoff Loans approves an application, the money normally gets into the applicant’s bank account within two to five business days.
- Poor credit rating is okay. Payoff Loans does not require you to have good credit rating in order to apply. What it looks at is your ability to make repayments.
- Transparent fee structure. This lender provides a transparent fee structure, so you don’t have to worry about any hidden fees and charges. You don’t have to pay any application fees, account keeping fees, prepayment penalties, late fees or check processing fees. You have to pay a Payoff platform fee, which depends on your loan term. It ranges from 2% to 5%. You may also have to pay a returned payment fee if Payoff Loans can’t process your payment.
- Boost your credit. If you make timely payments towards your Payoff loan, you could potentially rebuild your credit. This is because your loan payments reflect on your credit report.
- Personal service. If you’re looking for personalized service, you can chat with a Payoff Loans representative online or speak with one over the phone.
- Online calculator. An online calculator uses simple inputs such as your credit score, total debt and average APR to tell you how much you can save over time. You can also check the probable rate you’ll get without hurting your credit score.
How do I apply for a loan from Payoff Loans?
You can apply for a Payoff Loan online, by submitting a secure application. To do so now, simply head over to Payoff’s website. Before applying, make sure you meet the required eligibility criteria:
- You are an American citizen or a permanent resident of the US.
- You are over the age of majority in your state.
- You have at least three years of credit history.
Loans are currently unavailable in Alabama, Arizona, Connecticut, Delaware, Iowa, Kansas, Louisiana, Massachusetts, Minnesota, New Hampshire, South Dakota, Vermont and West Virginia.
In order to complete the application successfully, you’ll have to submit different kinds of information:
- Your full name, date of birth and Social Security number.
- Your contact information.
- Details from an acceptable form of ID such as your driver’s license, passport or state issued ID.
- Two of your most recent paystubs, or your most recent tax return, 1099 or W-2.
- Details of your bank account.
Frequently asked questions about Payoff debt consolidation loans
Do I have to close the accounts I pay off?
No. You are not required to close any credit cards that you pay off with a loan from Payoff.
Is there a loan origination fee?
Yes. The origination fee eliminates other common fees, and is only 2-5% of the amount of your loan. The amount of this fee is deducted from your loan amount in the very beginning.
Can I change my monthly due date?
Yes. You may do so online, once every 12 months.