Do you want to pay off your credit card debt faster?
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.
Payoff Personal Loans
Consolidate credit card balances to get out of debt faster and save money on interest.
- Min. Loan Amount: $5,000
- Max. Loan Amount: $35,000
- Loan Term: Up to 60 months
- Must have a 660+ FICO score and 3+ years of credit history
- Not available in all states. Check the lender's website to confirm availability.
How does borrowing through Payoff 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 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 starts as low as 5.94%.
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 balances.
How does Payoff compare to other lenders?
Benefits of a Payoff credit card consolidation loan
Here’s what you need to know if you’re thinking about getting a loan through Payoff Loans:
- Loan amount and term options. 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 terms can vary from 2 to 5.
- 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.
- 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 an origination 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 improve your credit score. 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.
How do I apply for a loan from Payoff?
You can apply for a Payoff loan online, by submitting a secure application. Simply click the “Go to site” button on this page. 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 (18 years old, 19 in Alabama).
- You have a 660 or higher FICO score.
- You have at least three years of credit history.
- Your debt-to-income ratio is less than 50%.
Loans are currently unavailable in the following states: CT, DC, DE, IA, KS, LA, MA, MD, MI, MN, MS, NC, NE, NH, NV, OH, OK, VA, VT, WA, WI, and WV.
In order to complete the application successfully, you’ll have to submit some personal, contact and financial 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.
- Income verification.
- Details of your bank account.
Frequently asked questions about Payoff credit card 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 2-5% of the amount of your loan depending on your loan term.
Can I change my monthly due date?
Yes. You may do so online, once every 12 months.