Payoff — a lender specializing in credit card consolidation

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

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?

    Rates last updated October 22nd, 2017

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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.
    680
    $45,000
    From 5.5% (fixed)
    Must be a US citizen or permanent resident with a valid I-551 card
    Even Financial Personal Loans
    Get matched to the best loan offer instantly from top online consumer lenders.
    580
    $100,000
    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.
    Prosper Personal Loan
    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.
    640
    $35,000
    From 5.99% (fixed)
    Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
    SoFi Personal Loan Fixed Rate (with Autopay)
    Borrow up to $100,000 with a competitive APR and no fees.
    Good to excellent credit
    $100,000
    From 5.49% (fixed)
    You must be a U.S. citizen or permanent resident, and 18 years or older.
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    600
    $25,000
    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.
    550
    $10,000
    From 34 - 155% (fixed)
    Varies depending on your state of residence.
    LendingClub Personal Loan
    Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.
    660
    $40,000
    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.

    Compare up to 4 providers

    Top five reasons to consider Payoff

    Here’s what you need to know if you’re thinking about getting a loan through Payoff Loans:

    1. 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.
    2. 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.
    3. 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.
    4. Boost your credit. If you make timely payments towards your Payoff loan, you could potentially increase your credit score. This is because your loan payments reflect on your credit report.
    5. 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.

    What do I need to apply?

    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: DC, DE, IA, MA, MI, MN, MS, NE, 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

    No. You are not required to close any credit cards that you pay off with a loan from Payoff.

    Yes. The origination fee eliminates other common fees, and is 2-5% of the amount of your loan depending on your loan term.

    Yes. You may do so online, once every 12 months.

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    US Personal Loans Offers

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    Prosper Personal Loan

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    LendingClub Personal Loan

    Borrow up to $40,000 with rates from 5.99% to 35.89% APR based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    Borrow up to $100,000 with a competitive APR and no fees.

    Upstart Personal Loans

    This newer service looks beyond your credit score to match you with accredited investors for low-rate personal loans.

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