Payoff loans for debt consolidation

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?

Rates last updated June 22nd, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Table Image Minimum Credit Score Max. Loan Amount APR Requirements
Prosper Personal Loan Prosper Personal Loan 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. Go to site More
Lending Club Personal Loan Lending Club Personal Loan 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. Go to site More
SoFi Personal Loan Fixed Rate (with Autopay) SoFi Personal Loan Fixed Rate (with Autopay) Good to excellent credit $100,000 From 5.49% (fixed) You must be a U.S. citizen or permanent resident 18 years or older. Go to site More
DRB Personal Loans DRB Personal Loans $45,000 From 5.75% (fixed) Must be a US citizen or permanent resident with a valid I-551 card Go to site More
Upstart Personal Loans Upstart Personal Loans 620 $50,000 From 7.16% (fixed) Must be 18+ and a US citizen or permanent resident. Must have good to excellent credit. Go to site More
NetCredit Personal Loan NetCredit Personal Loan 550 $10,000 From 34% to 155% depending on your state of residence% (variable) Varies depending on your state of residence. Go to site More
OneMain Financial Personal Loans OneMain Financial Personal Loans 600 $25,000 From 12.99% (fixed) Eligibility for a loan is determined by your financial history, credit history, income and expenses, and whether or not you have ever filed for bankruptcy. More

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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

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 only 2-5% of the amount of your loan. The amount of this fee is deducted from your loan amount in the very beginning.

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

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US Personal Loans Offers

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Lending Club Personal Loan

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

Prosper Personal Loan

Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.

Upstart Personal Loans

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

Get matched with providers from a large network of banks, peer-to-peer marketplaces and direct lenders.

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