Payoff is a company that offers personal loans that helps consumers pay off their credit card debt. Continue reading the review to find out if Payoff suits you.
Payoff, in a way, does not define themselves as a loan company. They specifically are looking for high interest earners that need a loaning service to consolidate all their debt.
However, they can deny you a loan if their algorithm detects that you will obtain a loan from the company to go deeper into debt instead of out, hence their company name “Payoff.”
Their goal is to help you pay off your high-interest rate credit card debt with their personal loans so you can move on through you life with ideally all of your debt paid off. Apply today!
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Payoff General Information
Apply for a personal loan today at Payoff today!
| Lender | Payoff |
| APR | 8% – 22% |
| Loan Amount | $5,000 – $35,000 |
| Term Length | 2 to 5 years |
| Origination Fee | 2% — 5% |
| Prepayment Fee | None |
| Late Fee | None |
| NSF Payment Fee | Varies by state |
| Minimum Gross Income | $25,000 |
| Minimum Credit Score | 720 |
| Repayment Options | Monthly |
Payoff Personal Loan Eligibility
Payoff is ideal for borrowers whom:
- Want to pay off their credit card debt or lessen their debt. Borrowers typically have an average balance of $15,000 to consolidate.
- Have an excellent credit score of at least 700.
- Have a high income of at leats $25,000.
- Want a more personal approach. Borrowers will receive handwritten welcome notes in the mail once they have been approved and can set up a call with a Payoff “member advocate” to discuss their financial goals and how to achieve them.
- Need disciplinary guidance. The Payoff representative also provides support and financial guidance while pay back the loan. For example, if you miss a payment, you won’t be charged a late fee; instead, you can set up a call with your representative to create a payment plan.
- Seek financial tips. Rejected applicants can talk to advocates about how to build credit or lower debt in order to qualify for a Payoff loan.
Pros and Cons of a Payoff Personal Loan
- You don’t need to own a home to apply.
- The application is simple and easy to follow.
- Cosigners are welcomed to apply.
- Initial credit check will not affect your credit score. However when your loan is approved, it will show up on the report.
- There are no late or prepayment fees.
- If you lose your job, Payoff will work with you to devise a new payment plan for your loans.
- Payoff can help you rebuild your credit score.
- Unfortunately, Payoff is not available in all states. Payoff is not available in Alabama, Arizona, Connecticut, Delaware, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nebraska, Nevada, New Hampshire, North Carolina, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Vermont, Virginia, Washington, West Virginia and Wisconsin.
- A personal loan from Payoff can only be used towards debt consolidation.
- Funding time could take anywhere from 2-7 days before you will receive your funds.
How To Apply For Payoff Personal Loan
- Fill out an application on Payoff’s website. The company will conduct a soft pull via TransUnion (which will not affect your credit score). Payoff will then show you your credit card balances. A representative may then reach out to you with a loan amount that they suggest is best suited for you (could may be lower than you’ve requested).
- Upon approval, you have the option to choose from one or more loans. Payoff displays the loan terms by monthly payments or annual percentage rate (APR). Keep in mind, Payoff charges an origination fee between 2% and 5% of the loan amount also depending on the length of the loan
- The next step requires you to fill out a detailed application with your personal information and to provide your Social Security number. For this part in the process, Payoff will conduct a hard pull on your credit report (which may affect your credit score; if it approves a loan, Payoff reports all of your payments to TransUnion, and timely repayment can boost your score)
- Upon completion of the application process, either link your bank account or upload documents for verification of your identity and income.
Bottom Line
Payoff is definitely different from the other lenders. Their primary goal is to guide people out of debt, but they are understanding if you happen to lose your job as they will work with you to figure out the best payment plan.
If you have a pretty good credit score but are struggling to pay off debt, then perhaps give Payoff a shot!
With just a soft pull in the beginning process, it won’t hurt to see the rates that you can get! You have nothing to lose!
Are you interested in this personal loan from this lender? Please let us know in the comment section below on your experience! If you want to search for more options on taking out the best personal loan, check out our full list of Best Personal Loans.
(Visit Payoff for more details)
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