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Payoff Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

APR

5.99%
To
24.99%

Credit Req.

640

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

0.00% - 5.00%

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on LendingTree’s secure website

Payoff is a financial services firm that offers personal loans mainly to help consolidate credit card debt.... Read More

Payoff personal loan details
 

Fees and penalties

  • Terms: 24 to 60 months
  • APR range: 5.99%-24.99%
  • Loan amounts: $5,000-$35,000
  • Time to funding: Most loans are funded within 2-5 business days after the verification process is completed.
  • Hard pull/soft pull: Soft Pull
  • Origination fee: 0.00% - 5.00%
  • Prepayment fee: None
  • Late payment fee: None

Payoff aims for fee transparency: The only fee associated with a Payoff loan is the origination fee. Payoff members receive other benefits, including:

  • Free FICO score updates each month
  • Job loss support
  • Quarterly check-in calls from Payoff’s member experience team during your first year
  • Tools that assess your personality, stress and cash flow to help you better understand yourself and your financial habits

Eligibility requirements

  • Minimum credit score: 640
  • Minimum credit history: 3 years of good credit
  • Maximum debt-to-income ratio: 50%

Payoff requires that you have at least two open and satisfactory tradelines on your credit report (i.e. open lines of credit on which you’ve made on-time payments). Any delinquencies (past due payments) must be resolved before applying for a Payoff loan. You must also have not opened a personal installment loan within the past 12 months.

Payoff loans are not yet available in Massachusetts, Mississippi, Nebraska, Nevada, and West Virginia. Additionally, candidates must apply as individuals — there are no joint applications for spouses.

Payoff loans are intended to help eliminate credit card debt. Contact Payoff to discuss your personal debt situation.

Applying for a personal loan from Payoff

To begin the Payoff loan application process, you can visit the website and enter some initial personal financial information to get a feel for the types of rates you may be eligible for. You can also review the terms of different loan packages and select one that best meets your needs.

If you’ve decided to move forward with a Payoff loan, you will be asked to complete the online application process and upload multiple documents. The documents required will differ based on the individual. They generally include:

  • Proof of identification, such as a current driver’s license or passport
  • Proof of income, usually your two most recent pay stubs. (If you are self-employed or can’t provide pay stubs, you may be asked to provide tax documents like Form 1040, Schedule C and/or K-1.)
  • Other financial documentation, including your most recent monthly bank statement and mortgage statement

Payoff recommends assembling all of your documents in advance of your online application, because a partial submission will slow the process. Once you’ve uploaded your documents and attached them to your application online, you may log in anytime to check the status. If Payoff needs further documentation or clarification, someone from the company will contact you. Though the application process is done completely online, there is a toll-free number you can call with questions along the way.

It typically takes three to seven business days after your completed application has been received for it to be reviewed. A Member Advocate will reach out either way to let you know if your application is accepted or declined. If you are declined, you can apply elsewhere or try again after 30 days. If you are accepted, your loan will fund within two to five business days. Payoff does a hard credit check just before your loan is finalized.

Pros and cons of a Payoff personal loan

Pros:

Cons:

  • Suite of products for customers: Payoff provides customers with a variety of support services addressing not only the financial but emotional and psychological aspects of debt.
  • Clear fee structure: With just an upfront origination fee and no other fees, Payoff customers don’t have to worry about penalties or unexpected charges popping up.
  • OK rates: Payoff’s APR is on par with competitive loan offerings — you won’t get significantly lower rates here.
  • Strict qualification requirement: If you don’t have good credit or 3+ years of credit history, a Payoff loan may not be an option.

Who’s the best fit for a Payoff personal loan

Payoff is a great option for people with a good credit history who are paying a lot of interest on credit card debt. Consolidating credit card debt with a personal loan can often result in lower overall interest payments. Payoff can also be helpful for individuals who have multiple credit card payments each month, as consolidating these debts will result in a single, easy-to-track monthly payment.

Payoff’s quarterly check-in calls during the first year may be especially helpful for individuals who need help staying on track as they start paying off debt.

Payoff consumer reviews

Payoff has an A+ rating with the Better Business Bureau (BBB). LendingTree, which owns MagnifyMoney, has reviews from consumers who used Payoff. They had great things to say about the lender, with many commenting on the excellent customer service and friendly, knowledgeable staff.

“From start to finish so easy to deal with!” wrote Dale from Hazlet, N.J. “Love that they follow up with you by telephone. I didn’t have to keep calling they called me first to introduce themselves and explain process!! Should have done this years ago! Will be referring friends! Thank you!”

TaMicah from Frisco, Texas said, “The whole process was easy, uploading online, customer advocates were prompt and easy to talk to, and the funds were transferred within a couple business days!”

Payoff FAQ

Payoff is not a bank. The lender works with lending partners to originate loans.

The Payoff loan is designed to eliminate or lower your credit card balances. It can give you the chance to pay off your debt faster and take control of your finances.

Yes! In fact, Payoff encourages it. By making additional payments you can end your debt quickly while reducing the amount you pay in interest.

Every month, your payments will be drawn from your checking account. You can change your payment due date every 12 months.

Payoff understands that life happens. If you have difficulty making a payment, contact them so that your individual situation can be discussed.

Payoff uses state-of-the-art security technology, certified by McAfee. All sensitive financial data, such as Social Security numbers and bank account numbers is stored in a highly secure environment via 256-bit encryption.

Alternative personal loan options

Lending Club

APR

6.95%
To
35.89%

Credit Req.

600

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More

LendingClub is an online peer-to-peer lending marketplace for personal loans, auto refinancing, and business loans. Though Lendingclub’s offerings are generally competitive, its funding time is longer than most lenders in the space (can take a week) and its origination fee is a bit higher.

Earnest

Earnest
APR

6.99%
To
18.24%

Credit Req.

680

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

Earnest is an alternative lender that offers personal loans, student loan refinancing and home loans. The company boasts that it gives customers lower rates by using nontraditional financial data such as savings patterns, investments and career trajectory when considering applications. Earnest loans have no fees and are ideal for young professionals with a degree and steady employment who have not yet built a robust credit history.

Upstart

APR

4.68%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

0.00% - 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

In addition to traditional qualifiers like a FICO Score, Upstart also considers your education, area of study and job history when reviewing your loan application. The company says once you are approved, your loan can be funded the next day. Upstart loans are subject to a number of fees, including an origination fee, late fees and check processing fees. The lender is a good fit for young adults with a good credit score and a short credit history who want to pay off debt.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Anna Baluch
Anna Baluch |

Anna Baluch is a writer at MagnifyMoney. You can email Anna here

Ashley Sweren
Ashley Sweren |

Ashley Sweren is a writer at MagnifyMoney. You can email Ashley here

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Mortgage

2019 FHA Loan Limits in North Carolina

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Are you a North Carolina resident planning on buying a home? If so, you may be considering a Federal Housing Administration (FHA) loan. A 2016 FHA report found that 16.7% of all FHA mortgages in the country came from the Tar Heel state. The data, which is the most recent available, showed 18,322 of the 109,937 of the homes financed in North Carolina in 2015 were purchased through FHA loans.

In 2018, 2.62% of all FHA loans in the U.S. came from North Carolina. According to the National Association of Realtors (NAR), home prices in the state have slightly increased over the past year.

According to NAR, the median home price for an existing single-family home in the Durham-Chapel Hill area during the third quarter of 2018 was $282,200. It was $287,800 in Raleigh and $245,000 in Charlotte. When compared with the third quarter in 2017, these prices increased by 7.6%, also 7.6% and 5.1%, respectively.

Each year, FHA conforming loan limits are set and adjusted to reflect the change in average U.S. home prices. In 2019, the FHA loan limits for a single-family home in North Carolina depend on the county and range from $314,826 to $726,525.

Here, we’ll take a closer look into the North Carolina FHA loan limits by county and explain how these limits are determined.

North Carolina FHA Loan Limits by County

County NameOne-FamilyTwo-FamilyThree-FamilyFour-FamilyMedian Sale Price
ALAMANCE$314,827$403,125$487,250$605,525$159,000
ALEXANDER$314,827$403,125$487,250$605,525$133,000
ALLEGHANY$314,827$403,125$487,250$605,525$76,000
ANSON$314,827$403,125$487,250$605,525$60,000
ASHE$314,827$403,125$487,250$605,525$100,000
AVERY$314,827$403,125$487,250$605,525$150,000
BEAUFORT$314,827$403,125$487,250$605,525$133,000
BERTIE$314,827$403,125$487,250$605,525$35,000
BLADEN$314,827$403,125$487,250$605,525$60,000
BRUNSWICK$314,827$403,125$487,250$605,525$206,000
BUNCOMBE$314,827$403,125$487,250$605,525$258,000
BURKE$314,827$403,125$487,250$605,525$133,000
CABARRUS$317,400$406,300$491,150$610,400$276,000
CALDWELL$314,827$403,125$487,250$605,525$133,000
CAMDEN$726,525$930,300$1,124,475$1,397,400$239,000
CARTERET$314,827$403,125$487,250$605,525$219,000
CASWELL$314,827$403,125$487,250$605,525$62,000
CATAWBA$314,827$403,125$487,250$605,525$133,000
CHATHAM$403,650$516,750$624,600$776,250$351,000
CHEROKEE$314,827$403,125$487,250$605,525$120,000
CHOWAN$314,827$403,125$487,250$605,525$122,000
CLAY$314,827$403,125$487,250$605,525$150,000
CLEVELAND$314,827$403,125$487,250$605,525$100,000
COLUMBUS$314,827$403,125$487,250$605,525$80,000
CRAVEN$314,827$403,125$487,250$605,525$180,000
CUMBERLAND$314,827$403,125$487,250$605,525$165,000
CURRITUCK$458,850$587,400$710,050$882,400$308,000
DARE$391,000$500,550$605,050$751,900$300,000
DAVIDSON$314,827$403,125$487,250$605,525$157,000
DAVIE$314,827$403,125$487,250$605,525$157,000
DUPLIN$314,827$403,125$487,250$605,525$63,000
DURHAM$403,650$516,750$624,600$776,250$351,000
EDGECOMBE$314,827$403,125$487,250$605,525$126,000
FORSYTH$314,827$403,125$487,250$605,525$157,000
FRANKLIN$339,250$434,300$524,950$652,400$295,000
GASTON$317,400$406,300$491,150$610,400$276,000
GATES$458,850$587,400$710,050$882,400$308,000
GRAHAM$314,827$403,125$487,250$605,525$95,000
GRANVILLE$314,827$403,125$487,250$605,525$175,000
GREENE$314,827$403,125$487,250$605,525$97,000
GUILFORD$314,827$403,125$487,250$605,525$158,000
HALIFAX$314,827$403,125$487,250$605,525$70,000
HARNETT$314,827$403,125$487,250$605,525$169,000
HAYWOOD$314,827$403,125$487,250$605,525$258,000
HENDERSON$314,827$403,125$487,250$605,525$258,000
HERTFORD$314,827$403,125$487,250$605,525$50,000
HOKE$314,827$403,125$487,250$605,525$165,000
HYDE$483,000$618,300$747,400$928,850$147,000
IREDELL$317,400$406,300$491,150$610,400$276,000
JACKSON$314,827$403,125$487,250$605,525$210,000
JOHNSTON$339,250$434,300$524,950$652,400$295,000
JONES$314,827$403,125$487,250$605,525$180,000
LEE$314,827$403,125$487,250$605,525$140,000
LENOIR$314,827$403,125$487,250$605,525$73,000
LINCOLN$317,400$406,300$491,150$610,400$276,000
MACON$314,827$403,125$487,250$605,525$150,000
MADISON$314,827$403,125$487,250$605,525$258,000
MARTIN$314,827$403,125$487,250$605,525$47,000
MCDOWELL$314,827$403,125$487,250$605,525$86,000
MECKLENBURG$317,400$406,300$491,150$610,400$276,000
MITCHELL$314,827$403,125$487,250$605,525$101,000
MONTGOMERY$314,827$403,125$487,250$605,525$73,000
MOORE$314,827$403,125$487,250$605,525$243,000
NASH$314,827$403,125$487,250$605,525$126,000
NEW HANOVER$314,827$403,125$487,250$605,525$240,000
NORTHAMPTON$314,827$403,125$487,250$605,525$70,000
ONSLOW$314,827$403,125$487,250$605,525$158,000
ORANGE$403,650$516,750$624,600$776,250$351,000
PAMLICO$314,827$403,125$487,250$605,525$180,000
PASQUOTANK$726,525$930,300$1,124,475$1,397,400$239,000
PENDER$314,827$403,125$487,250$605,525$240,000
PERQUIMANS$726,525$930,300$1,124,475$1,397,400$239,000
PERSON$403,650$516,750$624,600$776,250$351,000
PITT$314,827$403,125$487,250$605,525$155,000
POLK$314,827$403,125$487,250$605,525$210,000
RANDOLPH$314,827$403,125$487,250$605,525$158,000
RICHMOND$314,827$403,125$487,250$605,525$67,000
ROBESON$314,827$403,125$487,250$605,525$57,000
ROCKINGHAM$314,827$403,125$487,250$605,525$158,000
ROWAN$317,400$406,300$491,150$610,400$276,000
RUTHERFORD$314,827$403,125$487,250$605,525$120,000
SAMPSON$314,827$403,125$487,250$605,525$65,000
SCOTLAND$314,827$403,125$487,250$605,525$70,000
STANLY$314,827$403,125$487,250$605,525$130,000
STOKES$314,827$403,125$487,250$605,525$157,000
SURRY$314,827$403,125$487,250$605,525$90,000
SWAIN$314,827$403,125$487,250$605,525$120,000
TRANSYLVANIA$314,827$403,125$487,250$605,525$213,000
TYRRELL$391,000$500,550$605,050$751,900$300,000
UNION$317,400$406,300$491,150$610,400$276,000
VANCE$314,827$403,125$487,250$605,525$65,000
WAKE$339,250$434,300$524,950$652,400$295,000
WARREN$314,827$403,125$487,250$605,525$124,000
WASHINGTON$314,827$403,125$487,250$605,525$60,000
WATAUGA$314,827$403,125$487,250$605,525$210,000
WAYNE$314,827$403,125$487,250$605,525$115,000
WILKES$314,827$403,125$487,250$605,525$100,000
WILSON$314,827$403,125$487,250$605,525$113,000
YADKIN$314,827$403,125$487,250$605,525$157,000
YANCEY$314,827$403,125$487,250$605,525$136,000

How are FHA loan limits calculated?

The U.S. Department of Housing and Urban Development (HUD) sets FHA loan limits based on the conforming loan limit — or how large a mortgage Fannie Mae and Freddie Mac will purchase. In 2019, that limit is $484,350.

Also known as the “floor,” the largest mortgage the agency will issue to the majority of the country is $314,827, or 65% of the conforming loan limit, for 2019. The “ceiling” applies to high-cost areas and is set at 150% of the conforming loan limit, or $726,525. While there are a few exceptions, this is typically the highest amount that will be insured for a single-family home.

Here are the 2019 standard FHA limits for all property types:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for high-cost areas:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Do you qualify for an FHA loan in North Carolina?

An FHA loan may be able to help you purchase the home of your dreams in North Carolina. For more information on 2019 FHA loan limits and to determine whether you qualify for an FHA loan in the Tar Heel state, check out our complete guide to FHA loans.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Anna Baluch
Anna Baluch |

Anna Baluch is a writer at MagnifyMoney. You can email Anna here

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Mortgage

2019 FHA Loan Limits – New Hampshire

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Intro

If you’re a New Hampshire resident hoping to get a mortgage through the Federal Housing Administration (FHA), you should be aware that each year, the FHA loan limits are set and adjusted to reflect changes in U.S. home prices. For a single-family home in New Hampshire, the FHA loan limits in 2019 range from $314,827 to $688,850. For a four-plex, the amount maxes out at $1,324,750.

In 2018, FHA mortgages in New Hampshire accounted for 0.43% of all FHA loans across the U.S. In 2016 (the most recent year for which this data is available), 5,509 FHA loans originated in the Granite State, for a total of $1.2 billion.

According to the National Association of Realtors, the median home price for an existing single-family home in the Manchester-Nashua area was $300,000 at the end of the third quarter of 2018. This price increased by 5.3% since the third quarter in 2017.

Let’s take a closer look at New Hampshire FHA loan limits by county and how the FHA loan limits are determined.

New Hampshire FHA Loan Limits by County

County NameOne-FamilyTwo-FamilyThree-FamilyFour-FamilyMedian Sale Price
BELKNAP$314,827$403,125$487,250$605,525$203,000
CARROLL$314,827$403,125$487,250$605,525$208,000
CHESHIRE$314,827$403,125$487,250$605,525$175,000
COOS$314,827$403,125$487,250$605,525$87,000
GRAFTON$314,827$403,125$487,250$605,525$182,000
HILLSBOROUGH$322,000$412,200$498,250$619,250$280,000
MERRIMACK$314,827$403,125$487,250$605,525$240,000
ROCKINGHAM$688,850$881,850$1,065,950$1,324,750$599,000
STRAFFORD$688,850$881,850$1,065,950$1,324,750$599,000
SULLIVAN$314,827$403,125$487,250$605,525$182,000

How are FHA loan limits calculated?

The U.S. Department of Housing and Urban Development (HUD) sets FHA loan limits based on the conforming loan limit, which is how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2019, $484,350 is that limit.

To be clear, FHA loans are not conforming loans. The agency just uses conforming loan limits to set its own loan limits.

The “floor,” or the largest mortgage the FHA will issue to most of the country, is $314,827 for 2019. The “ceiling,” which applies to high-cost areas and is set at 150% of the conforming loan limit, is $726,525. This is typically the highest amount that will be insured for a single-family home.

Here are the 2019 standard FHA limits for all property types nationwide:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for high-cost areas:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Are you eligible for an FHA loan in New Hampshire?

It’s important to understand that the price of the home you’re buying is only one factor that determines whether you’re eligible for an FHA loan. Other criteria, such as your down payment, credit history, credit score and income will be considered as well. For more information on FHA loan eligibility and frequently asked questions about FHA loans, we encourage you to check out our complete guide to FHA loans.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Anna Baluch
Anna Baluch |

Anna Baluch is a writer at MagnifyMoney. You can email Anna here

TAGS:

Compare Mortgage Loan Offers for Free

Home Purchase Quotes

Home Refinance Quotes

(It only takes 3 minutes!)

NMLS #1136 Terms & Conditions Apply