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Personal Loans

Payoff Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

APR

5.99%
To
24.99%

Credit Req.

640

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

up to 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

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: up to 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.

Not Specified

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 0.... 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

5.99%
To
17.24%

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

5.59%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 or 60

months

Origination Fee

up to 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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Personal Loans

Align Income Share Agreement Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

If you need money — such as to cover an emergency expense or to consolidate debt — but you’re worried about high-interest rates you might face with a personal loan, there is an alternative funding option you may consider: an income-share agreement (ISA).

An ISA doesn’t come with a set interest rate. Instead, you pay a percentage of your yearly income every year for a set number of years, paying back what you originally borrowed plus more.

Chicago-based Align Income Share Funding is one source of this type of agreement. The company has been providing ISAs since its founding in 2011. In this review, we’ll explain how Align’s ISA works and whether it might be a good fit for you.

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on LendingTree’s secure website

By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.
Align income share agreement details
 

Fees and penalties

  • Terms: Align states that its income-share agreement runs from 24 to 60 months. However, that may depend on your location.
  • Borrowing cost: Align doesn’t charge traditional interest rates on its loans. Instead, it charges a percentage of your income, no more than 10.00%. Say you make $40,000 a year. You might agree to spend 3% of your income each year to repay your loan, or $1,200. If you borrow $4,000 and you sign an agreement to pay back your loan over four years, you’d end up paying $4,800, or $800 more than what you initially borrowed.
  • Borrowing limits: Align will loan you a maximum of $12,500.
  • Time to funding: Align says that you once you sign your contract, it can deposit funds in your bank account in as little as one business day.
  • Hard pull or soft pull? Soft Pull. You can get a quote for an ISA on Align’s website and it will not impact your credit score.
  • Origination fee: Align does not charge origination fees.
  • Prepayment fee: Align also does not charge a prepayment fee. However, there is a cost for getting out of your agreement early.

There are no limits on how you can use your funds from an Align ISA. You can use the money for everything from consolidating high interest credit card debt to paying for home repairs or a dream vacation.

Align is flexible, too, when it comes to determining your income. As the company’s website states, anything listed in box No. 1 of your annual W-2 form can be considered income.

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

Align doesn’t say much about the minimum credit scores or debt-to-income ratio you will need to qualify for an income-share contract. Their website, however, specifies that they’ll consider your income, creditworthiness, job, and location when determining whether to approve your request for funds.

How Align’s income-share agreement works

This yearly percentage is broken up into monthly payments. Say you borrow $8,000 from Align and you earn $30,000 a year. If you agree to pay back your ISA at 10% of your yearly salary for three years, you’d pay Align $3,000 a year, at $250 a month. After the three-year repayment period has ended, you’d end up paying a total of $9,000, or $1,000 more than you borrowed.

When you set up your contract, you pick a date on which you want to pay each month. Align then automatically deducts that amount from your checking account.

As your income changes, so can your monthly payment. If your income goes up, the percentage you contribute will remain the same. But because your income is increasing, the overall amount you pay will jump, too.

It works the other way, too. Align says that if your income falls, you will pay less. If you become unemployed and you have no income, your monthly payment could potentially fall to $0. If you become unemployed, you will have to submit proof that you are not working, such as a notice from your former employer or documents showing you are receiving unemployment benefits.

Applying for an income-share agreement from Align

Applying for an ISA from Align is a simple process. Just click on the “Apply Now” button on the company’s homepage. Once you do, you’ll be asked to provide your name, date of birth, Social Security number, email address, physical address and phone number.

Align will also ask for your gross yearly income, your income source and the industry in which you work. You’ll also need to provide your education level, estimated credit score, the amount you’d like to borrow and what you want the money for.

After filling in this information, you will then submit your application for an online quote. If you are interested, you can contact Align to speak with a representative who will verify your income, job status and credit. Once this is done, Align will make you an official offer stating how much it is willing to lend you and at what percentage of your yearly income. Align will also state how many months you will make payments, and how much you will pay each month and each year to pay off the money you received.

If you like the offer, you will sign your contract. Align will then deposit your funds into your bank account in as little as one business day.

Pros and cons of an Align income share agreement

Pros:

Cons:

  • No interest rates: Align doesn’t charge interest rates for its loans. However, you will have to pay a percentage of your annual income for a set number of months to pay back your loan.
  • No origination fees: Applying for a loan at Align is free. The company also doesn’t charge you for the work involved in originating your loan.
  • Protection if you lose your job: How much you pay is based on how much you earn, so you won’t have to make any payments if you lose your job and your income.
  • Applying is fast: You won’t have to meet in person with a lender to get your money. You can start the process online. You will have to speak with a representative to verify your financial information.
  • Monthly payment may change: Your monthly payment can vary because Align charges you a percentage of your gross income to lend you money. If your income fluctuates, your monthly payment will, too. This can be challenging when you are making a household budget.
  • Not everyone is guaranteed an ISA: Align looks at your credit score, income and employment status when determining who qualifies for funds. There is no guarantee of approval.
  • Paying out of your contract may be pricey: You can end your contract with Align before your term ends. This will cost you, though. Align lists in your contract the amount of money you’d have to pay to get out of your ISA early.

Who’s the best fit for Align Income Share Funding?

An Align ISA can work for people who aren’t afraid of a little uncertainty and are worried about high interest rates. Because Align charges a percentage of your income, your monthly payments can increase or decrease. If you don’t mind this uncertainty, an Align ISA might be a good choice.

This type of agreement might work, too, if you have a relatively low income. But if your income is high, or if you expect it to rise in the near future, an ISA might not be a good fit — your monthly payment could jump too high.

Alternative funding options

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not Specified

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 0.... Read More

LendingClub is an online lender providing personal loans up to $40,000. Unlike Align, LendingClub provides traditional loans with a fixed interest rate. This means that your payments remain the same every month, a benefit when you are overseeing a household budget. LendingClub does not charge prepayment penalties, but it does have an origination fee between 1.00% - 6.00%. Anyone seeking more certainty with their loan payments should explore this option.

SoFi

SoFi
APR

5.99%
To
17.67%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 17.67% APR (with AutoPay). Variable rates from 5.60% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of August 7, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.60% APR assumes current 1-month LIBOR rate of 2.27% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

All rates, terms, and figures are subject to change by the lender without notice. For the most up-to-date information, visit the lender's website directly. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi is another popular source of personal loans. This online lender also provides traditional loans, with interest rates lower than many lenders because it primarily targets borrowers with great credit. SoFi charges no origination fee or prepayment fees and temporarily pauses your payments if you lose your job.

Payoff

APR

5.99%
To
24.99%

Credit Req.

640

Minimum Credit Score

Terms

24 to 60

months

Origination Fee

up to 5.00%

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

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


All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

Another online lender, Payoff lets you apply online for a personal loan. The company charges no application fees, and applying does not impact your credit score. You can choose a loan amount between $5,000 to $35,000 and terms from 24 to 60 months.

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.

Dan Rafter
Dan Rafter |

Dan Rafter is a writer at MagnifyMoney. You can email Dan here

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Personal Loans

Where U.S. Families Are Leaving in Droves — and Where They’re Moving to

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

While some media outlets report increasing challenges for families seeking a comfortable life in America’s biggest cities, leading to declining birth rates, other research claims most cities and metropolitan areas are as family-friendly as the nation as a whole. What’s clear is that the cost of living, and in particular the cost of childcare, presents significant challenges for those raising children in 2019 and beyond.

We analyzed U.S. Census Bureau migration data to understand which areas families with children are moving to, as well which metropolitan areas they are moving away from. For the purposes of this article, we defined a family as any household with children under the age of 18. Final rankings were determined by subtracting the number of families who left a metro area between 2016 and 2017 from the number of families who moved in.

Key findings

  • Riverside, Calif., took the top spot for highest migration, with a net inflow of 6,279 families. Nearly 15,700 families moved to Riverside while just under 9,400 left.
  • Phoenix, Ariz., was the second most popular spot for families to move to. In total, this metro saw a net inflow of 5,580 families. This city is also known for being a destination of choice for retired seniors and snowbirds, thanks not only to good weather but also retirement-friendly tax laws.
  • The country’s largest city, New York, saw about 38,100 families leave and 13,149 move in. This created a net outflow of just under 25,000 families, making it the city families are most likely to leave.
  • Other big cities like Los Angeles and Chicago did not perform well in this analysis, either, ranking second and third for net outflow of families. The good news for big cities is that they are the ones best able to recover from the loss of families. With a large population of young people, it is possible these cities can naturally replace the families leaving.
  • Apart from the three largest cities, other large cities round out the bottom 10. San Francisco, Washington, Miami, San Diego and Seattle all saw a net loss of families from migration.
  • On the state level, the most popular states for families to move to were North Carolina, Massachusetts and Texas. Those states saw a net gain of 10,108 families; 8,092 families; and 7,643 families, respectively.
  • The worst-performing states, according to our analysis, were New York, California and Indiana. New York lost 23,276 families; California lost 15,690; and Indiana lost 7,670.

Which states families are moving to

Riverside, Calif., ranks first on our list of the top 25 places families are migrating to. It’s followed closely by Phoenix, then by Tampa, Fla.; Portland, Ore.; and Orlando, Fla.

Surprisingly, these states rank relatively low on MagnifyMoney’s list of the top 25 happiest states in America. In that study, Arizona ranked 17th, followed by Oregon at 18th, while California and Florida came in 21st and 29th, respectively. Diving deeper into the categories that contributed to residents’ happiness, California ranked 11th in health, while Florida came 46th in economic stability.

Surprisingly, while the state of Arizona has a lower total population overall than California or Florida, its capital city, Phoenix, ranked second in the number of new families moving in. Florida is also a hot spot for educated workers who are drawn to its relatively low cost of living and low unemployment rates. These are some of the attributes responsible for two cities in Florida ranking in the top five places families move to.

Which states families are moving from

The largest exodus of families comes from the nation’s largest cities. The top five cities families are moving away from include New York, which is at the very top of the list with a net mobility of almost -25,000.

The difference in net mobility between New York and Los Angeles, the next city on the list, is more than 10,000 families. Chicago, San Francisco and Washington follow more closely behind.

These numbers support the recent MagnifyMoney happiness study that ranked New York the 39th happiest state in the U.S. and second-to-last in economic stability overall, just above the state of Louisiana. Another MagnifyMoney study ranked Washington and San Francisco among the top three most expensive cities in the nation, where even a six-figure salary may not be enough to afford housing and transportation costs or live a comfortable lifestyle.

On the other end of the spectrum, Colorado ranked third-happiest state in America, and Fort Collins, Colo., is lowest on the list of metropolitan places families move away from. It also has the second lowest number of families who are moving in.

The cost of moving

From packing supplies and moving trucks to hiring staff and taking time off work, moving and relocation expenses can put a significant dent in a family’s savings. On average, it costs between $2,000 and $5,000 per move more than 100 miles away, according to Consumer Affairs.

You may want to start saving for moving expenses now — or consider options such as an introductory 0% APR credit card or personal loan — to cover costs when making a move with your family across state lines. That’s especially true if your company won’t cover moving expenses.

If you decide that a personal loan is the best option for you, try searching for the best interest rates and repayment terms on MagnifyMoney’s personal loan comparison tool, where you can see if you qualify for personal loan offers.

Methodology

In order to rank the places where families were moving, researchers looked at the number of families who moved from one metro area to another from 2016 to 2017. To define family, we looked at households with children under the age of 18. To create the final ranking, we subtracted the number of families leaving a metro area from the number of those moving in.

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.

Barbara Balfour
Barbara Balfour |

Barbara Balfour is a writer at MagnifyMoney. You can email Barbara here

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