Payoff Personal Loan Review

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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 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

5.67%
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

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