Best Personal Loans from Payoff® of August 2022

We have found 2 offers from Payoff®. The APR for Payoff® personal loans starts from 5.99% while the amount you can get varies from $5,000 to $40,000. You can apply for a Payoff® personal loan of up to 60 months. See all the terms to decide if Payoff® is the right lender for you.

Payoff®
By Hanna Volkava
Updated August 15, 2022

See all Payoff® personal loans in August 2022

Showing 2 loans
APR
5.99 - 24.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 5.99% and 24.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On Payoff®‘s site
APR
5.99 - 24.99 %
Term
2 - 5years
Loan amount
$5,000 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Debt Consolidation Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 5.99% and 24.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On Payoff®‘s site
Check rates
On Payoff®‘s site

Check Payoff® personal loan rates

scorer
APR Range
5.99 - 24.99%
scorer
Loans
up to $40,000
scorer
Terms
up to 60 months
scorer
Score required:
Good (670-739)
scorer
Loan purposes:
Personal Loan, Debt Consolidation Loan

Information about lender

  • Organisation:
    Payoff®
  • Website:
  • Headquarters:
    1700 Flight Way Tustin, CA 92782

Payoff® Personal loans Pros&Cons

Pros:
  • Competitive APR: Payoff offers APRs that fall between 5.99% and 24.99%.
  • Pre-qualification: Payoff offers pre-qualification, meaning you can check potential loan terms without affecting your credit score. Once you decide to proceed with the loan, a hard inquiry will be performed.
  • No extra fees: Except for the origination fee, Payoff doesn’t charge any other fees (late payment, application, early payment, return check, etc.).
  • Accessible customer service: You can talk to their customer service by phone for any concerns. They also give you a welcome call and a quarterly check-in call for the first year after getting the loan.
Cons:
  • Credit Card Debt Consolidation Loans Only: Payoff offers loans only for credit card debt consolidation.
  • No direct transfer to creditors: Payoff does not transfer funds to creditors when you get a loan.
  • Origination fee: Payoff charges an origination fee of up to 5% of the loan amount.
  • No co-signers allowed: You can only apply as an individual without a co-signer backing you up.
  • Slow funding process: It takes 3-7 days to get the loan approved and 3-6 days to receive the funds once approved and all final documents are signed.

Check loans from other lenders

SoFi
SoFi
Personal Loan
5 out of 5
Recommended credit score
bank name
Good (670-739)
  • 6.74 - 21.98 %
    APR
  • 2 - 7 years
    Loan Term
  • $5,000 - $100,000
    Loan Amount
Check rates
On SoFi‘s site
LightStream
LightStream
Personal Loan
5 out of 5
Recommended credit score
bank name
Fair (580-669)
  • 5.23 - 19.49 %
    APR
  • 2 - 6 years
    Loan Term
  • $5,000 - $100,000
    Loan Amount
Check rates
On LightStream‘s site
Avant
Avant
Personal Loan
3.28 out of 5
Recommended credit score
bank name
Poor (300-579)
  • 9.95 - 35.99 %
    APR
  • 2 - 5 years
    Loan Term
  • $2,000 - $35,000
    Loan Amount
Check rates
On Avant‘s site

Payoff® Review

Personal loans are a great solution if you are looking to refinance your current debt or borrow money for large expenses. In this article, we will review a popular personal loan website – Payoff.

Happy Money is the parent company of Payoff®, and they function on a business model that takes a psychological approach to cash management.

Payoff® allows you to go through a quick and easy application process to qualify for a fixed-rate credit card debt consolidation loan.

One way this loan helps you is by rolling all the multiple high-interest credit card payments into one monthly payment at a possibly lower interest rate. If you have good credit, you can get a loan for up to $40,000 at very competitive rates.

Payoff® Loan types

Payoff® gives out personal loans with a fixed interest rate only for the purpose of consolidating and paying off your credit card debt.

Loan specifications

APR5.99 - 24.99%
Amount$5,000 - $40,000
Term2 - 5 years
Origination fee5%

As you can see from the table the maximum loan amount is $40,000, and the APR starts at 5.99% for the best graded borrowers. The loan period varies from 2 to 5 years.

Payoff®: pros and cons

Pros: Cons:
Competitive APR: Payoff® offers APRs that fall between 5.99 - 24.99%. Credit Card Debt Consolidation Loans Only: Payoff® offers loans only for credit card debt consolidation
Pre-qualification: Payoff® offers pre-qualification, meaning you can check potential loan terms without affecting your credit score. Once you decide to proceed with the loan, a hard inquiry will be performed. No direct transfer to creditors: Payoff® does not transfer funds to creditors when you get a loan.
No extra fees: Except for the origination fee, Payoff® doesn’t charge any other fees (late payment, application, early payment, return check, etc.). Origination fee: Payoff® charges an origination fee of up to 5% of the loan amount.
Accessible customer service: You can talk to their customer service by phone for any concerns. They also give you a welcome call and a quarterly check-in call for the first year after getting the loan. No co-signers allowed: You can only apply as an individual without a co-signer backing you up.
Slow funding process: It takes 3-7 days to get the loan approved and 3-6 days to receive the funds once approved and all final documents are signed.

Applying for a Payoff® loan

Payoff® borrowers must be at least 18 years old, have a valid social security number and a checking account. While requirements might seem hard to qualify for some applicants, they are clear and straightforward: you need a credit score of at least 600 and 0 current delinquencies. In addition, the age of your credit history, utilization ratio, and debt-to-income ratio are also considered by Payoff® during the application.

You can choose a loan amount between $5,000 - $40,000 and loan terms between 2 - 5 years. Payoff® will charge an origination fee of up to 5%.

Minimum APR is very competitive at 5.99%; however, for loans above $15,000, minimum APR starts at 6.99%.

Payoff® loans are not available in states of Massachusetts and Nevada.

How to apply for a Payoff® loan

You apply for a Payoff® loan online. Through the application process, you can check the rates with a soft pull so your score doesn’t get impacted. To check your rate, you must provide these details:

  • Full name
  • Date of Birth
  • Address
  • Phone number
  • Individual annual income before taxes
  • Rent or mortgage monthly payment

Income information must include only you as an individual. Payoff® doesn't accept child support or income of your family members as proof of income. As a result, you will receive an invite code, which means you are pre-approved for the Payoff® loan. Using an invite code, you can create an account and check multiple pre-approved offers to choose from.

Once you agree on an offer and apply, Payoff® does a hard pull on your credit. During this process, Payoff® will ask for more information such as:

  • Identity proof: such as an ID, passport, or a valid driver’s license
  • Income proof: your most recent tax return or two of your recent paystubs.
  • Bank statements: most recent full bank statement.

These documents can be easily uploaded to your account.

Conclusion

Payoff® is amongst the top online lenders if you want to consolidate your credit card debt and have a credit score of 600 or higher. The company offers competitive APRs, pre-qualification without effect on your credit score, and a simple online application process. On the downside, Payoff® may charge an origination fee of up to 5% and doesn’t allow co-signed or joint applications.

FAQ

  • What is the Payoff® customer service phone number?

    Payoff® customer service can be reached at 800-878-0901. The representatives will answer the phone from Monday to Friday from 6 a.m. to 6 p.m. Pacific Time and Saturday and Sunday from 6 a.m. to 3 p.m. PT.
  • Is Payoff® legit?

    Better Business Bureau rates Payoff® with an A+, making it a BBB-accredited business. So Payoff® is definitely not a scam!
  • Is Payoff® Entirely Online?

    Yes, Payoff® offers its personal loan services entirely online. You can apply for a loan, get pre-approved, manage, or close a loan through the lender's website.
  • Is Payoff® safe?

    In 2020, nine personal loan complaints were filed with the Consumer Financial ProtectionBureau against Happy Money which is Payoff’s parent company. Eight out of nine were closed and cleared with a timed response, proving the safety of their business practices.
  • What’s the Credit Score required to apply for a Payoff® loan?

    The minimum credit score to apply for a Payoff® loan is 600.
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