Best Personal Loans from Payoff® of May 2025

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

As you can see from the table the maximum loan amount is $40,000, and the APR starts at 8.99% for the best graded borrowers. The loan period varies from 2 to 5 years.

Payoff®: pros and cons

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 8.99%; 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.