Best Personal Loans from Payoff® of March 2023

Payoff® offers personal loans. The APR for Payoff® personal loans starts from 8.99% 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 March 20, 2023

See all Payoff® personal loans in March 2023

Showing 2 loans
APR
8.99 - 29.99 %
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 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
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 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
Check rates
On partner's site

Check Payoff® personal loan rates

scorer
APR Range
8.99 - 29.99%
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

Marcus by Goldman Sachs
Marcus by Goldman Sachs
Personal Loan
4.13 out of 5
Recommended credit score
bank name
Fair (580-669)
  • 6.99 - 24.99 %
    APR
  • 3 - 6 years
    Loan Term
  • $3,500 - $40,000
    Loan Amount
Check rates
On partner's site
Upstart
Upstart
Personal Loan
3.77 out of 5
Recommended credit score
bank name
Poor (300-579)
  • 5.6 - 35.99 %
    APR
  • 3 - 5 years
    Loan Term
  • $1,000 - $50,000
    Loan Amount
Check rates
On partner's site
Payoff®
Payoff®
Personal Loan
2.66 out of 5
Recommended credit score
bank name
Good (670-739)
  • 8.99 - 29.99 %
    APR
  • 2 - 5 years
    Loan Term
  • $5,000 - $40,000
    Loan Amount
Check rates
On partner'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

APR8.99 - 29.99%
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 8.99% 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 8.99 - 29.99%. 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 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.

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.