Payoff Personal Loan Review

Payoff Personal Loan Review

Company Overview: Payoff

Payoff is a company based in Southern California that offers personal loans to help consumers take control of credit card debt. The Payoff Loan gives you the power to reduce multiple high-interest payments into one, low-rate personal loans with one monthly payment. Payoff has assembled a team of financial services professionals, research and clinical psychologists, data scientists, neuroscientists, Member Advocates and technology experts working together to better understand and accelerate people’s journey toward financial wellness.

Payoff Personal Loan Overview

Payoff offers attractive rates and terms compared with other top lenders in the personal loan industry:

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$35,000
Loan Terms:2, 3, 4, 5 years
Minimum Income:None

Details

Origination Fees:2% - 5%
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

How Payoff Compares: Key Benefits Of Payoff’s Personal loan

Here are some of the reasons that Payoff borrowers love Payoff personal loans:

  • Focused On Credit Card Debt: Payoff is focused solely on helping people in credit card debt to cut their interest rate.
  • Better Than Credit: Lower interest rates than most credit cards
  • Simple, Easy Payment: A single, fixed monthly payment
  • Credit Boost: Payoff says that its members who pay off at least $5,000 of credit card debt can help increase your credit score by 40+ points.
  • Job Loss Support: If you lose your job, Payoff will work with you on your personal loan payments.
  • Easy Online Application: You can apply for a Payoff personal loan completely online.
  • Direct Deposit Of Funds: Funds are deposited directly in your bank account.

Eligibility Criteria

To apply for a Payoff personal loan, you need to meet the following eligibility criteria:

Requirements To Apply For Payoff Personal loan

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Loan eligibility depends on a number of additional factors, which may include your credit profile, income and total debt payments.

Bottom Line: Is Payoff right for you?

Payoff has a top reputation for personal loans.

You can use a Payoff personal loan to help pay off your credit card debt and get a lower interest rate.

Payoff may be right for you, if:

  • You have a minimum credit score of 640.
  • You have a debt-to-income ratio of less than 50%.
  • You have a credit history of at least 3 years.
  • You have at least two (2) open lines of credit and have not taken an installment loan in the last 12 months.
  • You have no current delinquencies and no delinquencies greater than 90 days within the 12 months.

If you have a good credit score, stable employment and want funds fast, then a Payoff personal loan may be right for you. You can use a Payoff personal loan for any purpose to help you consolidate credit card debt and pay off your credit card debt faster.

Next Steps: How To Apply To Payoff

You can apply for a Payoff personal loan in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your new personal loan rate online with Payoff before you complete the full application. This way, you’ll know whether you can be approved for Payoff personal loan. Therefore, Payoff will provide you with an estimated personal loan rate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which takes about 10-15 minutes):

  • Your most recent pay stubs
  • Driver’s license or passport (or other form of government-issued identification)

Funding for your personal loan is quick and can occur within several days.

Applying is super easy – get your personalized rate in 2 minutes

*Checking your rate with not affect your credit score.


The Best Personal Loans For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$50,000
Loan Terms:3, 5 years
Minimum Income:None, but must have at least $1,000 per month of free cash flow

Details

Origination Fees:1% - 6%
Late Fees:$10 after 15-day grace period
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$100,000
Loan Terms:3, 5, 7 years
Minimum Income:$50,000

Details

Origination Fees:No
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$45,000
Loan Terms:3, 4, 5 years
Minimum Income:No

Details

Origination Fees:No
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$75,000
Loan Terms:3, 4, 5 years
Minimum Income:None

Details

Origination Fees:No
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$50,000
Loan Terms:3, 5 years
Minimum Income:$12,000

Details

Origination Fees:0% - 8%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$2,000
Maximum Loan Amount:$40,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:2.4% - 5.0%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$1,000
Maximum Loan Amount:$40,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:1% - 6%
Late Fees:Greater of (a) 5% of payment due or (b) $15
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$5,000
Maximum Loan Amount:$35,000
Loan Terms:2, 3, 4, 5 years
Minimum Income:None

Details

Origination Fees:2% - 5%
Late Fees:No
Prepayment Penalty:No
Soft Credit Check:Yes

Overview

Minimum Loan Amount:$2,000
Maximum Loan Amount:$35,000
Loan Terms:3, 5 years
Minimum Income:None

Details

Origination Fees:0.99% - 5.99%
Late Fees:$15
Prepayment Penalty:No
Soft Credit Check:Yes

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