Payoff Personal Loans Review 2020

Best For: Debt consolidation, credit card consolidation, good credit

Payoff is headquartered in Costa Mesa, California, where it has a friendly staff available during business hours to chat, answer phone calls and respond to emails. The company doesn’t see themselves as just another lender. Payoff offers science-based quizzes and assessments to better understand your current financial health. Its Member Advocates then customize their guidance for your unique situation in order to help you get out of debt and reach your full potential. That’s the Payoff difference.

Of course, all the member perks and assistance come after you’ve been approved for a loan. Payoff has partnered with Alliant, First Electronic Bank, First Tech Federal Credit Union and Technology Credit Union to provide personal loans from $5,000 to $35,000. While their loans are open to a variety of needs, Payoff gives preferential treatment to those trying to pay off credit card debt. This lender is the best choice for those who have established fair to good credit but may have relied too heavily on credit cards to cover major expenses.

Payoff Loan Rates & Terms

APR range 8% — 25%
Available loan terms 24 to 60 months
Loan amounts $5,000 — $35,000
Time to fund Two to five business days
Origination fee 2% – 5%
Credit score needed 640
Income needed n/a
Soft Credit Check? Yes
Best for Consolidating credit card debt, good credit
Click “Check Rates” to apply to Payoff

» MORE: Credit Card Consolidation Loans


Payoff does not advertise a minimum income requirement. However, they do ask that your debt-to-income ratio is less than 50%. Your credit score is also an important qualifier. You must have at least three years of credit history and a minimum FICO score of 640. This lender is focused on helping those who are willing to help themselves. If you have outstanding delinquencies, those need to be cleared up before you apply.

Payoff Personal Loan Review

How Does Payoff Work?
Payoff is most focused on the person who can’t catch up on their high-interest credit card balances but otherwise has good financial habits. You should have a history of making payments on time, and your debt-to-income ratio should not be any more than 50%. In other words, if you add up all your debt (credit cards and personal loans), divide it by your annual income and multiple by 100, the ratio should be less than 50%. This ratio indicates to lenders that you can manage monthly payments to pay down debt.

Loan Example: The average monthly payment for a Payoff loan of $15,000 comes to $395.01 over a 48-month term at 12% APR. There is a one-time origination fee of 4% with a 48-month term. The origination fees vary depending on the length of the loan term. But if you want to pay off your loan early, there is no penalty for that. You also won’t be charged an application fee, late fees, processing fees or returned-check fees.

However, to be approved for a Payoff loan, you need a minimum credit score of 640 and at least three years of credit history. If you have multiple credit cards with a high balance, Payoff will help you consolidate that debt into one lower-interest loan between $5,000 and $35,000. Once approved, you can expect to receive funds in two to five business days.

The biggest benefits of Payoff

  • You may see a boost of up to 40 points on your FICO credit score.
  • You have access to free monthly FICO Score updates.
  • Member Advocates will provide ongoing support to help keep your finances on track.
  • No late payment fees offers peace of mind just in case you do have a slipup.

The drawbacks of a Payoff loan

Unfortunately, this lender does not operate in all 50 states. It’s not available in Delaware, Massachusetts, Michigan, Minnesota, Mississippi, Nebraska, Nevada, Ohio, Oklahoma, Virginia, Vermont, Washington, West Virginia, Wisconsin and the District of Columbia. Even if you live in a qualifying state, you may not find the $35,000 loan limit enough for your needs. While Payoff isn’t exclusively for credit card debt and debt consolidation, that is their specialty. If you are in need of funds for a home remodel, a wedding or to cover major medical expenses, this lender may not be the best fit.

Origination Fees: The origination fee may also be a factor to consider. The origination fee is essentially the price you pay for processing your application. Payoff charges anywhere between 2% and 5% for their loans. For a 24-month loan term, the origination fee is 2%. For a 36-month term, it’s 3%. For 48 months, it’s 4%. And for the maximum 60-month loan term, the origination fee is 5%. It’s a one-time fee that’s charged when the loan is issued.

How Payoff compares

On the bright side, Payoff is completely transparent about their origination fees. Plus, this is the only fee it does charge. Other lenders, including FreedomPlus and LendingClub, charge late fees for missing a payment. LendingClub even charges a check-processing fee, unsuccessful-payment fee and origination fee. Payoff has eliminated these common fees associated with personal loans, which greatly reduces the cost of borrowing money. Even the APR (8% to 25%) is fair and comparable to competitive lenders.

Should you apply? 

Payoff loans are specifically for those whose credit card balances have racked up too high to manage. Instead of saving for a cross-country vacation, you put it all on the credit card to earn travel points or cash back. Or perhaps you had a medical emergency, and the credit card was the quickest way to take care of business. This lender will forgive these unexpected collections of debt and help you consolidate it into one, lower-interest loan.

Choosing this lender means you not only get the funds you need to pay down your debt, but you have a real partner in the process. Member Advocates are available to guide you toward your financial goals. In fact, during your first year with Payoff, a Member Advocate will check in every quarter to keep you on track. In addition to their great service and free monthly FICO Score updates, this lender has found that their members see a 40-point boost in the credit score once their full loan has been paid off. Considering the fact that 40 points could boost you to a new credit score range, this could be reason enough to choose Payoff.   

How to apply for a Payoff loan

Applying online is fast and easy. If you received an invite code via snail mail, you can enter that code on

  • Visit and click the bright pink button that reads, “CHECK MY RATE.”
  • You’ll enter your full name, birthdate, address, salary and how much you pay for rent or mortgage before being asked to create an account.
  • Once you’ve consented to credit authorization, the Payoff terms of use and privacy statement, you’ll receive your rate.
  • Payoff will complete a soft credit check that won’t hurt your credit score.
  • If approved for your requested amount, you’ll receive your funds within two to five business days. Otherwise, a Payoff Member Advocate may contact you to suggest a different loan amount better suited for your current financial status.
  • Visit Payoff

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