No, Payoff is not a direct lender, so they do not handle the full loan process. Instead, Payoff will consider your loan application and decide if you're approved, then one of their partners will actually fund the loan. You will still make your monthly payments through Payoff, though.
Payoff Lending Partners
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If you're interested in borrowing from a direct lender, you may want to look into LightStream or LendingPoint. You can use WalletHub's free pre-qualification tool to see which lenders may approve you and what rates may be available to you.
Yes, Payoff does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Payoff's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether Payoff does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans, Integra Credit and NetCredit.
To apply for a Payoff personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a Payoff Personal Loan
Check for pre-qualification.… read full answer Pre-qualification is a way to check your approval odds and potential rates before applying for a Payoff personal loan. It doesn't hurt your credit. You can check for pre-qualification on the Payoff website or WalletHub's pre-qualification tool.
Enter your personal information on the application. Payoff requires the following personal information on the application: your full name, date of birth, phone number, home address and email address.
Enter your financial information on the application. Payoff requires the following financial information on the application: your annual gross income, income type and monthly housing payments.
Double check the application for accuracy. To ensure that your Payoff personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Payoff will typically provide a decision on your application within up to 7 business days.
If you are approved for a Payoff personal loan, you will generally receive the funds within 2 to 6 business days after approval. After that, it's your responsibility to make monthly payments until you have fully paid back your loan, including interest.
Yes, Payoff personal loans are legit because Payoff is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Payoff personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau. The company also is accredited with the Bureau.… read full answer
Why Payoff Personal Loans Are Legit
Payoff is registered as a business in the states it services.
Payoff has a Better Business Bureau rating of A+.
Payoff has been around since 2009.
Payoff has an average user rating of 4/5 on WalletHub.
Payoff personal loans have a rating of 3.9/5 from WalletHub's editors.
Payoff has a secure website, which you can tell by the fact that the URL has "https" in front of it.
While Payoff personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of Payoff personal loans against your other options before submitting an application.
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