Payoff Review Summary
Payoff personal loans are best for people who want to consolidate credit card debt as Payoff does not offer loans for any other purpose. Payoff does offer very competitive terms for credit card debt consolidation, though, with APRs starting at 5.99% and loan amounts of up to $40,000.
Aside from the fact that they only offer loans for one purpose, Payoff has one big downside. They may charge an origination fee to process the loan. This fee can be between 0% and 5%, and depends on things like your credit history and the loan amount.
One other important thing to note is that while Payoff processes loans, they work with five different lenders to fund loans. But even though the funds come from one of these lenders, the loan shows up under the name “Payoff” on your credit report, and you make payments to and communicate with Payoff, Inc.
Payoff Personal Loan Terms
|APRs||5.99% - 24.99%|
|Loan Amount||$5,000 - $40,000|
|Loan Terms||24 - 60 months|
|Origination Fee||0% - 5%|
|Minimum Credit Score||Fair*|
|Minimum Income||Not disclosed|
|Loan Purpose||Debt Consolidation, Big Purchase, Other|
|Time to Receive Loan Money||5 - 13 business days|
According to multiple third-party sources
Payoff Personal Loan Rates, Fees & Other Terms
Category Rating: 4/5
- Overall APR range: Payoff offers fixed-rate personal loans with APRs ranging from 5.99% - 24.99%. This is one of the lowest starting APRs available. And the maximum, while higher than what some other lenders offer, is definitely not the most expensive around.
- How rates are determined: The precise rate you will get depends on multiple factors such as your credit score, loan amount, loan term, and state of residence.
- Fees: Payoff personal loans come with an origination fee of 0% to 5% of the loan amount. This fee is subtracted from the amount you get at the beginning. There are no other fees associated with Payoff loans.
- Loan amounts & timelines: Payoff loan amounts range from $5,000 to $40,000. Repayment terms of 24 to 60 months are available.
Payoff Personal Loan Requirements & Application Info
Category Rating: 3.8/5
- Credit score: Payoff personal loans require a minimum credit score of 640, according to the company. Additionally, you must have at least three years of credit history to be considered for a Payoff loan.
- Income: Payoff does not have a specific income requirement, but they do require a debt-to-income ratio of 50% or less before taking out a loan.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen, permanent resident, or immigration visa holder.
- Residence: Payoff personal loans are currently available in all states except for Massachusetts and Nevada.
- Identification: You must have a Social Security number.
- Checking account: You must have a valid checking account.
- Pre-qualification: Payoff lets you pre-qualify for a personal loan online in order to estimate your approval odds and potential rates. This will not affect your credit score.
- Ways to apply: If you decide to apply, the only way to do so is online.
- No joint loans: Payoff only allows individual applications; they do not accept joint borrowers or co-signers.
Payoff Personal Loan Reviews & Transparency
Category Rating: 4.1/5
- Better Business Bureau: Payoff, Inc.’s score is A+. They are BBB accredited and have been since 2015.
- Consumer Financial Protection Bureau: Payoff has 8 complaints against them in the CFPB’s archive. Some complaints include glitches when trying to pay and denial after receiving a preliminary offer.
- WalletHub: There is not enough user data to give a score to Payoff.
- Transparency: Payoff clearly discloses the rates, fees and other details of their personal loans. They also give potential customers an idea of what to expect since they offer pre-qualification. They are clear about what credit score they require and disclose the necessary debt-to-income ratio on top of that.
Payoff is more transparent than most other personal loan providers when it comes to requirements, and they have a pristine reputation from the BBB, along with a lack of CFPB complaints. Those factors mean they score very well in this category.
Summary: Payoff Personal Loans Scores by Review Category
|Rates, Fees & Other Terms||4/5|
|Requirements & Application Info||3.8/5|
|Reviews & Transparency||4.1/5|
Payoff Personal Loans vs. Popular Competitors
|APRs||5.99% - 24.99%||5.99% - 29.99%||5.99% - 19.63%|
|Loan Amounts||$5,000 - $40,000||$5,000 - $50,000||$5,000 - $100,000|
|Loan Terms||24 - 60 months||Up to 60 months||24 - 84 months|
|Minimum Credit Score||Fair*||Fair*||Fair*|
In order to provide the most accurate review of Payoff, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Payoff terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.