Payoff Review
Payoff personal loans can only be used for credit card consolidation, but they have the potential for very low APRs. The minimum APR is 5.99%, which is one of the lowest rates among major lenders. The maximum APR is 24.99%, which is quite low compared to the 36% max that several other online lenders charge. And Payoff’s rates become even more attractive when you compare them to the average credit card interest rate: around 19% for new offers and 15% for existing accounts. So if you’re able to score an APR at the low end of Payoff’s range, you could potentially save a lot of money.
To get a credit card consolidation loan from Payoff, a WalletHub partner, you’ll need a credit score of at least 600, according to representatives from the company. Personal loans usually require scores of 660 or higher, so Payoff loans are easier to get than average.
You can pre-qualify for a credit card consolidation loan on Payoff’s website. WalletHub also has a free pre-qualification tool to help you pre-qualify with many lenders at once.
Payoff Review Highlights
- APRs: 5.99% to 24.99%
- Loan sizes: $5,000 to $35,000. That’s a good range, but some other lenders will lend $40,000+.
- Payoff periods: 24 to 60 months. 60 months is a very typical maximum, though some lenders will offer loans that last 84+ months.
- Credit score requirement: 600+
- Origination fee: 0% to 5% of the loan amount. The fee is deducted from the funds you receive from Payoff initially.
- Other fees: None
- Reputation: Payoff scores an A+ with the Better Business Bureau.
It’s also worth noting that while Payoff facilitates the loans and is responsible for processing their payments, the money for the loans actually originates from five different banks and credit unions: First Electronic Bank, Technology Credit Union, First Tech Financial Credit Union, Teachers Federal Credit Union and Alliant Credit Union.
Ultimately, Payoff offers the potential for a low APR and no fees to the most creditworthy applicants. The biggest downside is that you won’t be able to get a loan for any purpose other than credit card consolidation.
Below, you can see how WalletHub rates Payoff in three major categories: Terms, Requirements & Application, and Reviews & Transparency.
Payoff Ratings by Category
Terms: 4 / 5
Requirements & Application: 3.8 / 5
Reviews & Transparency: 4.1 / 5
Overall Score: 3.9 / 5
These scores are based on WalletHub's definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
