Payoff offers personal loans designed to consolidate credit card and other high-interest debt. It operates in all but three states and provides loans of up to $40,000.

Payoff is not a bank; instead, it works with lending partners that originate the loans. The company, which considers itself a financial wellness firm, is based in California.

In 2017, Payoff launched a sister company called Happy Money, which takes a psychological approach to money matters. Today, Payoff is a service under the Happy Money umbrella.

  • Borrowers don’t face prepayment or late fees.
  • Borrowers can get preapproved with no hard credit check.
  • Some borrowers with fair credit may be eligible.

  • Personal loans are only available for debt consolidation.
  • Co-signers are not accepted.
  • Payoff loans aren’t available in all states.

Payoff provides personal loans for debt and credit card consolidation only. Borrowers can’t use loan funds for other purposes.

First, you fill out a short prequalifying form, which doesn’t affect your credit score. Next, Payoff will show you your interest rate, and you can proceed to filling out the full application, where the company will perform a hard credit inquiry. Approved loans are funded within two to five business days.

While Payoff is not a bank, it works with lending partners to originate your loan. Lending partners include Alliant Credit Union, Blue Federal Credit Union, Cross River Bank, First Tech Federal Credit Union, GreenState Credit Union, Teachers Federal Credit Union, Technology Credit Union and USAlliance Financial.

Payoff offers fixed-rate personal loans only. Variable-rate loans are not available. Loans range from $5,000 to $40,000, and loan repayment terms are 24 to 60 months. Once approved, loans are disbursed to borrowers in two to five business days.

The lender charges no application, check processing, returned check, annual, prepayment or late fees, but borrowers pay an origination fee of up to 5% of the loan amount.

Payoff does not offer any discounts.

Payoff requires a FICO credit score of at least 640 and a credit history of at least three years. Borrowers can get approved with a debt-to-income ratio of as high as 50%. Borrowers must have no current delinquencies or any in the last 90 days.

Borrowers can receive preapproval and a rate quote, but co-signers aren’t accepted.

Payoff requires a minimum FICO credit score of 640.

Payoff operates in the District of Columbia and every state except for Massachusetts, Nebraska and Nevada.

Payoff has an A+ rating with the Better Business Bureau and is a BBB-accredited business. Payoff’s parent company Happy Money had nine personal loan complaints filed in 2020 with the Consumer Financial Protection Bureau. Eight had a timely response, and all were closed with explanation. Payoff has an overall 4.3 out of 5 stars rating from U.S. News, with 4.6 for affordability, 3.6 for eligibility and 5.0 for customer service.

You can reach Payoff at 800-878-0901. Customer service representatives are available Monday through Friday from 6 a.m. to 6 p.m. Pacific Time and Saturday and Sunday from 6 a.m. to 3 p.m. PT.

The Payoff personal loan process is entirely online. Borrowers can get preapproved, apply, close and manage their account through the lender’s website within two to five business days after the verification process is completed.

Select your desired loan amount and loan purpose, your credit score range and your state to see estimated annual percentage rates and loan terms.

  • People who need to consolidate high-interest debt
  • People who have at least a 640 FICO credit score
  • People who want to complete the entire loan process online




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