Payoff Personal Loans

4.5 out of 5

Funded by: Payoff

At A Glance

Payoff is a transparent personal loan provider that boasts competitive rates and clear-cut requirements. Not to mention, they're BBB accredited with a solid reputation. What makes Payoff unique from its competitors? They're all about helping consumers get out of debt and improve their credit score.

Pros & Cons


  • Competitive rates
  • Few fees
  • Financial tools and resources


  • No co-applicants allowed
  • Charges origination fee

Payoff Personal Loans Borrowers Qualifications

Annual income


Credit history

At least 3 years

Credit score



No recent bankruptcy or delinquencies

State eligibility

Payoff isn’t available to borrowers in Massachusetts, Mississippi, Nebraska, Nevada, and West Virginia.

Payoff Personal Loans Key Details

Loan amount

$5,000 – $40,000

Loan term

2 to 5 years

Estimated APR

5.99 – 24.99%

Approval time

As little as 3 minutes

Time to funds

As fast as 24 hours

  • Origination fee: Between 0% to 5%
  • Late payment fee: None
  • Pre-payment fee: None
Pre-payment option

Prepayment option available

Credit inquiry

Soft credit check

Payoff Personal Loans Review

Our Experts Take
Brooke Hayes - Spade Business Team
Brooke Hayes
December 1, 2020

Payoff personal loans are designed to help consumers crush high-interest credit card debt. Although Payoff doesn’t currently offer loans for any other purpose, it offers competitive rates, with APRs starting at 5.99%. To get approved for Payoff’s lowest APR, you’ll want your credit score and income to be as high as possible. Members can consolidate up to $35,000 in credit card debt.

To see if a Payoff personal loan is right for you, consider some of its benefits and drawbacks.

Where Payoff Personal Loans Shine

Competitive rates: Payoff offers fixed rates between 5.65% (5.99% APR) and 22.59% (24.99% APR). Make sure to check the Payoff website for the most up to date rates and fees, as they are subject to change.

Few fees: Payoff doesn’t charge the following fees:

  • Early or extra payment fees
  • Application fees
  • Late fees
  • Check processing fees
  • Returned check fees
  • Annual fees

This can lead to massive savings.

Helps you save money: A debt consolidation loan allows more of your monthly payment to go towards paying down your balance rather than interest. This will enable you to pay the loan off faster, saving you money in the long run. 

Transparent requirements: Unlike other lenders, Payoff discloses the requirements of their loans. To qualify, borrowers must meet the following criteria:

  • Minimum credit score: 640
  • Minimum credit history: Three years
  • Delinquencies: 0
  • Minimum annual income: $40,000
  • Debt-to-income ratio: less than 50%

Payoff lets you pre-qualify for a personal loan online without impacting your credit score. 

Free monthly FICO score: Payoff claims to have their members’ best interest at heart, so they provide them with a free FICO® Score every month. Payoff members increase their FICO® Score an average of 40 points within four months of receiving the Payoff Loan.

Offers financial resources: Payoff uses scientific personality, stress, and cash flow assessments to help members make better decisions and reach their financial goals. 

Where Payoff Personal Loans Fall Short

Charges an origination fee: Payoff charges an origination fee that ranges between 0% and 5%. Fortunately, it’s the only fee associated with the Payoff Loan and is charged when your loan is issued.

Slow funding: Aside from charging an origination fee and having strict requirements, Payoff has one other big downside. With a Payoff personal loan, borrowers will receive funds in two to five business days, which is slower than other lenders. 

Can only be used for debt consolidation: Borrowers can only use Payoff loans for debt consolidation.

Not available in certain states: At this time, Payoff isn’t available in Massachusetts, Mississippi, Nebraska, Nevada, and West Virginia.

No co-applicants: Unfortunately, Payoff doesn’t offer joint applications. You can only pay off outstanding balances that are verifiable on your credit report.

Is A Payoff Personal Loan Right For You?

Payoff is a highly-rated lender that helps people gain control of their credit card debt. The Payoff personal loan is a reliable option if you’re looking to crush credit card debt, consolidate your payments into a single loan, and boost your credit score. 

However, this may not be the best financial decision if you don’t qualify for a lower rate. So if you have a poor credit score or need a personal loan for a reason other than debt consolidation, consider looking at other lenders. 


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