Payoff Personal Loan Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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What is Payoff?

Lots of debt consolidation companies claim to have your best interests at heart. Payoff is no different in that respect. But what makes Payoff different from other lenders is that it really does offer more consumer-friendly terms than many other lenders, and that seems to stem from the company’s leadership.

The company is a part of the Happy Money umbrella. Its mission is to empower people to have a more positive relationship with their money by helping them with financial products such as holistic credit scores, savings accounts, and, yes, personal loans for credit card debt consolidation. Happy Money even employs scientists like psychologists and neuroscientists in the design of its products.

Make no mistake: Payoff is first and foremost a business, and not a nonprofit. But for a business, Payoff is one of the best that we’ve seen that can help you get out of credit card debt, and we’ll tell you why in this review.

Payoff personal loan highlights

  • Designed for credit card debt: Payoff is very clear that these loans are meant to consolidate credit card debt, not to fund your daughter’s wedding.
  • Only one fee: The only fee that Payoff charges is a 0.00% - 5.00% origination fee.
  • Extensive support: Payoff provides free monthly FICO score updates, job loss support, cash flow assessments and regularly-scheduled check-ins to see how your progress is going.
  • Low interest rate: You could pay as low as 5.99% APR with a Payoff loan.
  • Minimum credit requirement: 640
  • Terms: 24 to 60 months
Payoff Personal Loan Details
Fees and Penalties
  • Term lengths: 24 to 60 months
  • APR: 5.99% – 24.99%
  • Loan amounts: $5,000 – $35,000. The minimum amount you can borrow is higher in New Mexico ($5,100) and Maryland ($6,100).
  • Time to funding: One to two weeks
  • Credit check: Payoff will perform a Soft Pull credit check when you check your rate. If you proceed with the application, the company will perform a hard credit pull.
  • Origination fee: 0.00% - 5.00% of the loan amount.
  • Prepayment fee: None
  • Late payment fee: None
  • Other fees: None

Payoff product details

Payoff provides a lot of benefits for its customers.

One of the biggest reasons for getting a debt consolidation loan (aside from getting rid of your credit card debt) is to increase your credit score. Payoff helps you track this by providing you with a monthly updated FICO score. Other lenders provide credit card scores as well in the form of VantageScores, but FICO scores are what most future lenders will really look at and so it’s the most helpful one to view.

Payoff also provides ongoing support in helping you pay off your debt for good by checking in with your debt-payoff progress at regularly-scheduled quarterly intervals. If you lose your job, Payoff also will work with you to adjust your payments until you get back on track. Finally, the company provides “scientific personality, stress and cash flow assessments,” although it’s not quite clear what these entail or how useful they may really be.

Eligibility requirements

  • Minimum credit score: 640
  • Minimum credit history: 3 years of good credit
  • Maximum debt-to-income ratio: 50%

In addition to the above requirements, you’ll need to be at least 18 years old, have a checking account and a Social Security number. Payoff is not available in Maine, Mississippi, Nebraska, Nevada or West Virginia, unfortunately.

Finally, Payoff has a few more credit requirements:

  • No current delinquencies
  • No delinquencies greater than 90 days within the past 12 months
  • No more than one installment loan within the past 12 months
  • At least two open and current tradelines (such as credit cards or other loans)

Applying for a personal loan from Payoff

You can apply for a credit card consolidation loan with Payoff online. To begin, you’ll check your rate by entering in your information on the main Payoff loan page. This will result in a Soft Pull credit check which won’t have any effect on your credit score, so there’s no harm in checking your rate to shop around.

After you’ve entered in your details, Payoff will provide you with a range of loan options to choose from with differing interest rates, terms, monthly payment amounts, etc. If you select one and decide to proceed with your application, Payoff will then do a hard credit pull which will show up on your credit report. You might also need to submit proof of income (two most recent pay stubs or last year’s 1040 tax return, if you’re self-employed), your most recent bank statement and a copy of your ID.

The approval process can take three to seven days, depending on what documents the company needs. If you’re approved, it’ll take another three to six days to deposit the money into your account, which Payoff expects you to use to pay off your credit card debt. This is quite a long funding time for a personal loan, however, so keep in mind that this loan is not for immediate emergencies. It’s to pay off your credit card debt, so you don’t necessarily need to apply for a loan that’ll guarantee the money is in your account by the next day.

Pros and Cons of a Payoff Personal Loan
  • Low interest rate: Payoff offers interest rates as low as 5.99% APR.
  • Job loss protection: If you lose your job, Payoff will work with you on your payments until you’re hired again and earning an income.
  • Few fees: Aside from an origination fee, there are zero other fees — no prepayment penalty, late fees, returned payment fees, etc.
  • Free FICO scores: Each month, you’ll get a FICO score update to track your progress.
  • Not available in all states: Residents of Maine, Mississippi, Nebraska, Nevada, and West Virginia are not eligible for Payoff loans.
  • Potentially high interest rate: If you have a less-than-ideal credit profile, you may end up on the high end of the interest rate scale up to 24.99% APR. This may be more expensive than your current credit card debt, negating the whole purpose of the loan.
  • Narrow range of uses: These loans are designed for one purpose: paying off credit card debt.
  • Slow funding time: It can take up to two weeks to get your money, if approved for the loan.

Who’s the best fit for a Payoff personal loan?

Payoff is a great choice for people looking to avoid fees and build their credit while consolidating high-interest credit card debt. You can qualify for a Payoff loan with a fair credit score (as low as 640), however you may receive higher rates.

That’s because in general, the higher your credit score, the lower your interest rate, and Payoff does provide a significant cost savings if you can qualify for its low rates. If you’re just on the cusp of being approved for a Payoff loan, chances are you’ll be toward the high end of the interest-rate spectrum. This might mean that your interest rate may not be any better than your current credit card in the first place (although this will vary depending on your current credit card’s details).

Say, for example, that you’re looking to consolidate credit card debt at an interest rate of 19.95% APR. If Payoff offers you a loan for 24.99% APR, then there’s no reason to take out a personal loan in the first place.

Alternative personal loan options


  • APR: 3.99% – 16.99%
  • Credit requirements: Minimum 660 credit score
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

If you’re on a quest to get the lowest interest rates possible, LightStream is definitely one lender that should be on your short list. Aside from the cheaper rates, LightStream also allows you to use the funds for other items (not just credit card debt consolidation), and can get you the money much sooner than Payoff. However, you won’t get job loss support, FICO score updates, or quarterly check-ins like what Payoff offers.


  • APR: 7.16% – 29.99%
  • Credit requirements: Minimum 640 credit score
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 6.00%

RocketLoans is another no-frills options that you can use for almost any purpose, not just credit card debt consolidation. It offers similar terms, APRs and origination fees to Payoff, so it’s another good lender to check your rates with. It does charge more fees than Payoff (just a late payment fee and a returned payment fee, in addition to the origination fee), and you may be able to take out up to $45,000 with this lender.


  • APR: 5.99% – 29.99%
  • Credit requirements: Minimum 700 credit score
  • Terms: 36 or 60 months
  • Origination fee:  0.99% - 5.99%

About the only difference between BestEgg and Payoff is that BestEgg is a tad more expensive. It’s not expensive enough to preclude it from being a good alternative, however. Specifically, BestEgg charges slightly higher origination fees and has more miscellaneous fees (late payment, returned payment and processing payment fees for those not on automatic payment plans). It also does not offer job loss support, free FICO scores, or any of the other random perks that Payoff offers.

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.240% APR (with AutoPay). Variable rates from 5.75% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.75% APR assumes current 1-month LIBOR rate of 2.50% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  6. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.

7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33

* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

5.75% – 16.24%1$5,000 - $100,000

Visit SoFi

7.69% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

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