From high-interest rates to low monthly minimums, credit cards are designed to keep you in debt and paying interest.
However, Payoff is designed to get you out of debt. This online company offers personal loans, tools and financial support to help you refinance your credit card debt and pay it off faster.
Are you serious about paying off your credit card debt? Do you have a responsible credit history? If so, a Payoff personal loan could be the solution to out-of-control debt. Payoff offers additional benefits like customer-centered support, improving credit and flexible payments.
Personal loan from Payoff reviews
About the Payoff personal loan
Payoff focuses on financial wellness, and aims to overhaul your finances and help you out of debt. Payoff offers personal loans to help refinance and consolidate credit card debt. This is paired with above-and-beyond benefits and service to help members regain control of their money.
The Payoff personal loan, marketed as a tool to conquer credit cards, is the only product company currently offers.
Through Payoff personal loans, borrowers can consolidate $5,000 to $35,000 in credit card debt. They also choose a term between two and five years.
All Payoff personal loans are finances in partnership with First Electronic Bank. Payoff focuses on security and protecting their members’ financial and personal information. They follow the “highest possible industry standards for protection and privacy.”
In addition to getting a personal loan, Payoff members also get credit benefits. Members who apply the loan to a credit card balance of $5,000 or more see a 40-point credit score increase. Additionally, monthly statements include a free update of the borrower’s credit score.
On the off chance you hit a rough patch, Payoff will help you get back on your feet. They offer flexible payments that accommodate your current situation. They also offer job loss support services.
Payoff personal loan application
Getting started with a Payoff loan is pretty straightforward. The Payoff site features pink buttons in its header and throughout its site that read “Check My Rate.”
Click on this button to go to the application page. First, Payoff asks you to enter the amount of credit card debt you’re looking to consolidate. You’ll also need your credit score and your email address.
After submitting the first page, you’ll fill out a series of forms asking for basic identifying information. This includes your name, date of birth, residential address, and phone number. Payoff also asks for some limited financial information: housing status and monthly costs, and your individual income.
Note the text that says “Checking your rate won’t hurt your credit score!” Payoff performs a soft credit pull to estimate your eligibility for a personal loan. Your credit score will not be affected.
Based on this information, Payoff will determine if you qualify and pre-approve you for one or more loan offers. You’ll have the option to choose which you prefer.
After selecting your preferred loan, you’ll fill out a complete Payoff personal loan application.
Payoff asks for more in-depth information such as Social Security number, employment details, and bank account information. This step will include a hard credit pull, which could impact your credit score.
Next, Payoff asks applicants to upload verification of identity, income and bank account. After you’ve submitted these, Payoff will process your personal loan application.
Upon approval, funds will be disbursed to your bank account to be used to pay off your credit card balances.
Using the Payoff personal loan online platform
The Payoff site offers a lot of tools to members with a personal loan. Part of what sets Payoff apart is its focus on holistic financial assistance for its members. Payoff seeks to help members better themselves, their finances and their overall well-being.
To this end, Payoff has some neat online tools. It has a personality test that can tell you what kind of money manager you are. Or you can take a test to measure your financial stress or evaluate your monthly cash flow. Additionally, Payoff Life, the on-site blog, features financial tips and success stories of personal loan borrowers.
Payoff personal loan holders will also get a personalized experience whenever they log in. Depending on your current loan status and the results of your financial wellness tests, you’ll get custom recommendations. This includes ways to save or manage debt, but also extends to lowering stress and increasing life satisfaction.
Payoff personal loan interest rates and fees
Payoff offers personal loan rates that are competitive in the online lending space. The range of interest is fairly wide; its lowest rates can offer big savings to borrowers who qualify for them. On the higher end of the range, Payoff’s rates can be comparable to some credit card APRs.
Always compare offers to your existing rates to ensure you’re getting optimal savings.
Payoff’s personal loan fee structure is unique. The only personal loan fee Payoff charges is an origination fee of 2-5 percent, based on the length of the loan you choose.
Other than this one-time fee, a Payoff personal loan has no other additional costs besides monthly payments. Payoff does not charge common charges like late payments, prepayment penalties or returned check fees.
Payoff personal loan eligibility requirements
Unlike many online lenders, Payoff makes its requirements for a personal loan clear and transparent.
A good credit score will help you get approved for a Payoff personal loan — the minimum FICO credit score is 640. Your credit history should be three years or longer and include at least two lines of credit in good standing.
Payoff also wants its personal loan borrowers to have a debt-to-income ratio of 50 percent or less.
If you have a current delinquency or you’ve had one in the past 12 months that lasted more than 90 days, that will disqualify you from getting a Payoff personal loan.
Payoff customer service
The customer support reps, or “Member Advocates,” put the customer first. Payoff’s flexible payment policies give its Member Advocates the power to help you. Can’t make your payment or know it’s going to be late? Reach out to their customer team, and they’ll work with you on a solution.
Payoff’s reviews from existing customers are largely positive. Members found Payoff to be a useful way to manage and pay off debts. And members value the support and debt help Payoff delivers, as well as its overall company values.
Payoff’s phone support hours are Monday through Friday, 8 a.m. to 5 p.m. PST.
More about Payoff personal loans
Payoff has helped its members refinance $100 million in credit card debts. Furthermore, it has been featured in Forbes, Yahoo!, Wall Street Journal and Glamour magazine.
Payoff employs psychologists, neuroscientists and data scientists who look into the sciences behind how people manage money and debts.
Payoff personal loan contact
Members have a few options to reach a Payoff Member Advocate. If you call, you’ll connect with a real person right in Payoff’s Cost Mesa offices. The phone number is 1-800-878-0901; hours are weekdays, 8 a.m. to 5 a.m. PST.
Alternately, you can email Payoff at email@example.com.
Payoff can also be reached at this mailing address:
3200 Park Center Drive, Ste. 800
Costa Mesa, CA 92626
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
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 www.lendingclub.com 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 reviews.lendingclub.com
**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.
8 Important Disclosures for Avant.
* 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
** 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.
|7.73% – 29.99%||$1,000 - $50,000|
|6.26% – 14.87%1||$5,000 - $100,000|
|6.99% – 35.97%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|4.99% – 29.99%3||$10,000 - $35,000|
|5.99% – 18.99%4||$5,000 - $50,000|
|15.49% – 34.49%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|