Payoff Personal Loans: Your Secret Weapon Against Credit Card Debt

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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 and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.

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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.

Check Out Payoff Loans Today

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.

Eliminate Credit Card Debt With Payoff

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.

Sign Up for a Payoff Loan

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 success@payoff.com.

If social media is more your style, Payoff’s Facebook page or Twitter handle (@Payoff) are good options.

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!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 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 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% 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.

    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.
  2. 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.
  3. 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.
  4. 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. (www.nmlsconsumeraccess.org)

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 FreedomPlus.com 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 4.99% 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 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% 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 15.49% APR to a high of 34.49% 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 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.

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.

7.73% – 29.99%$1,000 - $50,000

Visit Upstart

6.26% – 14.87%1$5,000 - $100,000

Visit SoFi

6.99% – 35.97%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

4.99% – 29.99%3$10,000 - $35,000

Visit FreedomPlus

5.99% – 18.99%4$5,000 - $50,000

Visit Citizens

15.49% – 34.49%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 and will make a positive impact in your life. 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 understand what you are buying, and consult 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. Please do your homework and let us know if you have any questions or concerns.