Payoff Personal Loans: Your Secret Weapon Against Credit Card Debt

payoff reviews

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!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. 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 Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
  2. Personal Loans: Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 5.29% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 1, 2017 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. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.29% APR assumes current 1-month LIBOR rate of 1.34% plus 4.20% 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 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 5.99% – 16.24% (5.99% – 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown 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 Benefit: 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.
7.39% - 29.99%$1,000 - $50,000Visit Upstart
5.29% - 14.24%1$5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
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Student Loan Hero Advertiser Disclosure

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.