Payoff

7.6 Total Score
4 reviews
WalletStars

Our rating is based on a combination of expert staff and user ratings.

7.6Expert Score
Support
8.5
Affordability
6.5
Benefits
7.5
Application Process
8
8.2User's score
Support
7.3
Affordability
8.3
Benefits
7.5
Application Process
9.8
PROS
  • Good For Debt Consolidation
  • No Late Fees
CONS
  • May Be Origination Fees
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Average Score 7.6
PROS:
  • Good For Debt Consolidation
  • No Late Fees
CONS:
  • May Be Origination Fees

Introduction

APR 5.99% – 24.99%
Loan Amount $5,000 – $35,000
Loan Duration

24 to 60 months, with options to defer, skip or change your payment date

About
Payoff partners with a variety of lenders to provide funds for its borrowers. Alliant, First Electronic Bank, First Tech Federal Credit Union, and Technology Credit Union are all financial institutions that originate loans for Payoff. Each lender’s information and privacy policies are easy to find through the Payoff website.

Ideal Borrower
If you have great credit you’ll generally be a great candidate to be approved for any kind of financial product, including personal loans. The loans offered by Payoff are no exception, borrowers must have a credit score of 640 and above. If you’re looking for a flexible borrowing term, Payoff may be a good fit for you. Most lending companies have a fixed term, but Payoff borrowers may have anywhere between to 24 60 months to pay back their loans, some exclusions may apply. The Payoff loan is good for people looking to consolidate their debt into one easy payment with a single interest rate.

Best For
Borrowers with good credit are ideal candidates for Payoff loans. Having a credit history that’s long enough, 7 years is generally a good length, and a good debt to income ratio will also help you get qualified. If you have debts across a number of companies, using a personal loan like Payoff can help you by providing you with one interest rate that might be lower than what you are currently paying.

How to Qualify
Payoff’s website makes it easy to find out if you qualify. After you input your details like name, age, date of birth and other details about your financial history like whether you rent or own, Payoff will run a soft credit check (which won’t bring your credit score down) and then a representative may reach out to you with a suggested loan amount. Keep in mind that it might be lower than what you requested based on your financial picture.

Additional Fees
There may be an origination fee to open an account with Payoff. There aren’t late fees, instead, you can reach out to a Payoff representative who will work with you to set up a plan to catch up on your payments. You may be able to defer payment, skip a payment or change your payment due date.

 


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