in Personal Loans from Payoff
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Payoff is a personal loan offering by Payoff, a lending platform based in Costa Mesa, CA. Founded in 2009, Payoff offers access to personal loans in 45 states (and Washington, DC).
What rates and terms does Payoff offer?
What personal loan APRs does Payoff offer?Payoff offers a fixed APR personal loan product that ranges from 5.99% APR up to 24.99% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via Payoff?
Loan amounts start at $5,000 and go up to $35,000.
What can a personal loan from Payoff be used for?
Personal loans from Payoff are typically used for special purchases, debt consolidation or similar purposes.
What is the maximum loan term you can get with Payoff?
Payoff offers personal loans with terms ranging from 24 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
|Loan Amount||$5000 - $35000|
|Loan Term||24 - 60 months|
|APR||5.99% - 24.99%|
What fees does Payoff charge?
Does Payoff charge an origination fee?
Payoff charges a loan origination fee of 0% to 5% of the loan amount. Payoff deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Does Payoff charge a late fee?
No, Payoff will not charge you a late fee. of up to $0
Does Payoff charge prepayment fees?
No, Payoff does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
|Origination Fee||0% - 5%|
|Late Payment Fee||$0|
What do you need to qualify for a loan with Payoff?
Applicants with a credit score of at least 640 can apply for a loan via Payoff . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
To qualify for a Payoff loan, applicants need a minimum annual income of $40,000 or higher. Payoff only considers borrowers who are employed and meet the minimum income requirement.
Active duty servicemembers and their covered dependents are eligible to apply for a loan via Payoff. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Applicants must have an active and valid checking account
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
|Bank Account Required?||Yes|
|Joint Applications Accepted?||Yes|
|Credit Score||640 - 850|
What is the estimated funding time for a personal loan via Payoff?
Payoff will typically approve (or deny) a loan application within 3 hours and fund personal loans within 7 business days of approval.
Does Payoff report loan payments to credit bureaus?
Payoff may report credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Prepayment Fee|
|Late Fee Amount||$0|
|No Late Fees|
|Origination Fee||0% - 5%|
|Credit Score Range||
640 - 850
|Immigration Status Considered||
|Minimum Annual Income||$40,000|
|Bank Account Required|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$5K - $35K|
|Loan Term (Months)||24 - 60|
|APR (Fixed APR)||5.99% - 24.99%|