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Where does Payoff do business?
Payoff is a lending platform based in Costa Mesa, CA. Founded in 2009, Payoff offers access to personal loans in 45 states (and Washington, DC).
What are the APRs offered via Payoff?
Payoff offers a fixed APR personal loan product that ranges from 5.99% up to 24.99%.
Does Payoff charge an origination fee?
Yes, 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
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.
How much can you borrow via Payoff?
Loan amounts start at $5,000 and go up to $35,000.
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.
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
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
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Only Individual Applications
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)