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Payoff

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in Personal Loans

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Overview

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:

  • Equifax
  • Experian
  • Transunion

PAYOFF Disclosure: Payoff works with lending partners to ultimately originate loans. Information about our Lending Partners, including their address, financial institution type and charter, as well as links to their websites and privacy policies can be found on our Lending Partners page. Individual borrowers must be at least 18 years old and have valid social security and a valid checking account. 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. Our mailing address is: Payoff, Inc., 3200 Park Center Drive, STE 800, Costa Mesa, CA 92626.
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Contact

Message from Payoff

We're a team of financial services professionals, research and clinical psychologists, data scientists, neuroscientists, Member Advocates and technology experts working together to better understand and accelerate people’s journey toward financial wellness.

Availability

Available in 45 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
Late Fee Amount
$0
No Late Fees
Origination Fee
0% - 5%
Minimum Age
18
Credit Score Range
640 - 850
850 300 640
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Minimum Annual Income
$40,000
Bank Account Required?
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Joint Loan Applications Accepted
  • Only Individual Applications
Verification Documents Required
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Amount
$5K - $35K
$100 $100K+
Loan Term (Months)
24 - 60
1 180
APR
(Fixed APR)
5.99% - 24.99%
4% 100%+

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