Payoff is an online lender with headquarters in Costa Mesa, California, that specializes in offering loans to people who want to pay off their credit cards. Payoff's loans have competitive rates, easy to understand fees and a transparent application process. 

How Does Payoff Work?

Payoff is designed for people with at least $5,000 in credit card debt who want to save money by paying it off faster. The application is done online, and it takes only minutes to know whether you're approved. The money is deposited electronically to the designated bank account at which point the borrower can use it to pay off credit card balances.

What Are Payoff's Rates and Fees?

Rates range from 8% APR to 25% APR. Payoff loans come with a 2-5% origination fee, which is deducted from the loan amount.

How Much Money Can I Borrow from Payoff?

Payoff provides loans of $5,000 to $35,000. To illustrate, a 3-year loan of $10,000 with an 8% APR will cost $327.9 in monthly payments for a total cost of $11,804. The same loan with a 22% APR will cost $381.9 a month, or a total of $13,748.

What Is Payoff's Application Process Like?

The loan application process is fast (5 minutes or less) and entirely online. Payoff will perform an initial soft credit check so you can know what rate you qualify for without it hurting your credit score. If you qualify and accept the terms, you could receive your money within a business day.

Payoff loans are designed for people who want to pay off their credit cards so only people with at least three years credit history qualify. You must have a credit score of at least 660, a net disposable income of at least $1000 per month, a debt-to-income ratio of less than or equal to 50%, and no late payments of more than 90 days within the last 12 months.

If you qualify, accept the terms, and submit the necessary documents, you could receive your money within 3-5 business days.

How Is Payoff Better Than Other Lenders?

- Payoff offers a fast and easy way to repay credit card debt for people with good credit. Although there are some prime lenders that have lower rates and fees, the eligibility requirements are typically more stringent, and it can take weeks before you can access your cash.

- With a Payoff Loan, you, like other Payoff Members, could raise your credit score by 40 points*.

- You can consolidate all your credit card payments down to one monthly, affordable, fixed-rate payment between 8%­ APR and 25% APR.

- There are no prepayment penalties, application fees, late fees or hidden fees.

- Payoff will report your financial activity to all three credit bureaus.

- Checking your rate will not hurt your credit because Payoff only performs a soft pull on your credit to determine your eligibility. A particularly welcome feature of Payoff is how transparent its fee schedule and eligibility requirements are. This allows applicants to know exactly what they are paying for, how much they can save, and what they need to do to improve their chances of approval. 

- Loans for refinancing credit card debt range from $5,000 to $35,000.

  • Loan Amount
    $5000 - $35000
  • Payment Options
    • Automatic Payments
    • Check by mail
  • APR
    8% - 25%
  • Max Loan Term (Months)
  • Checking Account Required?
  • Credit Score Range
    640 - 740
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Minimum Annual Income
  • Supported Income Types
    • 1099 Misc. Income
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
    • Driver license (or other photo ID)
    • Proof of citizenship/residence
  • No Late Fees
  • No Prepayment Fee
  • Origination Fee
    2% - 5%
  • Institution Type
  • Approval Speed (Hours)
  • Customizable Payment Dates
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
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: DC, DE, MA, MI, MN, MS, NE, NV, OH, OK, VA, VT, WA, WI, and WV. Our mailing address is: Payoff, Inc., 3200 Park Center Drive, STE 800, Costa Mesa, CA 92626.
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0 votes

NOTE: I saw the comments below & I would like to clarify a few things about my recent (within the week) experience with Payoff. - I can very well prove I am, in fact, NOT an employee of the Payoff team & I only recently heard of them because I received a letter in the mail; this can be proven. With this said, I have also heard that it is pretty standard that all businesses write themselves positive reviews, so this could have been the case of what "Anonymous" saw, ... but my personal experience review is otherwise; - the program, website, mail out, this article - they ALL specifically state that funding is for credit cards to be paid only, and the forms you sign (which I ready every word more than once, state this as well pretty blatantly, along with what will happen if you spend the funds otherwise), so I am unsure of where this confusion stemmed from; - mortgage/rent payment information IS considered - the information is required for the initial general first step of the application process - my funding through Payoff is from a Credit Union, so going through Payoff ends in your funding being provided through a lending partner: a Utah-based BANK or an Illinois-based CREDIT UNION... - this article as well as the transparent Payoff site specifically state the limitations of what they will accept for debt-to-income ratios; if all blatantly states that you must be at or below "50%" which i think is wonderful, as most sites will not accept anything under 20%!!! (i.e. I think they were Best Egg, Personal Lending Group & Lending Club maybe; I cannot say for sure, but these are the main ones I tried every 30 days and kept getting denied - never did it say the denial had anything to do with my debt-to-income ratio and the amount requested being over the limit - I never could find any information on what the limitations for debt-to-income were and I was being sent pre-approved offer codes for TWICE what I was asking for - eventually, I read ALL of the fine print & found I was asking for more than 20% - and only in the fine print of the denial letter does it say anything about not being able to request over 20% of this amount. So, the next time I tried, I entered an amount less than 20% and I in fact then received offers - they were horrible offers, but I was able to finally receive offers... Payoff bluntly states this information in all communication upfront as a minimum qualification. - i researched Payoff as well before accepting offers; they are new (~2015 I believe), and I called the Payoff Team to ask about every concern I had that was mentioned on the Better Business Bureau site & I received thorough, specific answers - not just blanket statements - my credit meets the qualifications but was less than another "Anonymous" below, and I was accepted; AGAIN, it blatantly states that you have to meet ALL (not some) of the specified, laid out minimum requirements... i am thinking that one or more of these qualifications was most likely not met and they are clear on the fact that ALL must be met to be accepted/receive offers - Regarding the communication, I could not ask for more.. First, they called to ask if had any questions and, boy did I, after reading both positive AND negative reviews and they spent quite a bit of time with me and never seemed to become agitated or annoyed; then, a quick call "we opened a form so you can upload ___" & once done, we will let you know the next step (in all total, this was AT MOST 4 calls; they do not ask for TONS of documentation unless there is something not matching up or questionable, etc. - it is the basic stuff anyone would want to see if they were going to give a loan to someone else - all calls only lasted a couple of second); I immediately uploaded the document; within the day, the next step. I actually believe the 4th total call was the approval call now that I am thinking about it - Funds have been received and it was all done in LESS THAN 1 WEEK! - I am happy, excited, relieved, grateful, and NOT stressed out over any of it; it was so easy and seamless - because of the transparency of the program - And, agreed, to all comments on the good APR!!!

And to the Anonymous "NURSE" below, PLEASE read my note about Internet Explorer compatibility issue: I would HATE to see time being wasted for anyone to get this level of help simply because of this!! Try another internet browser program like FireFox or something or try using a SmartPhone if you have access to one.... have you called Payoff to help you????

So, it just seems the minimum qualifications were not met and there appears to be a misunderstanding somewhere because they only options to choose from to even start the application process when I applied recently were: credit cards OR student loans. That was all.

Hope that helps others wanting to apply to get some questions answered; if not, call Payoff and ask them about all of these comments - I did and I got sufficient answers:

So, finally, on to my REVIEW: My personal (non-Payoff employee) review):

Payoff has saved my life - literally. All other programs cannot compare to this one: Easy, fast, transparent, AND honest. I HIGHLY, HIGHLY recommend this program to ANYONE who is eligible.

START with this one and I guarantee you will save your time, because looking any further at other organizations of this nature will only waste your time; however, if you keep looking (which is actually smart in order to make an informed decision), you will then be able to really see how great of a deal you are getting with Payoff.

The Team Members are so personable too; I was utterly surprised. I asked about statements I had seen in reviews and they had a thorough explanation for each - not a blanket statement - this built trust with me big time, and given that all of my credit cards were opened & over-maxed out fraudulently within ONE WEEK in 2015 which has destroyed my credit, financial status, and overall wellbeing and quality of life for me AND those that depend on me, it is extremely difficult for me personally to trust ANY financial institution of any sort.

At the time these cards were opened in my name (the month after I always get my free annual credit report), I had an 819 credit score and a strong personal ethic to never utilize any kind of credit card for any reason - ever.

Everything has been destroyed because of all of this and because I had good credit, I had a 24-mo low/no APR and the 24 month period just ended and HOLY COW am in trouble?! Payoff saved me and - not kidding - had my funding to me within 1 week of starting the entire process.

Just a side note: there are some capability issues with the Payoff site & using Internet Explorer, so I used my cell phone for all activity, but, heads up - if you keep getting an error message at login over and over that your ID/password are not recognized (or something similar and cannot log in), try using another browser type besides Internet Explorer - super easy fix!

The only regret I have is that I wish I had received a letter from them or heard of them a whole LOT sooner!

This is a great article an accurate depiction of my personal recent experience with Payoff; I am very glad you are spreading the word about Payoff - they sure deserve it!! I am living proof and I will use any and every platform to assist others in finding help through Payoff.

I will also use any and every platform to warn others to consistently monitor your credit. Do not even do your free annual credit check during the same month each year - change it up. Whoever opened my cards obviously knew when I checked mine each year. There is no such thing as "0% liability for fraudulent charges"; I followed all instructions - even getting a second job to obtain the attorney, and i was still "found" responsible VERY quickly - not sure what type of investigations were done, but it was way too quick of a denial response. They wanted me to bring them a person, but if I could do that, don't you think I would have done that AND pressed charges? I have been paying for 2 years and, now, thanks to Payoff, I am able to continue to work on rebuilding my credit - when that 24-mo period ended, the minimum payments skyrocketed due to variable outrageous APR rates... I would have not been able to do it with Payoff's help. It was too much money to even fathom per month. So, the last two years spent trying to stay afloat while paying these payments would have been all for nothing if it were not for Payoff's assistance. This is truth. If you meet the requirements, apply now so get have relief VERY soon!!

So PLEASE everyone: utilize all of these "check my FiCO score" features that are on everything these days and check them OFTEN (mobile banking; sites such as Payoff; your credit card sites; your mortgage sites). They are available to you constantly and it does not affect your credit to check every one you have access to. I don't wish what happened to me on anyone ever. No one deserves this under any circumstances. So, I will use every platform I possible can to warn others of the importance of monitoring your credit more than just annually and predictably as well.
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0 votes

Worse place to do business, if anyone wants a loan just make sure you have a $1000 surplus income also tell them your not paying mortgage or rent because even though they say they don't take it in consideration they do. Before applying only tell them what shows on your credit report. If you have a paypal account that your paying on don't tell them because that doesn't show on your credit. When talking to a rep make sure to tell them your using the funds to payoff credit cards ... only because if you tell them your going to use it for other then paying off credit cards they will decline your loan within days. Also all their positive reviews are actually from their own employees. I did some research they are new to the financial industry and have lots of newbies working for this company and they are asked to write positive review on the company to make people believe it's a great company but in reality it's not. Your better off going to a credit union or bank to get your loan. More Less

0 votes

If you have less than perfect credit don't even bother. They only help people consolidate credit if you have an awesome credit score. Mine is in the 700s and I was denied.

0 votes

I know that we are in the digital age and all, but I still measure the worth of a company on its customer service. So when I called into Payoff and someone was ultra helpful, I decided that this was a company that I wished to give my business. I applied for a loan and got it and I am very happy with the results.

0 votes

I wouldn't recommend this company to anyone. The only positive thing I can say is the interest rate. When I applied and was conditional approved said I'd get a call in 2 days. It was more like a week. Someone finally called me to verify my info and asked me the usual security questions. *** asked me several times about a tax lien that was pand and do I have a receipt? Seriously, the receipt is showing paid off a year ago. A few days later a request for a ... call asked the same questions again. UGH! Gets better she said you will get a call in two days. A week later I get a call *** was super nice. He asked me the same security questions even though I explained I've answered then previously on a recorded call. He was going to fast track the process yet I get a email I need to call back again. Asked me about my bank statement and the same tax lien question. The web site says they care and some other interesting things. That wasn't my experice at all. Last week I got a request for a call to speak to ***. I set a time but changed the time and she calls and leaves a message. The time that I reset on Saturday no one called. The loan wasn't disbursed when I was told it would be. This process was so drawn out and the website never gets update on the status. More Less

0 votes

I was in a real pickle when it came to my finances. I just couldn't catch up since I lost my job during the recession. I've been working since then, but six months without work really messed me up. Then I found Payoff and thought, why not get a loan to get caught up and then really buckle down and pay it off and get to even? Well, I'm successfully doing that and the support and finacing I've gotten from Payoff is really helping.

0 votes

I've read other reviews about getting good customer service at Payoff and I have to add, me too!! What a difference such support makes. If you are a little older like me, you aren't used to all of this online stuff. I just loved the gal who answered the phone when I first called. She walked me through the process and voila! I got a loan.

0 votes

My experience with Payoff has been a bit hit and miss. I have set up loans without any hassles and other loans have been like pulling teeth. When the experience is good, I am happy, which is why I keep coming back for more.

1 votes

I have had some extremely disappointing times trying to simply set up a loan through this company. I am a nurse working 2 night shift jobs and have had difficulty scanning my documents over through their site.

1 votes

Their website says that paying off a loan with them doesn't necessarily mean that your credit score will go up, but mine did while I was paying off their loan. That was really exciting to me, because none of the pay day loans I ever got raised my credit score.

1 votes

I like how this company does offer loans that are lower than credit cards and the fixed monthly payment that you pay off every month is really helpful to your budget. I was also happy about no fees--late, application, etc. I've been hit by those with other companies before.

1 votes

Payoff. I love the sound of that! That's what I had in mind when I applied recently and got the loan amount I requested. The interest rate is also pretty good. I immediately used the money to pay off all of my credit cards, which I then either froze or cut up. It looks like I may be arriving at a payoff before too long!

0 votes

If you have OK credit but have gotten yourself in over your head, Payoff could provide a means to, well, pay off your debt. You can borrow enough to clear up your credit card balances and have one place to pay. You have to pass a fairly tough underwriting process, so if you have really bad credit or your overall debt-to-income ratio is too high, you wont be approved. But if you can pass muster; your money will be deposited within two business days, at interest rates way lower ... than payday loans. More Less

0 votes

How refreshing to have a company that actually does what it says. They said that they would help me pay my credit cards off and they did. They also said that they wouldn't charge me any fees hidden or otherwise and they didn't. I also like their transparency when it comes to interest rates and payoff schedules.

0 votes

My experience has been when a company says they have excellent cusotmer service that you'll be lucky to get a real person on the phone, but the customer service at Payoff is friendly and really helpful. When I had questions about my loan and the payoff terms, my customer service rep answered right away and patiently walked me through everything.

1 votes

I used to use Payoff as a budgeting site, and then they started offering loans. I recently got out a loan to pay off some bills, including credit cards, and the experience was incredible. The application process went super smoothly and I got my money quickly. They also still have great budgeting assistance tools.

0 votes

I have to admit that this companys logo attracted me at first, because it looks so hopeful. And of course, the idea of paying anything off sounds great. I used the loan I got at Payoff to pay off a really high interest rate, which is going to save me a lot. I also like the Payoff model of showing me how my spending habits could be vastly improved. Im now really trying not to use credit cards, which is something I never thought Id be saying.

1 votes

I'd give this place 5 stars, but I didn't know when my first payment was going to be withdrawn, so that kind of threw me off. Otherwise, the experience was amazing. I applied and got almost the amount I wanted. The interest rate is a million times better than I expected, and I can actually breathe easier at night.

1 votes

This was my second loan with Payoff. The first loan did enable me to pay off my credit cards, but life happened and I got another credit card that had to be paid off. The interest rate I got with Payoff was much better than the credit card. My only complaint, which doesn't really have anything to do with the loan, is how they changed the site. They used to have badges when you reached financial milestones, but I don't see them anymore. :(

0 votes

My experience with Payoff was pretty good. The person I initially talked to when I was attempting to apply online was very helpful. I did get a loan at a good interest rate, which was great. When I was trying to figure out the payoff terms and other items like that the person I talked to was a little obtuse.

0 votes

I love the fact that you can talk to real people at Payoff! I can't tell you how many times I've unsuccessfully called loan companies to try to get an answer to what is probably a simple question, but it's my simple question and I want an answer! Payoff answers in a courteous manner and they have your answer!

1 votes

So nice that applying to Payoff won't hurt your credit score. That fact enabled me to apply three times in 9 months until I finally got an interest rate and loan payoff time that I liked. I have been working on raising my credit score, and the third time with Payoff was the charm. I would recommend trying the same tactic if you don't like their first offer.

0 votes

This place does what it says. There are no fees, such as application or late fee. I wasn't totally thrilled with my interest rate, however. It's a lot higher than the ideal one I saw online. Either way, though, I think that the company is run well, and I hope to get a better interest rate next time.

0 votes

Some of their processes online seem to be a little wonky when you are trying to apply. Other than that, things have gone pretty good. Interest rate was okay--I can't complain too much. The payoff terms were pretty good--although I would have liked a little longer. Overall fairly good experience.

0 votes

My kids say I'm stuck in the dark ages because I want to talk to real people on the phone when I'm conducting business. So sue me! I want to speak to a real person about my real loan. Payoff lets me speak to real people who actually understand the loan process and can guide me. Thanks for having humans working there, Payoff!

0 votes

My experience with Payoff has been a bit hit and miss. I have set up loans without any hassles and other loans have been like pulling teeth. When the experience is good, I am happy, which is why I keep coming back for more. I hope, though, that the good times start outweighing the bad.

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