Payoff Personal LoansClaimed
in Personal Loans from Payoff Inc.
Strongly not recommended
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Payoff Personal Loans Review
Payoff Personal Loans is offered by Payoff Inc., a financial services company founded in 2009 and based in Costa Mesa, CA. Payoff Personal Loans is available in 45 states (and Washington, DC).
- Fair credit accepted. The credit score needed for Payoff Personal Loans is relatively low. Borrowers with a credit score as low as 640 may qualify for Payoff Personal Loans.
- Origination fees of up to 5%. This is average for lenders that charge origination fees. However, plenty of lenders don't charge them. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
- No late fees. Missing a payment can seriously damage your credit, but Payoff Personal Loans will not charge additional fees if you miss the due date on a payment.
- Minimum income of $40,000. You will need an annual income of at least $40,000 to apply for Payoff Personal Loans, which is above average for the lenders in our database.
Payoff Personal Loans Pros and Cons:
What rates and terms does Payoff Personal Loans offer?
Payoff Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.
What APR rate does Payoff Personal Loans offer?
Payoff Personal Loans 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 Personal Loans?
Loan amounts start at $5,000 and go up to $35,000.
What can a personal loan from Payoff Personal Loans be used for?
Personal loans from Payoff Personal Loans are typically used for special purchases, debt consolidation or similar purposes.
What is the maximum loan term you can get with Payoff Personal Loans?
Payoff Personal Loans 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 Personal Loans charge?
Does Payoff Personal Loans charge an origination fee?
Payoff Personal Loans may charge a loan origination fee of 0% to 5% of the loan amount. Payoff Personal Loans 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 Personal Loans charge a late fee?
No, Payoff Personal Loans will not charge you a late fee..
Does Payoff Personal Loans charge prepayment fees?
No, Payoff Personal Loans 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 Payoff Personal Loans?Applicants with a credit score of at least 640 and up to 850 are eligible for Payoff Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
To qualify for personal loans with Payoff Personal Loans, applicants need a minimum annual income of $40,000 or higher. Payoff Personal Loans only considers borrowers who are employed and meet the minimum income requirement.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Payoff Personal Loans. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Payoff Personal Loans. Permanent resident / green card holders are also eligible to apply. Not all companies will work with visa holders. Payoff Inc. does offer its services to temporary resident visa holders such as F1 or H1B holders.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid checking account
- Recent pay stubs
- Proof of income
- Driver's license
- Proof of citizenship or residence permit
|Bank Account Required?||Yes|
|Application Types Accepted||
|Credit Score||640 - 850|
What is the estimated funding time for a personal loan via Payoff Personal Loans?
Payoff Personal Loans will typically approve (or deny) a loan application within 3 hours and fund personal loans within 7 business days of approval.
Does Payoff Personal Loans report your account activity to credit bureaus?
Payoff Personal Loans reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|Late Fee Amount||$0|
|No Prepayment Fee|
|No Late Fees|
|Origination Fee (%)||0% - 5%|
|Checking Account Required|
|Employment Statuses Considered||
|Immigration Status Considered||
|Joint Loan Applications Accepted||Individual Applications|
|Minimum Annual Income||$40,000|
|Supported Income Types||
|Verification Documents Required||
|Credit Score Range||
640 - 850
|Approval Speed||3 hours|
|Credit Bureau Reporting||
|Customizable Payment Dates|
|Funding Time Range||2 - 7 days|
|Pre-Approved Soft Credit Inquiry|
|Loan Amount||$5,000 - $35,000|
|APR (Fixed APR)||5.99% - 24.99%|
|Loan Term||24 - 60 months|