Highlights
Community Rating	Strongly not recommended
APR (Fixed APR)	5.99% - 24.99%
Loan Amount	$5,000 - $40,000
Loan Term (Months)	24 - 60 months
Number of Reviews	14

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).

Key Takeaways

APRs starting at 5.99%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Payoff Personal Loans are on the lower end of the spectrum.
Prequalified rate. You can check your prequalified rate at Payoff Inc. with a soft pull that will not affect your credit score.
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 & Cons

Pros	Cons
Low APRs available to qualified borrowers. $0 prepayment fee. Considers applicants with fair credit.	APRs as high as 24.99%. Charges an origination fee of up to 5% of the loan amount.

Payoff Personal Loans FAQ

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.

How much can you borrow via Payoff Personal Loans?

Loan amounts start at $5,000 and go up to $40,000

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.

Payoff Personal Loans Rates & Terms
Loan Amount	$5000 - $40000
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.

Payoff Personal Loans Fees
Origination Fee	0% - 5%
Prepayment Fee?	No
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 may be 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 personal checking account
Recent pay stubs
Proof of income
Driver's license
Proof of citizenship or residence permit

Payoff Personal Loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Individual Applications
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?

Yes, Payoff Personal Loans reports your account activity to the following credit reporting agencies:

Equifax
Experian
Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Payoff Personal Loans 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...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Payoff Inc.

Message From Our Editor

What we love about Payoff Loans

Payoff Loans helps customers consolidate their expensive credit card debt into a single loan with a manageable monthly payment and lower interest rate. The interest rates offered by the company will depend on your creditworthiness but will typically be noticeably lower than the rate you pay on a credit card.

The loan terms are flexible, letting you customize your monthly payment. The loans also have low minimums and high maximums so most people will be able to borrow enough to pay off their credit card debt.

What could Payoff Loans do better?

Payoff Loans charges an origination fee for its loans, which reduces the amount of money that you can save by consolidating your debts. It also has a list of eligibility requirements. While many of these requirements are reasonable, people with significant credit card debt may struggle to meet the credit score requirement.

Another drawback is that Payoff Loans only offers loans to help people consolidate their credit card debt. If you need to borrow money for any other reason, you won’t be able to get a loan from Payoff Loans.

Payoff Loans’s backstory

Payoff Loans was founded in 2009 by Scott Saunders and Eden Warner. The company focuses on helping people pay off their credit card debt and providing educational tools that people can use to help them avoid falling back into expensive credit card debt.

The Verdict

If you have credit card debt, Payoff Loans is a good company to work with if you want to consolidate your credit cards into a single loan. There are many ways to consolidate credit card debt, each with pros and cons, but Payoff Loans should certainly be an option that you consider.

Contact

Headquarters
3200 Park Center Drive, STE. 800
Costa Mesa, CA 92626
(800) 878-0901
Visit Site

About Payoff Personal Loans

View Payoff Inc. Profile

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

Late Fee Amount	$0
No Prepayment Fee
No Late Fees
Origination Fee (%)	0% - 5%