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

• 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 fees does Payoff Personal Loans charge?

What do you need to qualify for Payoff Personal Loans?

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

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:

• 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 can help improve your credit score.