Payoff Personal Loans

in Personal Loans from Payoff Inc.

Claimed Apply Now Get Personalized Rates

Payoff Personal Loans


in Personal Loans from Payoff Inc.

SuperMoney Net Recommendation Score -56


This product is strongly not recommended by SuperMoney users with a score of -56, equating to 1.9 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly not recommended

3 users recommend
1 user is unsure
12 users don't recommend
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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 16

Payoff Personal Loans Review

Payoff Personal Loans is offered by Payoff Inc., a financial services company founded in 2009 and based in Torrance, CA. Payoff Personal Loans is available in 48 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 $25,000. You will need an annual income of at least $25,000 to apply for Payoff Personal Loans, which is above average for the lenders in our database.
Payoff loan 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 loan FAQ

What interest rates and personal loan terms does Payoff loan offer?

Payoff loan has lower than average interest rates for lenders reviewed on SuperMoney.

What interest rates does Payoff loan offer?

Payoff loan 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 loan?

Business loan amounts start at $5,000 and go up to $40,000.

What is the maximum loan term you can get with Payoff loan?

Payoff loan offers loans with terms of up to 60 months.

Payoff loan Interest Rates & Loan Terms
Personal Loan Amount $5000 - $40000
Loan Term 24 - 60 months
APR 5.99% - 24.99%

What fees does Payoff loan charge?

Does Payoff loan charge an origination fee?

Payoff loan may charge a personal loan origination fee of 0% to 5% of the personal loan amount. Payoff loan deducts the origination fee directly from your personal 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 loan charge a late fee?

Yes, Payoff loan may charge borrowers a late payment fee if you miss one of the monthly payments.

Does Payoff loan charge prepayment fees?

No, Payoff loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Payoff loan 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 $25,000 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 loan 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 loan?

    Payoff loan will typically approve (or deny) a loan application within 3 hours and fund 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: 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 Personal Loans

    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.

    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.


    About Payoff Personal Loans


      Available in 48 states and Washington, D.C.
    • Alaska
    • Alabama
    • Arkansas
    • Arizona
    • California
    • Colorado
    • Connecticut
    • Washington, DC
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Iowa
    • Idaho
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Maryland
    • Maine
    • Michigan
    • Minnesota
    • Missouri
    • Mississippi
    • Montana
    • North Carolina
    • North Dakota
    • Nebraska
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Vermont
    • Washington
    • Wisconsin
    • West Virginia
    • Wyoming

    Feature Breakdown

    Late Fee Amount $0
    No Prepayment Fee
    No Late Fees
    Origination Fee (%) 0% - 5%
    Checking Account Required
    Employment Statuses Considered
    • Other
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    • U.S. Temporary Resident Visa Holders
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Minimum Annual Income $25,000
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    Verification Documents Required
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    • Recent Pay Stubs
    • Proof of Income
    Credit Score Range 640 - 850
    Approval Speed 3 hours
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Customizable Payment Dates
    Funding Time Range 2 - 7 days
    Payment Options
    • Automatic Payments
    • Check by mail
    Pre-Approved Soft Credit Inquiry
    Loan Amount $5,000 - $40,000
    APR (Fixed APR) 5.99% - 24.99%
    Loan Term 24 - 60 months

    Payoff Personal Loans Community Reviews


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    This product is strongly not recommended by SuperMoney users with a score of -56, equating to 1.9 on a 5 point rating scale.


    Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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