Features

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.

Applicants who don't qualify for a Payoff loan receive free access to Lift: a program that provides tools, training, and tips to repay debt faster and repair your credit score.

What Are Payoff's Interest Rates?

Interest rates range from 8% to 22% APR. The average variable interest rate for credit cards in February 2015 was 15.7% APR, but some credit cards can have interest rates as high as 40% APR.

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.

Which States Does Payoff Operate In?

The Payoff Loan™ is currently available to people living in Alaska, Arkansas, California, Florida, Georgia, Hawaii, Idaho, Kentucky, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington, and West Virginia

What Is Payoff's Application Process Like?

The loan application process is fast 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. Some banks and peer-to-peer loans may have lower interest rates, but the eligibility requirements are more stringent and it can take weeks before you can access your cash.

There are no prepayment penalties and 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. 

  • Credit bureau reporting
    Equifax Experian TransUnion
  • Interest APR
    8% - 22%
  • Joint loans available
  • Loan Amount
    $5000 - $25000
  • No late fees
  • Max Loan Term (Months)
    60
  • Lend to military?
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
    24
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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.


0 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.


0 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.


0 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.


0 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.


0 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.


0 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.


0 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!


0 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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