Payoff Review

ByTop10.com StaffApr. 04, 2019

In a Nutshell

Payoff takes a holistic approach to lending and offers loans intended to help you improve your financial state. With excellent educational resources and a transparent lending model, Payoff offers customers the chance to improve their credit score while also providing funds for important life events.

pros

  • Low APRs relative to competitors
  • Wealth of educational resources to help in decision making

cons

  • Not all credit scores accepted
  • Longer loan approval time than some rivals

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Payoff at a Glance

Loan types
Multi purpose personal loans
Loan amount
$5,000 to $35,000
Repayment terms  
24 to 60 months
APR
8.00% to 25.00%
Best for
Paying off debt and your improving credit score

Overview

While many personal lenders are simply concerned with signing customers up for their products, Payoff is dedicated to helping you improve your financial state. Payoff was created with the aim of helping borrowers escape from debt and improve their financial well-being simultaneously. It can even help you add up to 40 points to you credit score. Thanks to a great wealth of educational sources and a user-friendly approach to lending, Payoff is a great choice for anyone looking for a personal loan with great terms.

Payoff Highlights

  • Evaluate your financial well-being
  • Improve your credit score with a loan
  • Job loss and career support services

Loan Term Options

One of Payoff’s main strengths is the great variety of loan terms. While many personal lenders focus exclusively on short or long-term lending, and in some cases don’t even offer options, Payoff allows you to choose how long you will need to repay loans. Furthermore, Payoff helps you find the right loan based on your preferred repayment term and offers loan terms between 24 and 60 months. 

Loan Purpose and Amounts

Another great feature is the amounts Payoff offers when you request a loan, ranging between $5,000 and $35,000, with APRs from 8.00% to 25.00%, allowing borrowers to consolidate all credit card payments down to one monthly, affordable, fixed-rate payment. Overall, Payoff’s rates are lower than many of its competitors. Payoff could benefit from more variety in terms of loan purposes, as its main focus is on credit card refinancing. Nevertheless, Payoff does not explicitly limit the purposes for your potential loan.

Lending Qualification Process

While Payoff recognizes that your credit score is not the only tool required when examining your creditworthiness, it still asks for it, and requires applicants to have at minimum a 640 score. However, it also looks at other important factors that go beyond simple credit reports. Payoff also requests the following to qualify for a loan:

  • Debt-to-Income ratio of 50.00%
  • Average annual income of $25,000
  • No delinquencies on any outstanding credit
  • At least 3 years of credit history
  • 2 open lines of credit that are paid on time

Information and Support

Payoff has a strong commitment to education and financial well-being and is committed to helping borrowers improve their financial health, credit scores, and understanding the loan process. It features a series of quizzes and assessments that enable you to determine the state of your financial health. Additionally, the Payoff Life portal includes articles related to credit and personal finances, the science behind the lending process, and other useful insights that can help you better understand loans and their impact on your finances.

Besides these useful items, the site also features a handy FAQ section. Furthermore, Member Advocates are available to help you via phone, email, and chat if you need any assistance or have questions related to the lending process.

Quote Application Process

Receiving a quote from Payoff is incredibly simple. The process is quick and efficient, and doesn’t take more than a few minutes. Even better, Payoff does not use a hard credit pull when looking at your creditworthiness, meaning your credit reports will not be affected at any point. After filling out a few short questions that ask for basic personal details and information related to your finances, you will be provided with offers, giving you the flexibility to choose the best loan option. Note that you will not be required to pay any prepayment penalties, application fees, late fees or hidden fees. 

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Summary

When it comes to a holistic approach to lending, Payoff takes the prize, as it helps consumers not only get the funding they need, but improve their financial health. The company’s strong emphasis on data-driven lending and financial wellbeing mean that they offer services designed to help and not harm you. With excellent educational resources and a transparent lending model, Payoff is one of the better options when it comes to getting a personal loan.

Physical Address

Payoff, Inc.,

3200 Park Center Drive, STE 800,

Costa Mesa, CA 92626

USA

Payoff