Payoff Personal Loans Review
Payoff is an excellent option for those serious about debt consolidation. However, the company's standards for customers is rather high requiring a better than average credit score, high gross income, and 50% or less debt to income ratio.
Currently loans are not offered in: AL, AZ, CO, CT, DE, IA, IN, KS, LA, MA, MN, NH, PA, SD, VT, WV, and WY.
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Maximum Loan Period
Actual rates depends on a client’s credit score, loan amount, loan term, credit usage and history. Payoff offers fixed rates between 5.94% (8% APR) and 22.60% (25% APR) for loan amounts from $5,000 to $35,000. Currently, the maximum APR in NY is 16%.
Online Application Time
A few seconds
Just a few minutes
- US citizen or permanent resident
- At least 18 years old
- Valid bank account
- Social Security Number
- Driver’s license, passport or state issued ID
- Two most recent paystubs or tax return if self-employed
- Bank statement
How It Works
Payoff offers a simple, straightforward approach to loans. It has a 4 step process that lets you; check your rate, check your terms, verify your information and ultimately receive your funds. Payoff does not charge applications fees. Origination fees vary based on selected loan term. Clients can check their rates and select the loan term which works best for them. Loan documents can be signed via eSign for faster processing. Funds are electronically deposited to the client’s account.
Payoff offers a simple and convenient process when applying for a personal loan. By partnering directly with First Electronic Bank a direct lender, borrowers can be sure that their loans are personally handled by the company rather than passed along to third party lenders. What sets it apart is its team of financial experts and advocates who works with clients not only helping them get the loans they need but also how to achieve financial wellness.
12 Customer Comments & Reviews
- Payoff Members have raise their credit scores by 40 points.
- Consolidate all your credit cards to one affordable monthly payment.
- Fixed-rates between 8% and 25% APR.
- NO prepayment penalties, application fees, late fees, or hidden fees.
- Loans for refinancing credit card debt from $5,000 to $35,000