Payoff Personal Loans Review

Rating: 9.5 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. 
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Payoff is a company focused on helping people achieve financial wellness. The company works with First Electronic Bank, an FDIC insured Utah-chartered industrial bank to originate loans. Its team of data scientists, research and clinical psychologists, finance services professionals, technology experts and Member Advcates all work to help and educate people on how to achieve their financial goals.

How is Payoff rated?


Loan Specifics
Cost of Loan
Lender Reputation

Overall Rating: 9.5 / 10 (Excellent)

Payoff is an excellent option for those serious about debt consolidation. They offer a offer a simple, straightforward approach to loans that lets customers; check their rate, check their terms, verify their information, and ultimately receive their funds. Applicants can check their rates and select the loan term which works best for them. Moreover, they have good customer support and a solid reputation. However, the company's standards for borrowers is quite high, requiring a slew of prerequisites, including a better than average credit score, high gross income, three years of good credit, at least 2 open and satisfactory trades, no more than one installment loan within the last 12 months, and more.

Payoff Loan Specifics

Loan Specifics - 9.5 / 10

Payoff loans are issued solely for the use of debt and credit card consolidation, and are not applicable for any other purpose. They run between $5,000 and $35,000, have a term length of 2 to 5 years, and are electronically deposited to the customer's bank account after approval. The wait time of three to six for approval and three to seven days for disbursement is a bit long when compared to competitors. Payoff borrowers are given membership benefits such as ongoing support and financial guidance, free FICO score updates, and job loss support.

Loan Uses

Debt/Credit Card Consolidation
Buy Home
Major Purchase
Home Improvement
Medical Expenses
Start Business
Loan Minimum
Loan Maximum
Term Length
2 to 5 years
Direct Deposit
Pay Creditors Directly
Decision Time
3 to 7 business days
Disbursement Time
3 to 6 business days
Credit Insurance
Unemployment Protection

Representative Loan Sample

Example: A loan of $15,000 at 12% APR will have a monthly payment of $395.01 for 48 months.

Payoff Qualification

Qualification - 10 / 10

Payoff is very upfront with their requirements for applying for a loan with them. The minimum FICO score for Payoff loans is 640, and they have a 50% maximum debt-to-income ratio for applicants. Additionally, they require customers to have three years of good credit, at least 2 open and satisfactory trades with no more than one installment loan within the last 12 months, and no current credit delinquencies greater than 90 days within the last 12 months. Like many others in the market, they will perform a soft credit check to find rates for you, and then a hard credit pull once you actually apply for a specific loan.
Minimum FICO Score
Personal Income Considered
Education Requirements
Debt to Income Ratio
50% maximum debt-to-income ratio
Verify Bank Account
U.S. Citizen
Hard Credit Pull

Alternative Factors to Credit Score Considered

Age of credit history Open and satisfactory trades Credit delinquencies

Payoff Cost of Loan

Cost of Loan - 9.5 / 10

Payoff's rates start a bit on the higher end, at 8.00%. Actual rates will depend on a customer's credit score, loan amount, loan term, and credit usage and history. Aside from a 2 to 5% origination fee, Payoff charges no other fees whatsoever—not even late payment fees.
APR Range
8.00 to 25.00%
Origination Fee
2 to 5%
Missed Payment Penalty
No late payment fees

Payoff Reputation

Lender Reputation - 9 / 10

Payoff has been offering loans for the purpose of debt-consolidation since 2009. As a financial wellness company, it provides loanees with extensive support in order to keep them on track while they pay back, and help them improve their financial health. Payoff is accredited with the BBB, and has an A+ rating and 3.94 composite score with them. Currently the company has no Truspilot score or reviews.
Type of Lender
Year Founded
BBB Rating
Number of BBB Positive Reviews
Number of BBB Negative Reviews
Consumer Financial Protection Board (CFPB) Complaints
Date Collected

Company Profile

Full Name
Payoff Personal Loans
Company Website
3200 Park Center Drive, Suite 800, Costa Mesa, CA, 92626

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Customer Comments & Reviews

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Louisville, Colorado
Very good company

Los Angeles, California
I love it . ther r awesome

Roger T
Costa Mesa, California
Wow, love the application process with Payoff, so simple and easy.

Our Partner
9.5 / 10
  • Payoff members have raisesd 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, or late fees. 
  • Loans for refinancing credit card debt from $5,000 to $35,000