Payoff Personal Loans Review

Rating: 9.5 / 10 (Excellent)
4 Customer Reviews - see all comments
Disclosure: We receive advertising revenue from this partner. Learn more.
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.

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. 


Direct Lender

Currently loans are not offered in: AL, AZ, CO, CT, DE, IA, IN, KS, LA, MA, MN, NH, PA, SD, VT, WV, and WY.

Loan Details

Unsecured Loans


Minimum Loan Amount


Maximum Loan Amount


Minimum Loan Period

2 years

Maximum Loan Period

5 years

Loan Rates

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%.

Direct Deposit



Online Application Time

A few seconds

Response Time

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 Summary

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.

Our Partner
9.5 / 10
  • 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

Latest Payoff Reviews

Louisville, Colorado

Very good company

Louisville, Colorado

Very good company


I love it . ther r awesome

Roger T
Costa Mesa, California

Wow, love the application process with Payoff, so simple and easy.