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Payoff Personal Loans Review

Rating: 6.6 / 10 (Very good)
7 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. </br> </br> Its team of data scientists, research and clinical psychologists, finance services professionals, technology experts and Member Advocates all work to help and educate people on how to achieve their financial goals.
 
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How is Payoff rated?

Breakdown

0.0/5
Flexibility
0.0/5
Interest Rates
0.0/5
Discounts & Fees
0.0/5
Customer Service and Reputation

Overall Rating: 3.3 / 5 (Very good)

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 - 4 / 5

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
Wedding
Moving/Relocation
Vacation
Start Business
Education
Taxes
Loan Minimum
$5,000
Loan Maximum
$35,000
Term Length
2 to 5 years
Direct Deposit
Yes
Pay Creditors Directly
No
Decision Time
3 to 7 business days
Disbursement Time
3 to 6 business days
Credit Insurance
No
Unemployment Protection
Yes

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

Qualifications & Flexibility - 4.5 / 5

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
640
Personal Income Considered
Yes
Education Requirements
none
Debt to Income Ratio
50% maximum debt-to-income ratio
Verify Bank Account
Yes
U.S. Citizen
Yes
Hard Credit Pull
Yes

Alternative Factors to Credit Score Considered

Age of credit history Open and satisfactory trades Credit delinquencies

Payoff Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4 / 5

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

Customer Service and Reputation - 4 / 5

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 Institution
Marketplace
Year Founded
2009
BBB Rating
A+
Number of BBB Positive Reviews
1
Number of BBB Negative Reviews
4
Consumer Financial Protection Board (CFPB) Complaints
0
Date Collected
2018-03-08
Headquarters Address
3200 Park Center Drive, Suite 800, Costa Mesa, CA, 92626
Homepage URL
https://www.payoff.com
Top Rated
Our Partner
(800) 878-0901
VIEW RATES

  • 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.
  • Loan terms of 2 - 5 years. NO prepayment penalties, application fees, or late fees.
  • Loans for refinancing credit card debt from $5,000 to $35,000.
READ FULL REVIEW >

Latest Payoff Reviews

N
NanCee

10/2/2019
Payoff loans is horrible! After receiving an offer (pre-approval) for a debt consolidation loan, I proceeded to apply. I was approved and given a rate after putting in my offer information. I received a rate and then selected a dollar amount; now I was in the application process. Payoff requested my income verification information along with my banking statements - all of which I provided. I had excellent credit score. After providing all of my information, I stopped hearing back from Payoff. When the verification process was taking place, I received emails, keeping me abreast of what they needed next. After not hearing from them, I phoned to check the status of my application.... Read More

B
Brian T

8/19/2019
This company is a joke! They waste your time take for ever to process then told me they couldn't validate my income. I gave them a BANK STATEMENT! It was right there in black and white! Then when I call and try to tell them they must have made a mistake they told me there isn't anything they can do about it! Decision has been made! If the reason they gave was completely incorrect you would THINK they would want to make it right! But no, they acted as if they just didn't give a damn. It took them 10 DAYS to do this and then the ONLY reason for a denial was a flat out lie. Not sure how they are in business. Do yourself a favor and don't waste your time and effort sending them all your... Read More

J
Jeremy

7/22/2019
Monthly payments are automatically deducted from my bank account, easy pasy - until you want to change the amount of your payment so that you pay down the loan faster. You cannot. You cannot pay extra, unless you are paying the exact amount of your normal payment. So if your payment is $300 a month, you cannot add an extra $100 to it or make a separate $100 payment through the website. It is designed to keep you in dept for as long as possible to maximize the interest they earn. If you are going to do this, switch to manual pay through your bank. That way, you can pay extra and pay down your loan faster.

Suraj D

5/14/2019
Worst company ever they will change rates on you even after you are approved . They also lack in customer service Peter , Aaron and also Scott will never call you back after you leave them messages . They sent me an email saying they couldn’t move on further becuase they couldn’t verify my identity, don’t you think it’s there job to call to request additional information? They request everything and I provided it to them . If you call the company no supervisor or manger is ever available and none of the reps will help you and keep you on hold for hours . Stay free and clear of this company don’t waste your time please Nayana d

A
Annette

5/17/2017
Very good company

L
Laquanza

5/14/2017
I love it . ther r awesome

R
Roger T

2/16/2017
Wow, love the application process with Payoff, so simple and easy.

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