Payoff Review: Personal Loans 2020

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Payoff ReviewPayoff offers loans to borrowers who want to consolidate their credit cards or other debt. They market themselves as a “financial wellness company”. Their requirements target people that have good credit. Read our Payoff review to see if they would be right for you.

Payoff Quick Info

APR Range8% - 25%
Loan Amounts$5,000 - $35,000
Origination Fee2% - 5%
Loan Duration2 - 5 years
Time to Fund2 - 7 business days
Soft Credit Check?Yes

Who Is the Typical Payoff Borrower?

  • They have good credit. The minimum to borrow is 660, though most have a higher score.
  • They have at least 3 years of good credit history.
  • Their debt-to-income ratio is under 50%.
  • They don’t live in the following states: Alabama, Arizona, Connecticut, Delaware, Iowa, Kansas, Louisiana, Massachusetts, Minnesota, New Hampshire, South Dakota, Vermont, West Virginia and Wyoming. Payoff doesn’t currently offer loans in these states.

Get Your Personalized Rate From the Top Lenders

Payoff Review

Payoff prides itself on being more than just another loan company. One thing that sets them apart from most of the other companies we’ve reviewed is that they assistance from Member Advocates.

The Member Advocates will work with you one-on-one to help create a financial plan. They’ll also work with you if you are having issues making a payment. The site uses quizzes and coaching to assess your financial know-how and keep you from falling into a bad spot again. Of course, this is optional. If you’d rather just get your loan and go on you’re welcome to do so.

Another added bonus is that Payoff customers can check their FICO score monthly for free.

Payoff’s rates are in line with many of the other prime lenders. They don’t charge a lot of little fees for late payments or using checks, which is nice.

As with any loan, you’re best to shop around, because all the add-ons in the world won’t make up for a higher interest rate. But Payoff is definitely a lender to check.

Payoff Reviews From Around the Web

Better Business Bureau4 out of 5 stars 4.01/5 - 3 Reviews
Credit Karma4.5 out of 5 stars 4.5/5 - 20 Reviews
Nerd Wallet4 out of 5 stars 4/5

Payoff Fees and Penalties

  • Origination fee: 2% – 5%
  • Prepayment fee: None
  • Late fee: None
  • Declined payment fee: None

Business Contact and Profile for Payoff

Name:Payoff Inc
Phone:(800) 878-0901
Address:3200 Park Center Dr #800
Costa Mesa, CA 92626
Business Started:2009
Type of Business:Financials Services, Loans
Principal:Mr. Scott Saunders, CEO
BBB Accreditation:This business is accredited with the BBB and has an A+.

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