Minimum Credit Score
Payoff is a financial services firm that offers personal loans mainly to help consolidate credit card debt.… Read More
Fees and penalties
Payoff aims for fee transparency: The only fee associated with a Payoff loan is the origination fee. Payoff members receive other benefits, including:
Payoff requires that you have at least two open and satisfactory tradelines on your credit report (i.e. open lines of credit on which youâ€™ve made on-time payments). Any delinquencies (past due payments) must be resolved before applying for a Payoff loan. You must also have not opened a personal installment loan within the past 12 months.
Payoff loans are not yet available in Massachusetts, Mississippi, Nebraska, Nevada, and West Virginia. Additionally, candidates must apply as individuals â€” there are no joint applications for spouses.
Payoff loans are intended to help eliminate credit card debt. Contact Payoff to discuss your personal debt situation.
To begin the Payoff loan application process, you can visit the website and enter some initial personal financial information to get a feel for the types of rates you may be eligible for. You can also review the terms of different loan packages and select one that best meets your needs.
If youâ€™ve decided to move forward with a Payoff loan, you will be asked to complete the online application process and upload multiple documents. The documents required will differ based on the individual. They generally include:
Payoff recommends assembling all of your documents in advance of your online application, because a partial submission will slow the process. Once youâ€™ve uploaded your documents and attached them to your application online, you may log in anytime to check the status. If Payoff needs further documentation or clarification, someone from the company will contact you. Though the application process is done completely online, there is a toll-free number you can call with questions along the way.
It typically takes three to seven business days after your completed application has been received for it to be reviewed. A Member Advocate will reach out either way to let you know if your application is accepted or declined. If you are declined, you can apply elsewhere or try again after 30 days. If you are accepted, your loan will fund within two to five business days. Payoff does a hard credit check just before your loan is finalized.
Payoff is a great option for people with a good credit history who are paying a lot of interest on credit card debt. Consolidating credit card debt with a personal loan can often result in lower overall interest payments. Payoff can also be helpful for individuals who have multiple credit card payments each month, as consolidating these debts will result in a single, easy-to-track monthly payment.
Payoffâ€™s quarterly check-in calls during the first year may be especially helpful for individuals who need help staying on track as they start paying off debt.
Payoff has an A+ rating with the Better Business Bureau (BBB). LendingTree, which owns MagnifyMoney, has reviews from consumers who used Payoff. They had great things to say about the lender, with many commenting on the excellent customer service and friendly, knowledgeable staff.
â€śFrom start to finish so easy to deal with!â€ť wrote Dale from Hazlet, N.J. â€śLove that they follow up with you by telephone. I didnâ€™t have to keep calling they called me first to introduce themselves and explain process!! Should have done this years ago! Will be referring friends! Thank you!â€ť
TaMicah from Frisco, Texas said, â€śThe whole process was easy, uploading online, customer advocates were prompt and easy to talk to, and the funds were transferred within a couple business days!â€ť
Payoff is not a bank. The lender works with lending partners to originate loans.
The Payoff loan is designed to eliminate or lower your credit card balances. It can give you the chance to pay off your debt faster and take control of your finances.
Yes! In fact, Payoff encourages it. By making additional payments you can end your debt quickly while reducing the amount you pay in interest.
Every month, your payments will be drawn from your checking account. You can change your payment due date every 12 months.
Payoff understands that life happens. If you have difficulty making a payment, contact them so that your individual situation can be discussed.
Payoff uses state-of-the-art security technology, certified by McAfee. All sensitive financial data, such as Social Security numbers and bank account numbers is stored in a highly secure environment via 256-bit encryption.
Minimum Credit Score
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LendingClub is an online peer-to-peer lending marketplace for personal loans, auto refinancing, and business loans. Though Lendingclubâ€™s offerings are generally competitive, its funding time is longer than most lenders in the space (can take a week) and its origination fee is a bit higher.
Minimum Credit Score
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Minimum Credit Score
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