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Payoff Personal Loan Review

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Payoff personal loans can be good for borrowers who want to pay off credit card debt sooner. Although its loans come with a fairly standard origination fee, there are otherwise fewer fees with Payoff than what you might find with other lenders. Payoff loans also include job loss support, which isn’t offered by some other lenders. Plus, you can see if you qualify without affecting your credit score. Read on to learn more about Payoff personal loans.

Payoff personal loan highlights

  • Prequalification is available: You can quickly and easily see your potential rates and terms without harming your credit score.
  • Origination fee: These loans come with an origination fee of 0.00% - 5.00% of the loan amount. However, this is built into the APR range.
  • General lack of fees: Excluding the origination fee, there appear to be no other fees, including prepayment, late payment, check processing and application fees.
  • Job loss support: Payoff says that they are “willing to work with you on your payments” in the event of a job loss.
  • Higher minimum APR for those borrowing more than $15,000: The starting APR for those loans is 6.99% (as of August 22, 2019), meaning even those with excellent credit will have to pay more for this loan if they need to borrow a higher amount.

Payoff at a glance

  • APR range: 5.99% to 24.99%
  • Minimum credit score: 640
  • Terms: 24 and 60 months
  • Origination fee: For 0.00% - 5.00%
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Terms Fees and penalties
  • Terms: 24 and 60 months
  • APR: 5.99% to 24.99% (including the origination fee)
  • Loan amounts: $5,000 to $40,000
  • Time to funding: Not specified
  • Credit check: Soft Pull
  • Origination fee: The fee is for 0.00% - 5.00%
  • Prepayment fee: None
  • Late payment fee: None

Eligibility requirements

  • Minimum credit score: 640
  • Minimum credit history: 3 years of good credit
  • Maximum debt-to-income ratio: 50%

In order to qualify for a personal loan through Payoff, you’ll need to have a pretty solid credit profile in place. For example, the minimum credit score to be considered is 640; those with poor credit won’t qualify for a loan.

Keep in mind that, although it isn’t stated outright on their site, you’ll need to have a source of income in order to meet the debt-to-income ratio requirement. That’s measured using your pretax income compared to any debt payments you have, like housing and credit cards. It’s also important to note that you cannot have a current delinquency or have had one that lasted more than 90 days within the last year.

Eligibility also depends on where you live. Personal loans aren’t available in the following states: Massachusetts, Mississippi, Nebraska, Nevada and West Virginia.

What borrowers are saying about Payoff

Of the 49 Payoff reviews that borrowers posted on LendingTree’s review platform, the vast majority rated the lender as “Good” or “Excellent” when it came to interest rates, fees and closing costs, responsiveness and customer service. In fact, it has an overall score of 4.6 out of 5 stars.

Some of the recurring themes included a good customer service experience, being easy to work with, and an overall no-hassle process. For example, Patrice from Texas said, “The process was quick, efficient and stress-free. I was overjoyed to be able to get rid of my credit card debt that was literally eating me alive in interest charges alone every month. I would easily recommend Payoff to a friend/colleague/family member and to anyone that will listen!”

There were, however, a few negative reviews. The common theme there was a negative experience with the lender, like getting rejected, difficulty paying off a loan early or delayed funding for their loan.

Applying for a personal loan through Payoff

Those interested in applying through Payoff can start by checking their potential rate through prequalification. According to the company, this can be as quick as a few minutes, and because it doesn’t use a hard credit check at this point, it won’t impact your credit score. Next, you’d be able to select the rates and terms that work best for you based on the information you supplied during the prequalification process.

After verifying your information (at which point, they’d do a hard credit check that can impact your score), reviewing the terms of your loan and e-signing your loan documents, you would be able to receive your funds. Those would be electronically deposited into your account.

Pros Cons
  • Low interest rates available: With APRs starting at just 5.99%, this loan can be a much cheaper alternative to credit card debt depending on your credit profile.
  • Few fees: Beyond the origination fee (which is accounted for in quoted APRs), there is no prepayment, late, application or returned check fees associated with the loan.
  • Excellent review score: The vast majority of those who took out a loan and left a review on LendingTree reported a good customer service experience and a generally easy lending process.
  • Somewhat strict eligibility requirements: Only those with a credit score of 640 or higher and who have had “good credit” for least three years can qualify for this loan.
  • High minimum loan amount: The minimum you can borrow is $5,000. Some competitors offer lower minimum loan amounts.
  • Not available to all U.S. citizens: Some borrowers will not be able to get a loan through Payoff.

Who’s the best fit for a personal loan through Payoff?

Payoff is best for those who have solid credit, a stable income and want to get rid of high-interest credit card debt. Those with bad credit, or a history of bad credit, on the other hand, won’t be able to qualify (you can find bad credit personal loans here). However, it’s worth noting that there are personal loans with similar terms and lower APRs out there, and some of those come with less strict credit requirements. That said, explore your loan options before applying.

Alternative personal loan options


  • APR: 3.99% to 19.99%*
  • Minimum credit requirements: Not specified
  • Terms: 24 to 144 months
  • Origination fee: No origination fee

For those who can qualify, the LightStream personal loan may be a good alternative to the Payoff Loan. It doesn’t come with any fees and the APR range starts and ends lower than Payofff’s loan. (But be aware that if you don’t sign up for autopay, the rate range increases by 0.50%.) And for those interested in fast funding, LightStream also says it can “have funds in your account as soon as today.”

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.


  • APR: 6.46% to 35.99%3
  • Minimum credit requirement: 600
  • Terms: 36 or 60 months
  • Origination fee: 0.00% - 8.00%

Upstart’s personal loan is another solid alternative to consider. Although it has a higher APR cap, it offers a wider borrowing range, starting as low as $1,0001 and topping out at $50,0001. The minimum credit score requirement is a bit more forgiving, and the time to funding can be as fast as the next day. Upstart also takes a more holistic approach when considering an applicants credit, factoring in things like education2 and job history.

1Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.

2Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan

3The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.16% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.


  • APR: 5.99% to 29.99%
  • Minimum credit requirement: 600
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 5.00%

Peerform, a peer-to-peer lender, is another alternative you might want to consider. Their personal loans range from $4,000 to $25,000 which is similar to the offering through Payoff. And the same principle is true of Peerform’s APR range, though it does skew a bit higher than Payoff. However, the minimum credit score is substantially lower than you would get with Payoff, making it somewhat easier to access funds.


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