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Payoff Personal Loans Review
Payoff personal loans focus on debt consolidation. They come with competitive rates and a variety of credit improvement tools. There’s also the Direct Card Payoff service, which applies the loan funds to your balances directly.
Min. Credit Score 640+
Loan Amount $5K-$40K
Loan Repayment 24-60 months
Written by:Anna Baluch
Fact Checked by: Dr. JeFreda R. Brown, DBA, CFEI, and a highly respected financial expert
Founded in 2009 and headquartered in Tustin, California, Payoff is a financial wellness company and part of Happy Money, Inc., which combines psychology and money to help people live happier lives. Payoff is unique in that it helps borrowers consolidate debt and improve their finances. It could be a great option if you have fair to good credit and high-interest credit card debt.
Summarized Rating
Loan Features2.8
Interest Rates and Fees4
Qualification Leniency4.5
Application Process3
Customer Support5
User Reviews3.1
This parameter considers loan term lengths, loan minimums and maximums, and the extent of loan use limitations. Each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.
Happy Money gets a subpar 2.8 for Loan Features. This reflects the loan aggregator’s below average term lengths and restrictive loan limits. The absence of any loan use limitations provides a boost to the rating.
Payoff Personal Loans Pros and Cons
Payoff personal loans pros
Payoff personal loans cons
Complete a Formal Application: If you receive an offer that appeals to you, Payoff will ask you to complete the application process, which will involve a hard credit check. At this point, you’ll need to reveal your Social Security number, employment details, and bank account information. Additionally, you’ll be required to upload documents like your government-issued ID, pay stubs, and banking statements.
Written by: Anna Baluch
Freelance copywriter who enjoys writing for large publications as well as startups, small to medium sized businesses. Anna Baluch is a personal finance writer with over 7 years of experience covering topics related to mortgages, debt management, student loans, personal loans, and more.
More about meFact checked by: Dr. JeFreda R. Brown
Dr. JeFreda R. Brown is more than a financial consultant: she’s an avid teacher and subject matter expert who helps people—individuals and groups in a business setting—master the skills they need to achieve lasting financial wellbeing. As Founder and CEO of Xaris Financial Enterprises, it is her passion and life goal...
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