Payoff is an online, personal loan platform that connects lenders with borrowers who are looking to consolidate and pay off high interest credit card debt. If you qualify, the company offers personal loans up to $40,000 with competitive rates for borrowers with good credit.

Here's everything you need to know about Payoff's personal loans before applying.

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  • Competitive APR

  • Pre-qualify with a soft credit pull

  • No prepayment or late payment fees

  • Customer service

  • Limited uses for funds

  • Tougher to qualify for

  • No joint applicants

  • Takes longer to receive funds

Pros Explained

  • Competitive APR: Payoff offers annual percentage rates (APRs) ranging between 5.99% and 24.99%, which includes an origination fee. Rates are competitive among online lenders.   
  • Prequalify with a soft credit pull: You can check rates online in minutes without a hard inquiry impacting your credit score. Soft inquiries do not impact your score. 
  • No prepayment or late payment fees: Payoff doesn’t charge a prepayment penalty, or fees for late payments and returned checks. 
  • Customer service: Customer service is available by phone, online chat, or email for questions or concerns. Borrowers also receive a welcome call and quarterly check-in calls during the first year of the loan.

Cons Explained

  • Limited uses for funds: Payoff loans are designed to be used for credit card debt consolidation. Loans for other purposes, like home improvement, are not available.
  • Tougher to qualify for: Payoff requires a minimum credit score of 640 and a debt-to-income ratio of 50% or less. 
  • No joint applicants: Payoff doesn’t allow joint applicants or co-signers, according to a representative.
  • Takes longer to receive funds: The underwriting process may take three to seven business days after Payoff receives all documents. After signing the paperwork, it may take another three to six business days to receive the money.

Types of Personal Loans Offered by Payoff

Payoff offers one fixed interest rate personal loan for credit card debt consolidation.

Loan Amounts

Loan amounts range from $5,000 to $40,000.


Payoff has a competitive fixed rate APR that includes a 0-5% origination fee. The minimum APR for loans of more than $15,000 is 6.99%. Your rate will depend on your creditworthiness and where you live.

Fixed APR Range 

5.99% - 24.99%
Variable APR Range N/A

Loan Terms

Personal loan terms range from 24 to 60 months.

Credit Score Requirements

Payoff is one of the few lenders that offers full transparency on how to qualify. You need a minimum credit score of 640, a 50% or lower debt-to-income ratio, and at least three years of good credit.


Payoff’s only fee—the company’s 0-5% origination fee—is part of the loan's APR. There are no application, prepayment, late, or canceled check fees.

Time To Receive Funds

After submitting an application and all the necessary documents, underwriting may take three to seven business days. After getting approved and signing the paperwork, you will receive the funds within three to six business days, according to a representative.

Payoff Personal Loan Features

  • Transparent on how to qualify
  • Change payment date once every 12 months
  • High minimum loan amounts
  • Free FICO credit score access
  • Not available in all states 

Apply For a Payoff Personal Loan 

Payoff has a quick online application process. The application offers the chance to check rates with a soft pull on your credit. This part of the application won’t impact your credit score. You can check your rate by entering the following details:

  • Your name
  • Birth date 
  • Address
  • Phone number
  • Individual annual income before taxes
  • How much you contribute every month to rent or a mortgage

You can’t include income from other members of your household. Payoff won’t allow alimony, child support, or separate maintenance payments to qualify. It also wants to know if your income is commission only.

The last step before checking your rate is creating an account with an email address and password. You will have to review and accept Payoff’s terms of service and authorizations.

Once you accept an offer and apply, Payoff will conduct a hard inquiry on your credit—which will temporarily lower your credit score. During the underwriting process, Payoff may ask for more information, including:

  • Proof of identification: Valid driver’s license, state-issued ID, or passport
  • Proof of income: Two of the most recent pay stubs or most recent tax return for self-employed applicants
  • Bank statements: Bank account(s), mortgage statement(s), voided check if you bank with a credit union 

You can upload each of these documents to your account and must be at least 18 years old, have a Social Security number, and valid checking account to qualify.

Can You Refinance a Personal Loan with Payoff?

If you’re looking to lower your APR, you will have to apply for another personal loan elsewhere. Payoff doesn’t offer the ability to refinance, according to a representative.


Payoff may be a good option if you have good to excellent credit and you’re eager to pay off high-interest credit card debt. The company offers competitive APRs, which include the origination fee, and does not charge other fees. It also provides proactive customer support during the first year of the loan.

You should always shop around before applying for a personal loan, though. With good to excellent credit, you may qualify for several other personal loan options. The difference in APRs and fees could have a big impact on your bottom line.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.