Payoff Personal Loans Review

This lender offers competitive rates to help consolidate credit card debt

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Payoff personal loan logo
overall rating

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.

  • Product Specifications
  • Pros & Cons
  • Fees
Product Specifications
  • APR Range 5.99% to 24.99%
  • Loan Amounts $5,000 to $40,000
  • Loan Terms 2 and 5 years
  • Recommended Minimum Credit Score 640
Pros & Cons
  • Competitive APR

  • Pre-qualify with a soft credit pull

  • No prepayment or late payment fees

  • Accessible customer service

  • Limited uses for funds

  • Tough to qualify for

  • No joint applicants

  • Slow funding process

  • Origination fee: 0 to 5%, included in the loan's APR
  • Late fee: none
  • Prepayment fee: none

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, though the average rate borrowers receive is higher than the lowest APR.   
  • 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. 
  • Accessible 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 from this lender.
  • Tough to qualify for: Payoff requires a minimum credit score of 640, a debt-to-income ratio of 50% or less, and three years of established credit. 
  • No joint applicants: Payoff doesn’t allow joint applicants or cosigners. It services debt consolidation for individuals only.
  • Slow funding process: The complete underwriting process may take up to seven business days. After signing the paperwork, it may take another two to five 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.

Time To Receive Funds

After submitting an application and all the necessary documents, underwriting may take 3 to 7 business days.

Payoff Personal Loan Features and Benefits

  • Transparent on how to qualify
  • Prequalification available
  • Option to change payment date once every 12 months
  • Loan amounts of $5,000 to $40,000
  • Terms of two to five years
  • Free FICO credit score access
  • Not available in Massachusetts, Mississippi, Nebraska, or Nevada

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
  • Birthdate 
  • 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 a 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: Your two most recent pay stubs or, for self-employed applicants, your most recent tax return
  • 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. You must be at least 18 years old, and have a Social Security number and a 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 option to refinance.


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. Plus, applicants can find out what rates they qualify for without affecting their credit score.

However, if you're looking for a personal loan for reasons other than debt consolidation (or you reside in one of the states where Payoff isn't available), then this lender isn't for you. Also, the high minimum loan amount ($5,000) may be a turnoff for some.

Even if Payoff is a good fit, you should always shop around before applying for a personal loan. With good to excellent credit, you may qualify for several other personal loan options. The difference in APRs and fees from one lender to the next 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.