Payoff Review StaffNov. 15, 2020

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In a Nutshell

Payoff is a unique personal loan provider that is dedicated to helping you improve your financial state. Payoff was created with the goal of aiding borrowers to escape from debt and improve their financial wellbeing, allowing them to add as much as 40 points to their credit score. Thanks to a wealth of educational sources and a user-friendly approach to lending, Payoff is a great choice for anyone looking for a personal loan with great terms.


  • Fast application process
  • Focused on credit card debt
  • Flexible repayment terms


  • Could be more detailed about partner lenders
  • Only offers short-term, fixed-rate loans

Payoff at a glance

Direct lender or marketplace?Marketplace
Loan typesFixed-rate short term loans
Loan amount$5,000-$35,000
Repayment terms2-5 years
APR5.99% - 24.99%
Best forAnyone who wants to consolidate credit card debt and improve their credit score

Best For?

Payoff is best for anyone with a high burden of credit card debt spread across many cards who wants to consolidate it all into one payment, save money on the amount of interest they’re paying, and improve their credit score.

Range of Loans on Offer

While many personal lenders focus exclusively on short or long-term lending, and in some cases, don't even offer options, Payoff allows you to choose how long you will need to repay loans. Furthermore, Payoff helps you find the right loan based on your preferred repayment term. The company offers loan terms between two and five years for repayment. While it would be nice to see slightly more variety on the upper range of those terms, we found them to be pretty broad in most borrowing cases. Payoff doesn’t clarify how many lenders it works with or who they are, but testimonials from respected players like LendingTree and CreditKarma help make up for that.

  • Choose your repayment period, between 2 - 5 years
  • Personal, unsecured loans only
  • Loan amounts between $5,000-$35,000

Application Process & Requirements

Receiving a quote from Payoff is incredibly simple. The process is quick and efficient and doesn't take more than a few minutes. Even better, Payoff does not use a hard credit pull when looking at your creditworthiness, meaning your credit reports will not be affected at any point. After filling out a few short questions that ask for basic personal details and information related to your finances, you will be provided with offers, giving you the flexibility to choose the best loan option. Note that you will not be required to pay any prepayment penalties, application fees, late fees, or hidden fees.

APRs, Loan Amounts & Repayment Terms

Another great feature we found was the amounts Payoff offers when you request a loan. The company offers loans between $5,000 and $35,000, with APRs that range from 5.99% to 24.99%, allowing borrowers to consolidate all credit card payments down to one monthly, affordable, fixed-rate payment. Overall, we noted that Payoff’s rates were lower than many of its competitors. We would have liked to see some more variety in terms of loan purposes, as the company’s main focus is on credit card refinancing. Nevertheless, Payoff does not explicitly limit the purposes for your potential loan.

Privacy & Security

Payoff is transparent about sharing your details with its trusted partners and third-party offerings, but not with anyone else. You can opt-out of receiving offers and emails whenever you’d like. Payoff also reassures users that its security is state-of-the-art and certified by McAfee, while all sensitive financial data is encrypted using 256-bit encryption.

Help & Support

Payoff is committed to helping borrowers improve their financial health, credit scores, and understanding of the loan process. The company features a series of quizzes and assessments that enable you to determine the state of your financial health. Additionally, their Payoff Life portal includes articles related to credit and personal finances, the science behind their lending process, and other useful insights that can help you better understand loans and their impact on your finances.

Besides these useful items, the site also features a beneficial FAQ on the details of their unique loan application process. Furthermore, Member Advocates are available to help you via phone, email, and chat should you require any assistance or have questions related to the lending process. Manned support is available 6:00 AM - 7:00 PM PST, Monday to Friday, and 6:00 AM - 4:00 PM PST at the weekends.

Phone: 1-800-878-0901


How Payoff Compares

Payoff isn’t the only option for reducing your credit card debt and improving your credit card score, but it is focused on helping you improve your credit card score alongside helping decrease your debt. While APR rates begin a little higher than competitors like Credible, the top rate is lower. It's easier to get approved for a loan with Payoff, too, thanks to the lower credit score requirement and the fact that they consider other aspects of your credit history as well as your FICO score. Payoff also compares favorably to Upgrade, another near competitor. Upgrade’s APR rates are less competitive than Payoff’s, and you have to choose either a 3-year or a 5-year repayment term, while Payoff offers much more flexibility.


Do I have to pay to get a Payoff loan?

Payoff only charges an origination fee of between 0% and 5%. There are no extra fees like application fees, late fees, check processing fees, or annual fees. 

What are the criteria for approval for a Payoff loan?

To get approved for a Payoff loan, you need a FICO credit score of at least 640; your debt-to-income ratio must be no higher than 50%; and you’ll need to have at least three years of credit history without any delinquencies or missed payments. 

Is Payoff a direct lender?

No, Payoff works to match you with the direct lender offering the best terms for your credit card situation. 

Who can I get in contact with if I have issues with my Payoff loan?

Once you take a loan through Payoff, you get access to its Member Advocates who are available via phone, email, and live chat to help you resolve any issue that might come up.


When it comes to a holistic approach to lending, Payoff takes the prize, as it helps consumers not only get the funding they need but improve their financial health. The company's strong emphasis on data-driven lending and financial wellbeing means that they offer services designed to help and not harm you. With excellent educational resources and a transparent lending model, Payoff is one of the better options when it comes to getting a personal loan.

Physical Address

1700 Flight Way

Tustin, CA 92782

Payoff customer testimonials

AverageReviews 6
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  • author
    Nov 26, 2020
    Terrible customer service

    Terrible customer service. Takes forever to get a response that they received your personal financial information. After submitting my personal information (paystubs), I had not received any confirmation for 11 days. When I reached out they took 5 days to respond to point the blame at me that they "left many voicemails". I had one missed call and one voicemail from them after the 11 days with them asking for more information (bank statement that I had already provided) and I tried to call multiple times across multiple days and was never able to reach a customer service rep. They aren't upfront about the information they need and it seems like they reach out to request more information just in time for your application to expire. It is also concerning they sit on your personal information. When I reached out saying I was disappointed in the customer service, there was no acknowledgment, accountability, or attempt to rectify the situation. On customer service alone, would not recommend Payoff and have gone with a different company that I am very satisfied with (rates and customer service).


  • author
    Matt c
    Aug 27, 2020
    Unprofessional completely incapable of communication

    Much as everybody else on these reviews my credit is in the 750s I just wanted to consolidate a few bills to keep track of of my expenses Nothing More. This company has given me nothing but a run around and pis poor customer service and is a complete joke. they email you to tell you to call them. so they can put you on hold for 80+ minutes just to ask you for a simple task, like a copy of your license, a paystub, something that should’ve been done at the beginning of the process. And if you do get to talk to somebody they’ll ask you whatever questions they have. Making notes on your account but apparently nobody talks to each other in this company because none of the notes or the conversations you have on the phone will come across in a email and then when you’re on the phone they tell you if you can’t get a hold of somebody email them. they never email you back on those subjects they just email you telling you that you need to call them.completely unprofessional and incapable of true customer service. avoid them if you’re smart.


  • author
    Raymond Black
    Aug 22, 2020

    As others have said here and on other sites STAY FAR AWAY from this company. Absolutely horrible customer service. Good luck getting anyone on the phone or on chat. Will say you're pre-approved for a much lower rate, string you along for nearly a week and make you resubmit the same paperwork (in my case paystubs) over and over and over. Then finally after all that I got a message from them that I have "new" offers now that are now wanting to charge a rate AT LEAST TWICE as much as the original rate I was pre-approved for. Talk about bait and switch. I went with LightStream and was FULLY approved in less than 5 hours. The funds will be be deposited in my checking account in 2 business days. Please take your business elsewhere.


  • author
    Apr 20, 2020
    Kind Company that Wants to Help!

    I had a great experience with PayOff. I paid off my credit cards, which had predatory interest rates on them, immediately after getting my payment from them, which was direct deposited into my account in 7 days. My credit score has shot up by more than 30 points, and it's been about 3 months since I started. Now, I have a monthly auto-payment with Payoff that is about 15% of what I was paying for credit card bills every month. I also have the option to pay the entire loan off if I want to at any time, and not pay the additional interest. Their support team is great, and they followed up with me throughout the process. I would recommend this company to anyone worried about credit card debt, or who just wants to make monthly payments more manageable.


  • author
    Mar 02, 2020
    I would not recommend using Payoff for…

    I would not recommend using Payoff for getting rid of existing debt. The interest rate is much higher than most credit cards, so if you think you're doing yourself a favor by getting a loan through Payoff to get rid of existing debt, then, like I said – it's really not a good idea. Unless you can pay off Payoff very quickly in the very near future, you'll begin to accumulate a lot of interest on top of your principal – much more than your standard credit card. Again, definitely not recommended. Either 1) don't get into debt; 2) pay down your existing debt by other means.