Payoff Review Staff

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

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About The Author StaffApr. 12, 2020
Our editorial staff is comprised of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right personal loan provider for your needs.