4.8
Overall Rating
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4.8

Overview of Payoff

Payoff helps you gain better control of your credit card debt. A loan from Payoff helps you consolidate all your multiple debts into one single low rate monthly payment. This can lead to better terms and a faster payoff period.

Payoff lending site is made up of a team of financial professionals. Its main focus is to guide you on your journey towards saving money and eliminating debt.

The Simple Application Process

  1. Check your rate – No application fees or credit score impact
  2. Choose your terms – Select the best offer and finish application
  3. Verify your info – Review and eSign your documents
  4. Receive your funds – Deposited directly into your account

Other factors will be considered before getting approved for a loan at Payoff. Your FICO score should be 640 or higher. Your debt to income ratio should demonstrate a good balance between your total unsecured debt and annual income.

A debt to income ratio equal to 50% stands you a better chance of approval. The total length of time you have been using credit is also a factor considered. That means if you have been a responsible borrower for the past 3 years, you can be funded.

Please note that Payoff is not available in Massachusetts, Mississippi, Nebraska, Nevada, Ohio, and West Virginia.

Student Loans

In partnership with College Ave, Payoff has introduced an improved way of paying off your student loans. The online application process is fast. You will just need to apply through the College Ave portal. Customize your offer through reduced monthly payments.

Refinancing student loans is often a smart choice when dealing with hefty payments. Various refinancing channels are available at Payoff lending site. According to Payoff reviews, saving on student loans becomes possible through:

  • Variable rates
  • No application fees
  • Fixed rates
  • Refinance options for private and federal student loans

Why Pay Off Your Credit Card with Payoff

Accumulated debts resulting from numerous credit cards can be a frustrating experience. As such, paying off your credit cards is a smart investment to make. By paying off your credit card, you cut back on monthly interest and build your savings faster.

Destroying your credit cards is never an option at Payoff. You simply have to clear your balances and get back on the right track. What’s more, your credit card can increase by 40+ points.

Payoff Credit Card Rates and Terms

Fixed loan rates start range from between 5.99% and 22.60%. You can borrow a loan amount between $5,000 and $35,000. It is always advisable to choose a loan term that works best for you. 2 years is advisable for smaller loan amounts. 5 years can work for larger loan amounts.

Common fees associated with loans are eliminated at Payoff. These include application fees, early extra payments, check processing fee and annual fees.

The only valid fee bundled inside your loan is the origination fee. It is only charged once when your Payoff loan is issued. Borrowers are expected to meet the following criteria:

  • Individual borrowers must be at least 18 years of age
  • Must have a valid social security
  • A borrower must have a valid checking account
  • Credit Score of 640 or more
  • Good credit history of 3 or more years
  • Zero current delinquencies and none greater than 90 days within the last year.

Reviews of Payoff

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April 1 review | December 28, 2019
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Upsides
Everything they do
Downsides
No cons for now
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SpacePX 1 review | December 14, 2019
General Review
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Upsides
I didn't enounter any problems
Downsides
the user support service isn't that good.
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Jack Harrington 1 review | August 20, 2017
General Review
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Upsides
I'm saving lots of money thanks to Payoff. I consolidated my credit card debt and other small payday loans and saving big money in the monthly paymetns now
Downsides
No cons for now
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