Payoff Personal Loans Overview
Payoff offers loans of between $5,000 and $35,000 that are specifically aimed at helping you lower or eliminate your high-interest credit card debt. Pay your credit cards off faster.
What Makes Them Great?
Payoff is an excellent choice for busy people who are worried about credit card debt. Payoff has a five star rating on Lending Tree, and a 4.7 star rating on Credit Karma, making them a secure and reputable choice. As their name implies, this business is completely focused on getting you out of debt and boosting your FICO score — in fact, making regular payments to Payoff can help boost your score by upwards of 40 points.
Payoff is heavily focused on transparency, meaning that you’ll know exactly what you need to qualify and you’ll understand what’s going on every step of the way. In fact, Payoff takes this transparency to a whole new level by refusing to charge excessive fees. These loans come with no application fees, late payment fees, or other annual fees. There is just a single origination fee when your loan is first issued, and Payoff is clear about exactly how much it will cost — it doesn’t get hidden in with your loan payments.
Do I Qualify?
To qualify for a Payoff Personal Loan, you need a credit score of at least 640 and at least three years of good credit. You also need a debt to income ratio of 50 percent or less. This means that your cumulative debt each month needs to equal less than 50 percent of your monthly income.
It is beneficial if you have at least two lines of credit open, on which you have continually made payments on time. Additionally, you may not be eligible if you have had more than one installment loan within the past 12 months. Additionally, you should not have any delinquencies before applying for your Payoff Personal Loan. This includes any payments that you are late on or have not paid — it is important that, if possible, you pay off any delinquencies before you attempt to apply for a loan.
How Do I Work With Them?
If you think that you qualify for a Payoff Personal Loan, the next step is applying. Fortunately, Payoff offers a simple and transparent application process that you can complete fairly quickly. If approved, you can expect to have your loan funded within two to five business days.
Your first step is to check your rate, which you can do directly through the application in less than three minutes. This will have no impact on your credit score; it will simply provide the lender with your information. After you’ve checked your rate, you will need to choose your loan amount and term. You have a bit of flexibility here, which is another benefit of working with Payoff — you can choose a loan amount of anywhere between $5,000 and $35,000, and a term of between two and five years.
Your application process will go even more quickly if you have several documents with you ahead of time. These documents include a bank statement, two recent paystubs, and a driver’s license or other form of identification.
Payoff is an excellent choice for anyone worried about high-interest credit debt. They offer numerous benefits, including:
- No unexpected fees
- Customizable loan amounts and terms
- A focus on improving your credit score
- Quick and transparent application process
It’s easy to feel overwhelmed and anxious when you’re trying to deal with your debt, and Payoff can really ease your mind; they offer a set monthly payment so that you’re never surprised, and the loans are specially designed to help people get out of credit card debt. Additionally, Payoff offers excellent customer service: you can always call if you have questions or concerns, and they are willing to work with you if you are unable to make your monthly payment.
Finally, one of our favorite things about Payoff is its focus on transparency. You never want to feel like you’re getting tricked or cheated; Payoff is clear from the very beginning about exactly what you’ll be charged and when, so that you never have to worry about hidden fees.
OK, Let’s Get Started
If you think that a Payoff Personal Loan is the right choice for you, it’s time to sit down and apply. You can begin your application here, and find out whether you qualify in a matter of minutes. If you’d like to learn more, you can read through Payoff’s FAQs or take a look at the document upload guide to ensure that you’re ready. Credit card debt is never fun, but Payoff can help.