Payoff: 2025 Personal Loan Review

What is Payoff?

Payoff Personal Loan is a loan offered by Happy Money, formerly known as Payoff. It is a personal loan that can be used to consolidate high-interest credit card debt. The loan has a fixed interest rate and term, and it can be repaid in monthly installments.

Payoff Personal Loan offers competitive interest rates, starting at 11.25% APR. The loan amount ranges from $5,000 to $40,000, and the term can be from 3 to 7 years. There is no origination fee, but there is a late payment fee of $35.

To qualify for a Payoff Personal Loan, you must have a credit score of at least 640. You must also be able to provide proof of income and employment.

The application process for a Payoff Personal Loan is simple and straightforward. You can apply online or through the Payoff mobile app. Once you apply, Payoff will do a soft credit inquiry to verify your information. If you are approved, you will be able to see the terms of your loan, including the interest rate and monthly payment.

Payoff personal loan rates and terms (at a glance)

How Does Payoff Work?

To use Payoff, you first need to create an account and provide some basic information about yourself, including your credit score, income, and debt. Payoff will then review your information and give you an estimate of how much you can borrow and what your interest rate will be.

If you decide to proceed, Payoff will transfer the balance of your credit cards to a new Payoff loan. The loan will have a fixed interest rate and term, and you will make monthly payments to Payoff.

Payoff offers a number of benefits over traditional debt consolidation loans, including:

• No origination fees: Payoff does not charge any origination fees, which can save you money.
• Flexible repayment terms: Payoff offers a variety of repayment terms, from 3 to 7 years. This allows you to choose a term that fits your budget and financial goals.
• Easy to use: The Payoff website and mobile app are easy to use, and you can make payments online or through the app.
• Customer support: Payoff offers 24/7 customer support, so you can get help if you need it.

Here are the steps on how Payoff works for personal loans:

1. Apply for a Payoff loan. You can apply online or through the Payoff mobile app.
2. Provide information about your credit score, income, and debt. Payoff will use this information to give you an estimate of how much you can borrow and what your interest rate will be.
3. Accept the loan offer. If you are approved for a loan, you will need to accept the offer and provide some additional information, such as your bank account information.
4. Transfer your credit card debt to Payoff. Payoff will contact your creditors and request that they transfer your debt to Payoff.
5. Make monthly payments to Payoff. You will make monthly payments to Payoff until the loan is repaid in full.

What is the minimum credit score requirement for a Payoff personal loan?

The minimum credit score requirement for a Payoff personal loan is 640. However, your actual credit score may affect the interest rate you are offered.

What are the fees associated with a Payoff personal loan?

There is no origination fee for a Payoff personal loan. However, there is a late payment fee of $35.

Payoff offers personal loans with APRs starting at 11.25%. The actual interest rate you are offered will depend on your credit score and other factors.

What are the benefits of using Payoff for a personal loan?

Here are some of the benefits of using Payoff for a personal loan:

• Competitive interest rates: Payoff offers competitive interest rates, starting at 11.25% APR. This means you could potentially save money on interest charges by consolidating your debt into a Payoff loan.
• No origination fees: Payoff does not charge any origination fees, which can save you money. This is a significant benefit, as origination fees can add hundreds or even thousands of dollars to the cost of a loan.
• Flexible repayment terms: Payoff offers a variety of repayment terms, from 3 to 7 years. This allows you to choose a term that fits your budget and financial goals.
• Easy to apply for: The Payoff website and mobile app are easy to use, and you can make payments online or through the app.
• Can help you consolidate high-interest credit card debt: If you have high-interest credit card debt, Payoff can help you consolidate it into a single loan with a lower interest rate. This can save you money on interest charges and make it easier to manage your debt.

What are the drawbacks of using Payoff for a personal loan?

Payoff is a personal loan company that helps borrowers consolidate their high-interest credit card debt into a single, lower-interest loan. However, there are some drawbacks to using Payoff for a personal loan.

• Minimum credit score requirement of 640: You must have a credit score of at least 640 to qualify for a Payoff personal loan. If your credit score is lower, you may be able to find a better deal elsewhere.
• Loan amounts start at $5,000: The minimum loan amount for a Payoff personal loan is $5,000. If you need a smaller loan, you may need to look elsewhere.
• Late payment fee of $35: If you miss a payment on your Payoff personal loan, you will be charged a late payment fee of $35. This is a standard late payment fee, but it is something to keep in mind.
• Not available in all states: Payoff is not available in all states. If you live in a state where Payoff is not available, you will need to look for a different lender.

How long does it take to get approved for a Payoff personal loan?

The approval process for a Payoff personal loan typically takes 2-5 business days. However, it may take longer if Payoff needs to verify your information.

How does Payoff compare against other lenders?

Here are some other lenders that offer personal loans with competitive interest rates and flexible repayment terms:

• SoFi: SoFi offers personal loans with APRs starting at 5.99%. SoFi also offers a variety of repayment terms, from 1 to 7 years.
• LendingClub: LendingClub offers personal loans with APRs starting at 6.99%. LendingClub also offers a variety of repayment terms, from 3 to 6 years.
• Prosper: Prosper offers personal loans with APRs starting at 6.49%. Prosper also offers a variety of repayment terms, from 3 to 5 years.

It is important to compare rates and fees from different lenders before making a decision about which lender to use. You can use a loan comparison website to compare lenders side-by-side.

How to apply for a personal loan with Payoff

Here are the steps on how to apply for a personal loan with Payoff:

1. Visit the Payoff website or mobile app.
2. Click on the "Apply Now" button.
3. Provide your personal information, including your name, address, and Social Security number.
4. Provide information about your income and debt.
5. Provide your employment history.
6. Provide your bank account information.
7. Submit your application.

Payoff will review your application and give you an estimate of how much you can borrow and what your interest rate will be. If you decide to proceed, Payoff will request a credit report from one of the major credit bureaus. Payoff will review your credit report and make a decision about whether to approve your loan.

If you are approved, Payoff will send you a loan agreement. Once you sign the loan agreement, Payoff will transfer the balance of your credit card debt to a new Payoff loan.