Loan Reviews

PayOff Review 2020 : Best Loans to Consolidate Credit Cards Debt

EPF Last Update: September 23, 2020

PayOff in a nutshell

PayOff is one of the big names in loan companies. Although their loans can be used for any purpose, their target audience are people who want to:

  • Consolidate credit card debt.
  • Have a credit score of over 640.
  • Want to get great rates!

According to the company, the average amount of debt borrowers pay off is $18,000. If you want to get a loan from them you also have to have debt-to-income ratio of 50% or less and minimum $3 years of credit history (so, thin credit file won’t work with this company …). Although PayOff make some lists of best personal loans for bad credit, we can’t say that 640 is too low credit score, so we can conclude that you can rely on this company if you are with fair, average and good credit. However, if you are with credit score of less than 640, PayOff can’t make exception of that rule.

Loan amounts$5,000 – $40,000
Typical APR5.99% – 24.99%
Min Credit Score640
Time to funding1 – 7 Days
Loan terms24 – 60 months
Origination fee0% – 5%
Debt-to-income ratio50%
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What You have to know about PayOff Loans

Fees

  • Origination fee: 0% – 5%.
  • No application fees.
  • No early or extra payment fees.
  • No late fees.
  • No check processing fees.
  • No returned check fees.
  • No annual fees.

Requirements

  • Min Credit Score: 640
  • Debt-to-income ratio: 50%
  • Income requirement: Not specified
  • Credit history: Min 3 years
  • Delinquencies: No current delinquencies and no delinquencies greater than 90 days withing the last 12 months

Best for

Credit card debt consolidation.

More about PayOff

  • PayOff provides fixed-rate debt consolidation loans.
  • PayOff can help you boost your FICO score with up to 40 points!
  • They have great customer support.
  • Great payment flexibility. PayOff offer you the options of skipping a payment.
  • Free monthly FICO scores.
  • State restriction: PayOff isn’t available in: MA, MS, NE, NV, OH, and WV.
  • Type of credit check: Soft

Best for

  • Credit card debt consolidation.

The Application Process

  • Register and check your rate. There is no application fees and no obligations. Also no hard inquiry on your credit, that will lower it.
  • Check your terms select the offer that works best for you and finish your application.
  • Verify your info.
  • Receive your funds. You have to know that if you approve the offer, PayOff will do a hard inquiry on your credit.

Now Let’s Review PayOff in Details

Many lenders have various products, which can confuse borrowers. PayOff mission is to focus on financial well being and help you conquer debt. PayOff focuses on financial wellness, and aims to overhaul your finances by helping you pay off your debts. One of the ways they do this is by having only one product, the PayOff personal loan. They want to keep things as simple as possible and this comes with stellar benefits to help you master your financial life. PayOff is known for its stellar customer service and this can be seen through an average 4.5-star rating on Google.

With PayOff personal loans, you can consolidate between $5,000 and $40,000 in debt with a term ranging from two to five years. PayOff partners with Alliant Credit Union, First Electroinc Bank, First Tech Federal Credit Union and Technology Credit Union. This helps PayOff focus on security by protecting borrowers’ sensitive information like account numbers and social security numbers. Thus, PayOff strives to follow the highest possible industry standards.”

Some other benefits include credit benefits such as credit score increases and free credit score updates. In fact, borrowers who use this service and have a credit card balance of $5,000 could realize a 40-point credit score increase.

Can Loan Consolidations Help You Save?

Like many people, you probably have many types of debts with different lenders. This can make it quite tricky to keep track of your monthly expenses, especially the interest you pay over the long term. There are many methods you can use to pay down many debts, like the snowball method, or paying down the smallest balance, which creates momentum to pay off larger balances. Some debt consolidation companies can scam borrowers while other such as PayOff, have helped paid $100 million total debts. Let’s take a look at the benefits of this program, requirements and application process.

Best for Borrowers with Good Credit and Want to Consolidate

Life is unpredictable and certain events such as job loss, enforce this. PayOff recognizes this and will help you recover with flexible payments and counseling.

Other Benefits and Conditions

Life is unpredictable and certain events such as job loss, enforce this. PayOff recognizes this and will help you recover with flexible payments and counseling.

PayOff could be right for you if:

  • You need assistance with self-discipline. It’s “member advocates” group helps support and guide you through every stage of repayment. This helps you stay on course, thus improving your financial life.
  • You don’t know the fundamentals of personal finance. PayOff strives to include education as part of its package.

As mentioned above, they have a member advocates group. While many lenders have bare bones customer support divisions, PayOff goes above and beyond the minimum. They do this by having tailored recommendations to keep you on your plan, and quizzes that asses your financial personality along with your financial health. The company uses the results from these assessments to offer tools, like loan amortization schedules and budgets. Luckily, borrowers can talk with customer support and member advocates during business hours which are 8-5 pm PST.

Per Scott Sanders, the CEO of PayOff, “Having this personal insight into your habits is huge.” He believes that PayOff will give you the tolls to make better financial decisions.

Flexibility and Understanding

Many banks and lenders can charge high fees for slight repayment tardiness, but not PayOff. They won’t charge you a late fee if you miss a payment, but allows you to work with your counselor to implement a plan that will help you catch up. They could offer you payment deferrals or changing the payment date depending on your situation.

Debt can be a tricky to conquer, but the right tools can you help you prevail. There are many strategies to help pay off debt from the snowball technique to consolidation. PayOff stands out as a leader among the consolidation companies and has been featured in popular publications like Forbes. Click here for a free, no hassle, no credit card consultation with a representative!

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