PayOff Review 2021 – Best Loan Company for Credit Cards Debt Consolidation

ElitePersonalFinance
Last Update: February 5, 2021 Loan Reviews

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 is 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 a debt-to-income ratio of 50% or less and minimum of $3 years of credit history (so, a thin credit file won’t work with this company …). Although PayOff makes some lists of best personal loans for bad credit, we can’t say that 640 is a too low credit score, so we can conclude that you can rely on this company if you are fair, average, and good credit. However, if you are with a credit score of less than 640, PayOff can’t make an exception to that rule.

Loan amounts $5,000 – $40,000
Typical APR 5.99% – 24.99%
Min Credit Score 640
Time to funding 1 – 7 Days
Loan terms 24 – 60 months
Origination fee 0% – 5%
Debt-to-income ratio 50%
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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 within 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 offers you the option to skip 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 are no application fees and no obligations. Also, a hard inquiry on your credit file won’t be performed.
  • 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 PayOff will perform a hard inquiry on your credit if you approve the offer.

Now Let’s Review PayOff in Details

Many lenders have various products, which can confuse borrowers. PayOff’s 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. They do this 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 Electronic 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 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. You can use many methods to pay down your 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, its requirements, and the 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 often look for help. Its “member advocates” group helps support and guide you through every repayment stage. 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 assess your financial personality along with your financial health. The company uses these assessment results to offer tools like loan amortization schedules and budgets. Luckily, borrowers can talk with customer support and member advocates during business hours, 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 tools 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 tricky to conquer, but the right tools can help you. There are many strategies to help pay off debt. 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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