PayOff Personal Loans Review of April 2024

Last Update: March 11, 2023 Loan Reviews

PayOff now is HappyMoney.

Loan Amount:$5,000 – $40,000
APR:5.99% – 24.99%
Min. Credit Score:550
Approval:1 – 7 Days
Terms:2 – 5 Years
  • Loan origination fee of 0% – 5%
  • There are no late payment fees
  • There are no application fees
  • There are no prepayment fees
Qualification Criteria:
  • Be at least 18 years of age
  • Have a credit score of at least 550
  • The maximum DTI ratio is often 43%
  • Have recurring employment income or government benefits
  • Have no current delinquencies
  • Have a credit history of at least three years
  • Fill out your information through Happy Money’s online portal
Average Borrower Profile:
  • Has a credit score of 710
  • Has $2,000 in cash flow per month
  • Has a DTI ratio of 40%
Best For:A stable credit history
Check rates

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.

What You have to know about PayOff Loans


  • 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.


  • 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