What is the payoff?
The payoff is a company or you can say an online company that provides your personal loans for the specific purpose, and that purpose is basically to pay off your high-interest credit card debt. Although, you should note that payoff is not a bank that helps you to pay off your debts. Although, it partners up with various banks and some of the credit unions to provide loans to the individuals or borrowers.
So, the loan offered by pay off starts from $ 1,000 to $ 35,000 which has fixed interest rates and repayment terms of about two to five years.
The payoff is Best suited for:
- Credit card debt
- Customer service
- Involving Larger loans
- Reducing the high-interest credit card debt
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Pay off review in the table:
A summary of payoff review features are mentioned in the table below:
| Features: | Offered by Pay off: |
| Fixed Interest rates | 5.99 percent – 24.99 percent APR |
| Loan terms | 2 to 5 years |
| Loan amount | $ 5,000 to $ 35,000 |
| Min. credit score | 640 |
| Period to get funds | As shortly as in 2 – 5 business days after the verification process |
| Residency or Payoff reach | Not accessible in MA, MS, NE, NV, or WV |
| Fees | An origination fee of 0 percent to 5per cent
No other fees or prepayment penalty |
| Returned payment fee | $ 0 |
| Check Processing Fee | $ 0 |
| Prepayment fee | $ 0 |
| Loan use | Merge the credit card debt |
| Requirements | A debt-to-income ratio of 50 percent or less
3 years of good credit |
| Best for |
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| Key benefits offered |
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| Documents to Provide |
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Best Payoff Features
- Payoff Borrowers don’t face advance payment or late fees related issues.
- Payoff Borrowers can get pre-agreed with no hard credit check.
- Some Payoff borrowers with fair credit may be eligible to apply for the payoff loan.
Reviews of payoff:
- Low APRs: Payoff provides Low APR starting at just 5.99 percent which can be included among the lowest personal loan rates on the market. And this low APR is possible due to the higher FICO rate as well as lower debt-to-income ratio desirable in payoff as compared to the other loan lenders.
- Long loan terms: Payoff offers long term loans which range from 24 to 60 months. Thus, providing the borrower ample time for the repayment.
- No hidden fees: Payoff only charges an origination fee which is about 0per cent and 5 percent of the amount borrowed. And all the other fees associated like processing, returned payment fee, Check Processing fee and Prepayment fee, etc are nil or zero.
- Large loan amounts: In case of payoff loan review, if you are looking for a loan offering debt consolidation, then payoff loan review is the best-suited option for you as payoff provides a large amount of loan which ranges from $ 5,000 to $ 35,000.
- Residency: Pay off the loan is not available in case you live or reside in Massachusetts, Mississippi, Nebraska, Nevada, or West Virginia.
- Time to get funds: You can get payoff funds as soon as 2 – 5 business days after the verification process is done.
- Min. credit score: Pay off requires min. credit score of 640 in order to be eligible to apply for payoff loan.
- Great customer service: Various customer service support options are available like online chat feature to cater to the needs of borrowers.
- Payment elasticity: There is no issue in case you miss a payment as payoff offers various other options such as payment deferral, changing the date of your payment, or skipping a payment which one can opt, without occurring any late fee charges.
- Job-Loss Support: Payoff also provides assistance to the ones who lose their job, by helping them by making an adjustment in their repayment of the loan.
- Free Credit Summary: Payoff provides a Free Credit Summary by sending you updated FICO® score every month by which you can understand your credit improve your credit too.
- Competitive Interest Rates: The payoff interest rates provided are quite competitive in the market compared to the other lenders.
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How does payoff work?
Pay off basically offers you the money by which you pay off your credit card debt. And you pay off this money borrowed from pay off the company in monthly installments with a fixed rate of interest with a certain time period say, within 2 to 5 years. Apart from this, pay off company reviews also provides Member Advocate support in case of need.
But before this, you should know if you’re eligible for a payoff loan. And met the required terms.
Payoff personal loans reviews
In case you have good credit then pay off could be a good option to consider. This you can also analyze by payoff debt consolidation review. but pay off debt consolidation does involve higher rates. Although, high-interest debt could prove to be beneficial for you in the following ways:
- As it reduces the total amount of debt you owe,
- It also lowers down your credit utilization ratio, and
- Also improves your credit mix.
It charges an origination fee like others which is from 0 percent to 5 percent of the loan balance, which revealed in your annual percentage rate (APR).
How to qualify for Payoff:
For the approval of the loan request, you need to check out the detailed information issued by the review of the payoff. So, you should meet the payoff minimum requirements in order to be eligible for getting a loan from the payoff. below are the minimum requirements of pay off that you need to qualify, for payoff loan approval:
- Credit score
- Debt to income ratio
- Age of credit history
- Open tradelines
- No delinquencies
- Credit score: According to the payoff reviews, you should have a credit score of at least 640, as payoff does not provide a loan with a credit score of less than 640.
- Debt to income ratio: According to the payoff reviews, your Debt-to-income ratio or say your pre-tax monthly income in order to pay all your expenses should be good, and should not be more than 50 percent.
- Age of credit history: According to the payoff reviews, you should have three years or more of good credit history in order to qualify with Payoff.
- Open tradelines: According to the payoff reviews, you should have not more than one outstanding installment of loan history in order to qualify with Payoff.
- No delinquencies: There should be No current delinquencies as well as no delinquencies which are greater than 90 days in the past 12 months.
How to Get a Payoff Personal Loan
The application process for getting a Payoff Personal Loan is quite simple and quick. It involves high-interest credit cards, that invariably helps to payoff loan quickly. Although, for the application process some documents are needed to get yourself your rate quote. Documents may vary depending upon the individual, some common documents needed are as:
- Your name
- Your Address
- Your Email address and Your phone number, as well as
- Your Annual income
After all the documentation process, the payoff checks for your initial rate that it can offer. And in case you are convinced or satisfied with the same you can move further for the detailed application process that involves the following:
- Financial documentation or your Monthly housing payment it can even include your last monthly bank statement or mortgage statement
- Proof of identification (it could be a driver’s license or passport, etc)
- Proof of income (it could be 2 recent pay stubs, etc)
- Financial documentation
- And then payoff checks your credit and information, and will eventually issue you the payoff loan.
Payoff compared to other lenders:
You can also check out the rates and terms offered by our other lending partners, which are as follows:
- Marcus by Goldman Sachs: It offers APR of 6.99 – 19.99 percent with No Origination fee, where the Loan Amount stands at $ 3,500 – $ 40,000. But the Minimum FICO score required is 660, which is high compared to pay off.
- Prosper: It offers APR of 6.95 – 35.99 percent with an Origination fee of 1 – 5 percent and the loan amounts to $ 2,000 – $ 40,000. Although, the minimum FICO score is the same as pay off i.e. 640.
- Lendingclub: It offers APR of 6.95 – 35.89 percent with an Origination fee of 1 – 6 percent and the loan amounts to $ 1,000 – $ 40,000. Although, the minimum FICO score is the same as pay off i.e. 640.
- Opploans: It offers APR of 99 – 199 percent with an Origination fee of 0 – 3 percent and the loan amounts to$ 1,000 – $ 10,000. Although, the minimum FICO score is the same as pay off i.e. 640.
- Upstart: It offers APR of 4.66 – 29.99 percent with an Origination fee of 0 – 8 percent and the loan amounts to $ 1,000 – $ 50,000. Although, the minimum FICO score is 620, which is less than the payoff score.
The table below depicts the comparison of various features offered by the lenders:
| Creditors | APR | Loan Volume | Origination Fee | Minimum FICO Score |
| Payoff | 5.99 – 24.99 percent | $ 5,000 – $ 35,000 | 0 – 5 percent | 640 |
| Marcus by Goldman Sachs | 6.99 – 19.99 percent | $ 3,500 – $ 40,000 | No Origination Fee | 660 |
| Prosper | 6.95 – 35.99 percent | $ 2,000 -$ 40,000 | 1 – 5 percent | 640 |
| LendingClub | 6.95 – 35.89 percent | $ 1,000 – $ 40,000 | 1 – 6 percent | 640 |
| OppLoans | 99 – 199 percent | $ 1,000 – $ 10,000 | 0 – 3 percent | 640 |
| Upstart | 4.66 – 29.99 percent | $ 1,000 – $ 50,000 | 0 – 8 percent | 620 |
How can Payoff improve
Although the payoff is doing great in its field and also has many options for consolidating credit card debt. Though a certain area where payoff improvement can be done is in the expansion of its eligibility requirements. As per payoff conditions, you cannot get a payoff loan only, if:
- Your credit score or a minimum fico score is less than 640
- You live in Massachusetts, Mississippi, Nebraska, Nevada, or West Virginia.
- You have less than three years of good credit
Payoff Reviews BBB:
According to the BBB reviews, the payoff is considered as a better company for lending money to the borrowers and providing them long term loans, with no associated fees and other benefits. Though, the better business bureau has provided an A+ rating to the payoff company.
Is payoff legit?
Yes, the payoff is legit as it provides loan only for the purpose of credit card debt and not for any other purpose. Further, the rules of application of payoff loan are quite rigid.
Pros & Cons of Payoff loan:
There exist various advantages as well as disadvantages of choosing Payoff for your credit card debt payoff. So, let’s see whether you should choose payoff for settling credit card debts or not.
Pros of Payoff loan:
- Long loan terms: Payoff offers long term loans which range from 24 to 60 months. Thus, providing the borrower ample time for the repayment.
- Payment elasticity: There is no issue in case you miss a payment as payoff loan reviews tells us that payoff offers various other options such as payment deferral, changing the date of your payment, or skipping a payment which one can opt, without occurring any late fee charges.
- Great customer service: Various customer service support options are available like online chat features to cater to the needs of borrowers.
- Easy Application: The application process for getting a Payoff Personal Loan is quite simple and quick.
- Job-Loss Support: Payoff also provides assistance to the ones who lose their job, by helping them by making an adjustment in their repayment of the loan.
- No Late Fees: Payoff does not charge any late fees or any fees associated with returned checks.
- Free Credit Summary: Payoff provides a Free Credit Summary by sending you an updated FICO® score every month by which you can understand your credit improve your credit too.
- Competitive Interest Rates: The payoff interest rates provided are quite competitive in the market compared to the other lenders.
Cons of Payoff loan:
- Limited Residency or reach: Pay off the loan is not available in case You live in Massachusetts, Mississippi, Nebraska, Nevada, or West Virginia.
- No Joint Applicants: payoff does not provide to apply for the joint application by the borrowers.
- One time deduction: Payoff fee is deducted one time i.e. a fee of 0 percent to 5 percent of your loan amount is deducted from the bank directly. Although, it should be covered in the price of the loan and not as a separate fee.
- Limited Use: Payoff loan is available for a single purpose in case you have a different purpose than you can opt for a secondary loan option.
Conclusion:
The payoff is unquestionably a prodigious option to consider especially for the ones who need a little bit of support in payment of their credit cards. But you just need to qualify for the payoff loans and met the basic requirements which are:
- You should have a minimum required FICO score is of 640
- You should have a debt-to-income ratio (DTI) of no more than 50 percent
- You should have held up with you a good credit history of Three or more years.
- You should have done Two open and acceptable trades with no further than one installment loan within the last 12 months
- You should have Zero current credit delinquencies, and also no credit delinquencies which are more than 90 days within the last 12 months
FAQ
1. Is payoff a good idea?
Yes, the payoff is a great option to consider especially for the ones who need a little bit of support in payment of their credit cards and the ones having a good credit history. As debts are settled off with the help of payoff.
2. Does payoff com hurt credit?
No, the Payoff Loan rate does not hurt your credit. So, checking out the Payoff Loan rate is simple and quick, which takes place without hurting your credit.
3. Can you pay off a payoff loan early?
Yes, you can, pay off a payoff loan early which does not involve any fees or penalty for doing so.
4. Does payoff check credit?
Yes, the payoff company does check credits, but this process does not affect your credit score. Checking credit is important for the company as, based on your credits the company contacts you to offer a loan.
5. What credit score do you need for the payoff?
You need a minimum FICO credit score of 660 as well as a debt-to-income ratio of 50per cent or less to become or to be eligible for a Payoff loan. Further, at least three years of credit history, as well as two current credit accounts running in good condition, should also be presented.