Payoff features

Here's a breakdown of some of the benefits and drawbacks of Payoff personal loans.


  • Rate check only takes minutes
  • Customizable loan terms
  • Money management tools
  • No application or late fees


  • Slower funding than competitors
  • Origination fee
  • Limited loan usage

Payoff is a financial wellness company that offers debt-consolidation loans through its network of FDIC- and NCUA-insured lenders. It’s a subsidiary of Happy Money, headquartered in Tustin, California. Through Payoff, borrowers can also access “personality, stress, and cash flow assessments” to better manage finances and debts. Plus, there are first-year quarterly check-ins to address any questions or concerns. 

The screening process for a personal loan from Payoff is entirely virtual, and there are fewer loan and underwriting costs than competitors. Consequently, Payoff can offer better interest rates and quicker turnaround times than brick-and-mortar lenders. 

But not all borrowers will qualify — even if they have pristine credit. You also can’t get a loan through Payoff if you live in Massachusetts or Nevada.

Payoff is best for credit card debt consolidation

Payoff loans are designed to help borrowers consolidate credit card debt. If you have a credit score of 600 or higher and meet the other qualification criteria, a Payoff loan could be ideal.

They’re not a good option if you need to borrow money for home improvements, emergency expenses or some other purpose. You should also explore other options if your credit score is low or you have current delinquencies that aren’t yet resolved with the creditor or lender. If you’re looking to get a loan with a co-signer or co-applicant, you’ll also need to look elsewhere — Payoff does not offer joint applications.

Payoff snapshot

Loan amount $5,000 – $40,000
APR 5.99% – 24.99%
Minimum credit score 600
Time to receive funds Three to six business days

Lending terms

Payoff offers loans that range from $5,000 to $40,000 in most states. The minimum is $5,100 in New Mexico and $6,100 in Maryland, and loans are not offered in Massachusetts or Nevada. Its personal loans carry a fixed interest rate between 5.99 percent and 24.99 percent, with repayment periods ranging from two to five years. 

The quote you receive is based on multiple factors, including your credit history, debt-to-income ratio and the loan amount you request. Upon approval, it takes three to six business days to receive the funds in your bank account.

Fees and penalties

Payoff charges an origination fee ranging from 0 percent to 5 percent for its loan matching services. This fee is an upfront cost taken off the top of the loan and is based on the repayment terms of your loan.

For example, if you are approved to borrow $10,000 and you’re charged a 3 percent origination fee, you’ll only receive $9,700. You should factor the origination fee in when calculating the total amount you’re looking to borrow.

Beyond that, Payoff doesn’t assess additional fees. You won’t be penalized for paying your loan off early, and there are no fees for paying by check or missing payments. Plus, there are no application fees, returned check fees or annual fees.

How to apply for a loan with Payoff

Payoff’s application process is straightforward and should only take a few minutes to complete. Before you apply, confirm you meet the eligibility requirements: 

  • At least 18 years old.
  • Social Security number. 
  • Valid checking account.
  • Minimum FICO credit score of 600.
  • No current delinquencies.

Next, use the online tool to check your rate. Enter basic information, including your name, date of birth, address, phone number and annual income. You’ll also be asked how much your monthly housing costs are, if any.

Payoff will conduct a soft credit check, which won’t impact your credit rating. Then it’ll tell you how much it suggests you borrow to pay off your credit card debt. If you potentially qualify for a loan, you can sort through loan offers by monthly payment amounts or by APR.

If you select one of the displayed offers, Payoff will direct you to a more detailed application, where you’ll have to provide your employment information, Social Security number and bank account information. You’ll also have to upload the following documents: 

  • A copy of your driver’s license, state-issued ID or passport.
  • Two recent pay stubs or your most recent tax return if self-employed.
  • A recent bank statement or login credentials for online banking.

>Before finalizing your loan, Payoff, like all lenders, will do a hard credit check, which can temporarily lower your credit score. If approved, the loan proceeds will be sent electronically to your bank account.

How Bankrate rates Payoff

Overall Score 4.6
Availability 4.0
Affordability 4.8
Customer Experience 5.0

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.