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Payoff was founded in 2009 and is based out of Costa Mesa, CA. Payoff was founded with a focus on helping the borrower pay off or down their credit card debt.
“Payoff is a financial wellness company that applies science, psychology and technology to help our Members reinvent their relationship with money and accelerate their journey toward financial well-being. We focus on the intersection of personality and financial behavior, developing products and services that help our Members achieve their goals.”
Here are the basic specifications & requirements of Payoff Personal Loan :
|Feature||Payoff Personal Loan|
|Loan Amount Range||$5,000 – $35,000|
|Interest Rate Range||Fixed, 5.99%-24.99%|
|Term||24 or 60 months|
|Origination fee||0% to 5%|
|Late Payment Fee||$0|
|Returned payment fee||$0|
|Check Processing fee||$0|
|Minimum Credit Score||640|
|Debt to income ratio||50% or less|
|Credit history||50% or less|
|Documents To Provide|
Payoff Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
What Can a Personal Loan Be Used For?
Payoff loans can be used for only one purpose and that is to pay down debt . The product is designed only to help people get out of debt. Payoff personal loans or The Payoff Loan® has borrowers transfer high interest credit cards into a personal loan.
This helps borrowers get out of debt sooner and save money on interest. The loan will be set for a fixed period of time so you know exactly when you will be out of debt.
Payoff has a simple and quick application process. You start the application by filling in some basic information about yourself such as your name, date of birth, address, phone number, etc. They will then do a soft credit pull. A soft pull does not affect your credit report.
At this point, you could be declined. Otherwise, Payoff will give you a list of options of rates and terms for which you can apply. If you find an option that will fit your needs, Payoff will do a hard credit check and you will then be asked to upload documents to verify information. You may need to provide pay stubs, bank statements, W-2s, social security card, or state ID.
After Payoff receives all the documents and the application is complete, it can take up to 3 day for them to review everything and issue a final approval. You can then sign documents online. You will typically receive funds in 2 to 5 days. Payoff does not actually pay off your credit cards but they deposit funds into your checking account.
Payoff Loan is Best for..
Payoff is best for those looking to consolidate debt and pay off or down credit cards. You will need good to excellent credit with an average cash flow to qualify for a loan.
If you need the fund for anything else you will need to look to other providers. If you are looking to become debt free, Payoff could be a great tool and a good starting point.