Loans » Personal Loan Lender Reviews » Payoff Personal Loan Review 2021
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Payoff Personal Loan Review 2021

Payoff is best for those looking to consolidate debt and pay off or down credit cards. Read our review of Payoff Personal Loans - how do they work, what can a personal loan be used for, Payoff application Process and Payoff loan pros & cons.

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

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 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.

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. 

APR

5.99%-24.99%

Loan Amount

$5,000 – $35,000

Term

24 - 60 months

Min score

640

Payoff Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

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 Reputation

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as the business's complaint history with BBB, type of business, time in business, transparent business practices, and more.
  •  J.D Power: Payoff wasn't rated in the 2020 research. We considered J.D. Power’s lending consumers satisfaction study. J.D Power offers the most comprehensive and independent study of personal loans consumer satisfaction  . The study aims to help consumers and issuers to understand user opinions and ratings of top lenders. It covers terms, benefits, services, communication, transparency and more. 

J.D. Power U.S. Lending Consumer Satisfaction 2020

In order to avoid bias based on a small number of reviews, we present only ratings with at least 200 reviews.

Application Process

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.

Payoff Personal Loan

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.

Payoff Personal Loan

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.

Payoff Personal Loan

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 Personal Loan

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. 

APR

5.99%-24.99%

Loan Amount

$5,000 – $35,000

Term

24 - 60 months

Min score

640

Alternatives Lenders For Consideration

Here are our 3 choices of lenders which can use as a great alternative to Payoff personal loan: 

Prosper is the first peer-to-peer lending marketplace, a platform that matches lenders with borrowers.

Prosper marketplace is a great place to start in your personal loan search. Prosper focuses on the mass market of borrowers and their personal loans can be used for a wide range of reasons. They also have a lending arm for medical costs, Prosper Healthcare Lending. They offer personal loans for a wide variety of purposes and to a large market of borrowers. 

They do have a high origination fee while other providers do not have one. The process will take longer than with other platforms, so if you need funds quickly Prosper may not be the right place to start your search.

Earnest is a subsidiary of Navient and has been around since 2013. This company offers loans to “financially responsible” applicants. The company offers competitive rates from 5.99% with no fees. You can use your Earnest personal loan for any purpose.

You can take out an Earnest personal loan for amounts between $5,000 and $75,000. However, if you’re a resident in California, the minimum loan amount is $10,000. Earnest offers fixed rates that ranges from 5.99% to 17.24% APR. However, Earnest offers no additional discounts.

Earnest offers loan terms of three, four and five years. There are some qualification requirements for an Earnest personal loan. This includes:

  • A minimum credit score of 680
  • Proof of consistent income
  • History of payments made on time
  • No open collections accounts
  • No bankruptcy declarations in the last three years.

This company is an online lender that offers very high loan amounts yet at low interest rates. LightStream is part of the Truist Bank group, formerly the SunTrust Bank. You can use the loan for any purpose, including home improvements, debt consolidation, etc.

LightStream does not charge fees. So, there are no late payment fees, processing fees, or pre payment fees. They even offer $100 to customers if they are unsatisfied with their loan processing experience and are willing to beat competitor’s rates by 0.1%.

If you find a lender offering a better rate than LightStream, the company will offer you a 0.1% decrease to highlight that they are a better option.

Most of the loans have a term of two to seven years, but this may be extended to 12 years for solar financing, home improvement loans, or swimming pool loans.

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.

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.