Payoff Review

A Holistic Personal Lender

While many personal lenders are simply concerned with signing customers up for their products, Payoff is dedicated in helping you improve your financial health with your loan. Payoff was created with the aim of aiding borrowers in their quest to escape from debt and improving their financial well-being simultaneously. Thanks to a great wealth of educational sources and a user-friendly approach to lending, Payoff is definitely a positive disruptor in the personal loans industry. With a Payoff Loan, you, like other Payoff Members, could raise your credit score by 40 points.

Payoff Highlights

  • Evaluate your financial well-being
  • Improve your FICO score with a loan
  • Job loss and career support services


  • Low APR relative to industry
  • Both short and long-term loans available
  • Strong financial education
  • Variety of loan amounts


  • Not all credit scores accepted
  • Longer loan approval time than some rivals

Loan Term Options

One of the items that really stood out to us upon our review of Payoff loans was their great variety of loan terms. While many personal lenders focus exclusively on short or long-term lending, and in some cases don’t even offer options, Payoff allows you to choose how long you will need to repay loans. Furthermore, Payoff helps you find the right loan based on your preferred repayment term. The company offers loan terms between 2 and 5 years for repayment. While it would be nice to see slightly more variety on the upper range of those terms, we found them to be pretty broad in most borrowing cases.

Loan Purpose and Amounts

Another great feature we found was the amounts Payoff offers when you request a loan.  The company offers loans between $5,000 and $35,000, allowing members to  consolidate all  credit card payments down to one monthly, affordable, fixed-rate payment with 8%-25% APR. Overall, we noted that Payoff’s rates were lower than many of its competitors. We would have liked to see some more variety in terms of loan purposes, as the company’s main focus is on credit card refinancing. Nevertheless, Payoff does not explicitly limit the purposes for your potential loan.

Lending Qualification Process

While the company recognizes that your credit score is not the only tool required when examining your creditworthiness, they still ask for it, and require applicants to have at minimum a 660 score. However, they also look at other important factors that go beyond simple credit reports. Payoff also requests the following to qualify for their loan:

  • Debt-to-Income ratio of 50.00%
  • Average annual income of $25,000
  • No delinquencies on any outstanding credit
  • At least 3 years of credit history
  • 2 open lines of credit that are paid on time

Information and Support

When exploring Payoff’s website, one characteristic that struck us was the company’s strong commitment to education and financial well-being. Payoff is committed to helping borrowers improve their financial health, credit scores, and understanding of the loan process. The company features a series of quizzes and assessments that enable you to determine the state of your financial health. Additionally, their Payoff Life portal includes articles related to credit and personal finances, the science behind their lending process, and other useful insights that can help you better understand loans and their impact on your finances.

Besides these useful items, the site also features a beneficial FAQ on the details of their unique loan application process. Furthermore, a Member Advocates are available to help you via phone, email, and chat should you require any assistance or have questions related to the lending process.

Quote Application Process

Receiving a quote from Payoff is incredibly simple. The process is quick and efficient, and doesn’t take more than a few minutes. Even better, Payoff does not use a hard credit pull when looking at your creditworthiness, meaning your credit reports will not be affected at any point. After filling out a few short questions that ask for basic personal details and information related to your finances, you will be provided with offers, giving you the flexibility to choose the best loan option.


When it comes to a holistic approach to lending, Payoff takes the prize, as it helps consumers not only get the funding they need, but improve their financial health. The company’s strong emphasis on science-driven lending and financial wellbeing mean that they offer services designed to help and not harm you. With excellent educational resources and a transparent lending model, Payoff is one of the better options when it comes to getting a personal loan.

Physical Address

3200 Park Center Drive, Ste. 800

Costa Mesa, CA 92626


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