Payoff offers personal loans to consolidate credit card debt. It operates in all but two states and makes loans of up to $40,000.

Payoff is not a bank, but works with credit partners who issue the loans. The California-based financial wellness company is part of a parent company called Happy Money, which takes a psychological approach to money matters.

Best Features

  • Borrowers do not have to pay any prepayment or late fees.
  • Applicants can be pre-approved without a tough credit check.
  • Some borrowers with fair credit ratings may be eligible.


  • Personal loans are only available for credit card debt consolidation.
  • The borrower can pay a processing fee of up to 5% of the loan amount.
  • Repayment loans are not available in all states.

How can a payoff personal loan be used?

Payoff only offers personal loans for credit card debt consolidation.

How it works

There are four steps to applying for a payoff personal loan. First, you answer a few questions online to pre-qualify, which doesn’t affect your credit score. Next, select the loan terms that work best for you and complete your application. You then review your terms, verify your information, and electronically sign your loan documents, and Payoff performs a tough credit check before completing your loan. Approved loans are funded within three to six business days.

Payoff works with lending partners to match your loan. Its lending partners are Alliant Credit Union, Blue Federal Credit Union, Cross River Bank, First Tech Federal Credit Union, GreenState Credit Union, Teachers Federal Credit Union, Technology Credit Union, USAlliance Financial and Veridian Credit Union.

What are the terms, fees and conditions of the product?

Payoff only offers fixed rate personal loans with APRs ranging from 5.99% to 24.99%. Loans range from $5,000 to $40,000 and loan repayment terms range from 24 to 60 months. The minimum APR is 6.99% for loans greater than $15,000, and the minimum loan amount and APR may vary in certain states.

The company does not charge application, check processing, check return, annual, prepayment, or late fees, but borrowers pay a processing fee of up to 5% of the loan amount.

How can you qualify?

Disbursement requires a minimum FICO credit score of 600 and borrowers must have no current arrears. The company lists other factors it may consider for loan approval, including debt-to-income ratio, length of credit history, loan utilization ratio, and payment history on other lines of credit.

Borrowers may receive pre-approval and price quotes, but co-signers are not accepted.

What Credit Score Do You Need?

Withdrawal requires a minimum FICO credit score of 600.

Where does the lender operate?

Payoff operates nationwide with the exception of Massachusetts and Nevada.

Is the lender reputable?

Payoff has an A+ rating from the Better Business Bureau and is a BBB accredited company. Payoff’s parent company, Happy Money, had filed 18 personal loan complaints with the Consumer Financial Protection Bureau in 2021. Frequent complaints related to obtaining the loan and problems with the payment and amortization of loans. All complaints were answered promptly; 17 complaints were closed with reasons and one is being processed.

Payoff has an overall rating of 4.3 stars out of 5 from US News, with 4.3 stars for affordability, 3.9 stars for eligibility, and 4.8 stars for customer service.

How is Payoff’s customer service?

Contact Payoff by phone at 800-878-0901 from 6:00 a.m. to 6:00 p.m. Pacific Time, Monday through Friday and from 6:00 a.m. to 3:00 p.m. Saturday and Sunday. If you’re calling outside of business hours, you can leave a message and someone will respond as soon as possible.

You may also email [email protected] or send your correspondence to 1700 Flight Way, Tustin, CA 92782.

What are some of Payoff’s online features?

The payoff personal loan process is entirely online. Borrowers can receive pre-approval and then apply for, close and manage loans through Payoff’s website. Funds can be deposited directly into your checking account within three to six business days after you electronically sign the loan documents.

Personal Loan Finder

Select your desired loan amount and purpose, credit rating range, and state to view estimated APR and loan terms.

Payoff personal loans are best for:

  • Individuals who need to consolidate high-interest credit card debt.
  • Individuals with a minimum credit rating of 600 FICO.
  • Individuals who wish to complete the entire lending process online.

Tags : credit scorepersonal loans
Richard Dement

The author Richard Dement