Hot take

Best for: borrowers looking to consolidate credit card debt

Simple product with streamlined application
Lower interest rate than credit cards
No late fees

0-5% origination fee
Can’t send loan proceeds directly to creditors

In-depth Review of Payoff Personal Loans

Payoff is an interesting option in the personal loans space, as it focuses exclusively on borrowers looking to consolidate (“payoff”) their credit card debt. While the pros and cons of debt consolidation are too long for this review, the personal loan Payoff offers is a no frills, unsecured personal loan. The credit requirements are squarely in prime territory, minimum loan amount is $5,000, and APRs are comparable to other prime credit personal lenders. There are few fees, but Payoff does charge an origination fee of 0-5%. Borrowers with lower credit scores will typically pay a larger origination fee.

Why would I use Payoff?

There isn’t a strong reason to use Payoff vs. any other personal loan for debt consolidation. While it is touted as a credit card payoff product, you can’t direct the proceeds of your loan directly to your credit cards (a feature other lenders offer) — rather, you must deposit the loan into your own bank account, and then payoff each credit card yourself.

With an origination fee and APRs comparable to other lenders, we recommend shopping around and checking what rates you qualify for before choosing Payoff.

Payoff Personal Loan Details

Loan amount range$5,000 - $35,000
Loan lengths24 - 60 months
Interest rate typeFixed interest rate
APR range5.99% - 24.99%
FeesOrigination fee: 0-5%
Late fee: None
Prepayment fee: None
Can check rate with no impact to score?Yes
Loan usesPayoff specifically specializes in lending to borrowers so they can consolidate their credit card debt.
Time to fundAccording to the Payoff FAQs, most approved loans are funded in 2-5 business days once their verification process is complete. The process may include verifying personal information (identity), employment, and income, so we recommend having documentation (like your driver’s license and W-2) ready. This will help reduce delays if Payoff requests additional information.
Joint application (co-borrower) optionNo
Minimum qualificationsMinimum credit score: 640
Minimum income: $40,000
Can send loan proceeds directly to creditors (for debt consolidation loans)No
OtherWhile Payoff fundamentally offers the same product as other personal lenders, it is unique in that it focuses exclusively on customers looking to consolidate (“payoff”) their credit card debt. This type of debt consolidation can make sense for some borrowers, by potentially reducing their interest rate and simplifying their payments.

Representative Loan Example

Borrow $16,000 for 48 months
10.99% fixed APR
Pay back $407 per month for 48 months
Total repaid $19,536

What People Are Saying

CFPB complaint data: 0 complaints in last 24 months

Trustpilot rating: Average (3.4/5) from 3 reviews

Better Business Bureau: Accredited, A+ Rating

A note on reviews

When looking at reviews or complaints, we urge you to think about them in context and take them with a grain of salt. For instance, companies that have more customers are likely to generate more complaints to the CFPB — so the raw number of complaints on its own doesn’t paint the full picture.

Similarly, it’s possible for companies to attempt to game ratings on services like TrustPilot, by timing when they ask borrowers for a review to encourage positive comments and by challenging negative reviews on the platform.

Most of all, borrowers should be cautious in how they interpret a firm being Better Business Bureau (BBB) “Accredited” or having an A+ rating. BBB “Accreditation” means merely that a business makes a commitment to make a good faith effort to resolve customer complaints and follow the BBB’s Code of Business Practices. It’s not clear how closely adherence to these practices is followed or how non-compliance is enforced.

Also note customer reviews are not included in the BBB rating, and it’s possible to have an “A+” rating despite having a poor customer rating.

Contact Information

Physical Address
1700 Flight Way, Tustin, CA 92782

(800) 878-0901


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