Payoff Review 2022

payoff review

Payoff app review presents an online credit card debt consolidation service. It offers low-interest rates to those with acceptable credit. During our independent review of Payoff, we discovered that the company is based in Tustin, California. It was established in 2009 and serves customers in all 50 states and the District of Columbia. 

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If you decide to make an online application for a loan, it may help you cut your monthly debt payments and lock in a lower interest rate. As a result, you can improve your overall financial health in the long term. Keep reading the Payoff review to learn more about the company and what it can bring you.

Pros and Cons of Payoff

To be on the safe side, you need to be well-informed about the service you choose. There are complete lists of advantages and drawbacks of loaning money from Payoff. Look at them to know how you can benefit and what may be an obstacle.

Pros:

Cons:

As you can see, Payoff’s key benefits are its efficiency and customer service. Its primary disadvantage is difficulty qualifying for the program. So, you should consider all these aspects to make the right choice.

How Does Payoff Work?

The website allows borrowers to be pre-qualified and then apply for, finalize, and manage loans in bank accounts. Payoff’s debt consolidation loan service provider offers a minimum deposit of $5,000 up to $40,000 to your bank account for 2-5 years. 

Personal loans have fixed interest charges of 5.99% to 24.99%, which means the interest you pay doesn’t alter over time. Borrowers pay an origination cost of up to 5% of the loan amount, and there may be costly overdraft fees. However, there is no application, check processing, returned check, yearly, prepayment, or late fees.

There are four steps involved in obtaining a Payoff personal loan. To pre-qualify, you’ll complete a few questions online. That won’t impact your credit score. After that, you’ll choose your loan conditions and submit your application. Payoff will do a rigorous credit and existing bank account check before deciding whether to give you a deposit on a linked bank account. 

After electronically signing the loan agreements, you can have the direct deposit into your checking account in three to six business days. That way, you have a debit card with direct deposits from the lender. 

Payoff Features

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Payoff provides fixed-rate interest personal loans. You may only use its financial solutions to consolidate your credit card debt. Payoff requires a credit score of at least 640 before you can apply for a personal loan and receive funds. At least three years of credit history, two credit cards that are in good standing, and no delinquencies (payments over 90 days past due) in the previous year are required loan terms. 

Payoff offers personal loans ranging from 24 to 60 months. However, you may pay them off early without incurring a prepayment penalty. APR varies from 5.99% to 24.99% for its loans. 

The origination charge, ranging from 0% to 5%, is included in this APR. Payoff offers loans of up to $40,000, with a maximum loan amount of $5,000. Moreover, you will see many valuable features, such as the following:

Credit card debt consolidation loans are the only available financial products at Payoff. Therefore, its loans are suitable for budgeting. They can’t be used for significant purchases or to pay for unexpected needs. As a result, the app’s products and services have less wiggle room than many other types of personal loans. 

For example, let’s take a personal loan for home improvement. The monthly payment on a $10,000 loan with a 20.5% APR is $374. Thus, a total of $3,471 worth of interest will be paid on this loan.

Payoff may be a good option if your credit score is fair to bad, and you’d want to see some improvement while consolidating your credit card debt. Longer-term loans have a higher origination cost and stricter terms and conditions, so keep that in mind.

Payoff Fees & Rates

Payoff provides set, low-interest rates and simple terms to help you get out of credit card debt faster. Additional fees include a one-time origination charge between 0%-5% and a variable annual percentage between 5.99% and 24.99%. Before you get your loan money into your bank account, the membership fee is deducted.

You won’t see any check processing fees, application fees, late fees, early or extra payments, or yearly fees. You’ll just need to pay one monthly fee.

However, you’re free to spend more than you need to since there are no overdraft fees. The loan’s structure is very flexible, with durations ranging from 24 to 60 months. So you can plan your monthly expenses effectively.

After signing the agreements, your monthly repayments will begin if you agree to take out a loan. You’re allowed to do a modification to your payment due date once a year.

Alternatively, you may prefer to make your payments yourself rather than automatically. Although the lender doesn’t impose a late payment fee, you must inform them if you think you may miss one of your payments. 

To maintain your account in good standing, Payoff will work with you to devise a mutually agreeable solution that works for both parties. If you miss a payment by 30 days or more, it won’t cost you anything. However, your payment will be recorded to the credit agencies. That might harm your credit rating. 

Payoff Safety and Security

The company values its users. While security and privacy are their top priorities, the app is accredited with McAfee. You can rest assured that the website employs the most stringent industry standards. As a result of the usage of the industry-leading McAfee Secure, the app is constantly tested and certified for malware protection. 

Moreover, the website employs 256-bit encryption for you to be secure. It helps to protect sensitive financial information, including Social Security numbers and money bank account details. On top of that, to secure your account, the app uses session time-outs.

As a result of this feature, there are fat chances that someone will use your account. You’ll be automatically logged out of the site if you’re inactive.

Trustworthiness & BBB Rating of Payoff

Happy Money, the parent firm of Payoff, is recognized by the Better Business Bureau and has an A+ rating. There are good reasons for such a result.

According to the BBB, businesses are appreciated for responding to consumer complaints, honesty in advertising, and openness about their business processes.

There have been no recent controversies involving Payoff. Overall, when it comes to personal loans, you can rest easy. Better Business Bureau has honored Payoff with a stellar reputation and given it an A+ rating.

Payoff Mobile Support and Accessibility

In the modern world, it’s necessary to be able to manage everything on your smartphone. Payoff is available for mobile use, which is very convenient. You only need a stable Internet connection to access the app’s features. 

The app is now available for iPhone and Android users on their official marketplaces. Moreover, you can access the app with your tablet. You can still use the desktop version if you prefer managing your finances on the PC.

Customer Service at Payoff

As we’ve already told you, the Better Business Bureau gives Payoff an A+ rating. Those who gave it a positive rating said they could save hundreds of dollars in interest costs by canceling out years of loan payments.

Also, many users were happy with how quickly their applications were processed. They applied on Monday and received their money by the end of the week.

Is Payoff a Good Choice for You?

Credit card debt consolidation is the goal of Payoff short-term loans. They’re not a good option if you’re in desperate need of cash for a specific reason. It includes rent and utility or unexpected bills. If your credit score and paycheck are poor, you should consider alternative choices. 

Payment plans at Payoff are designed with the motivated debtor in mind. Some resources are available via Payoff to help you get control of your credit card debt.

So, it uses your income to present a complete report of how much you’ll have to pay for a month. It includes reduced interest rates for approved customers and FICO Score monitoring. Also, you can apply for a refinance.

All in all, if you want to pay off your credit card debt, a Payoff loan can be a good option. Credit card debt consolidation involves transferring several credit card balances to a single, set interest rate. You’ll just have to make one payment as a result.

Further, you may be able to get a cheaper interest rate and lower monthly payments. It’s a viable alternative if you have solid credit and a track record of timely payments.

Apps Like Payoff

Most good personal loan lenders provide the same features. They have competitive interest rates, a broad choice of loan amounts, and flexible repayment durations. Here are some comparisons between Payoff personal loans and other alternatives.

Payoff

SoFi

LightStream Personal Loans

Upgrade Personal Loans

Loan amounts of $5,000 to 40,000

Loan amounts of $5,000 to $100,000

Loan amounts of $5,000 to $100,000

Loan amounts of $1,000 to $35,000

ARP range of 5.99% to 24.99%

APR range of 6.99% to 22.28% with an autopay

APR range of 3.99% to 19.99% with an autopay

APR range of 5.94% to 35.97%

A minimum credit score of 640

A minimum credit score of 650

A minimum credit score of 660

A minimum credit score of 560

SoFi loans may be used for a wide variety of personal purposes. Payoff only offers credit card debt consolidation loans. This is the most notable distinction between the two companies. SoFi, on the other hand, provides loans of up to $100,000, which is twice as much as the Payoff minimum loan amount. Also, there’s a difference in interest rates.

LightStream’s loan amounts range from $5,000 to $100,000, depending on the purpose of the loan. This makes LightStream personal loans very adaptable. Credit card debt may be consolidated with a loan from Payoff, which has a maximum of $40,000.

The APRs given by LightStream are likewise less expensive. Depending on the objective of the loan, borrowers may choose from a more comprehensive choice of loan periods. They range from two to 12 years.

Although LightStream has more severe qualifications, Happy Money may be offered to those with a FICO score of only 640. However, borrowers who qualify for LightStream loans do not have to pay the origination costs that Happy Money borrowers do.

Upgrade has a broader lending range compared to Payoff, with personal loans ranging from $1,000 to $50,000. In contrast to Payoff, which has lower base rates, Upgrade charges a maximum APR of roughly 36%. It’s about 10% points more. Although the loan periods are more extended (ranging from two to seven years), the minimal credit score is lower.

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How We Review

During the review process, we considered many necessary factors for such a business. We looked at the possible loan amounts, payback lengths, APR ranges, and associated costs within each category.

Also, our team considered credit score restrictions, whether the lender allows co-signers or joint applications, and the geographic availability of the lender. We also checked customer service tools, borrower benefits, and features that streamline the loan process, like pre-qualification and mobile applications. 

As a result, we can state that Payoff has the following attributes. Consumer-friendly qualities include easy pre-qualification credit checks, low-interest rates, and no fees, transparent rates and conditions, flexible payment choices, quick financing, and easily accessible customer care.

FAQs

Chime is a financial technology business that enables you to use banking services simply and free. Yes, Payoff works with Chime. People who don’t get the best service from conventional banks would benefit from a more competitive market that offers better and more affordable solutions.

Jeff Winner and Joe Heck are the principal founders of Payoff. The company is owned by Happy Money and provides unsecured personal loans from one of its seven lending partners. The company, established in 2009, is based in Tustin, California. Now, it serves customers in all 50 states.

The company’s office is based in Tustin, California. It all began in 2009, and now Payoff serves customers in all 50 states and the District of Columbia. The company’s key objectives are still the interests of its members and a promising financial future.

Payoff couldn’t do what they do without the support of its loan partners. The company works with Alliant, Blue, First Tech, GreenState, and many others. They’re all top-notch players in the banking industry, so you can be sure about your security.

Lenders claim that obtaining a personal loan from another institution is not a deal-breaker. A second loan may be accepted if you’ve virtually finished paying off your first and don’t have many other ongoing obligations.

That might be the main disappointing factor. Prequalifying for a rate, filing a formal application, and waiting for loan approval are typical steps in applying for a personal loan. You’ll get the funds into your bank account within three to six business days of electronically signing the loan agreements.

When it comes to approving an application and requesting extra paperwork, Payoff often takes up to seven days. The process can go faster if you have every necessary document.

No, Payoff can’t give you your funds immediately. First, you must apply for it, choose your loan plan, and verify your identity. Then, in case of success, you’ll be able to use the funds deposited into your bank account.

The company sets a range of the money it can give to you. It ranges from $5,000 to $4,000. You can calculate how much you’ll need to pay when visiting the website and check your interest.

Many loan providers will charge fees if you don’t make the payment. The best part of the app is that you won’t have any penalties in case you can’t keep up with your payment date. However, your credit score might fall.

The company conducts a “soft pull” on your credit score to acquire your Payoff rate. Unlike a hard pull, it doesn’t appear on your credit report and doesn’t impact your FICO score.

No, that’s not possible. Each member can have only one loan at a time. After you pay your loan, you can apply for another.

Payoff doesn’t do a hard credit check until you’ve submitted an entire loan application.

Paying off a loan may favor or negatively affect your credit scores. It depends on your accounts, the amounts in those accounts, and other factors.

You can access the website wherever you want. If you have any issues, you don’t have to wait until Monday to get in touch with the Member Advocates throughout the week.

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