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Payoff is an online lending platform that specializes in offering loan solutions for customers who want to pay off high-interest credit card debt. Payoff provides loans with competitive APRs and low origination fees. You can prequalify for its program online.


Payoff Loans is a good option for those looking to quickly pay off their credit card debt to avoid high-interest rates. The company has customer service representatives to answer any questions you may have about its lending.

  • Competitive interest rates
  • Prequalify for loan
  • Low origination fees
  • No joint applications
  • Niche use for funds

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    What is Payoff?

    Payoff is an online lending platform that matches you with lenders to help you pay off credit card debt. If you have a significant amount of credit card debt and need to pay it off quickly, Payoff’s lending program could be right for you. Rather than paying all of your debt in a lump sum, Payoff provides a loan to pay it off. You then pay back this loan, which should have lower interest rates than you were paying on your credit cards.

    How does Payoff work?

    Payoff works with verified lending partners to help customers get loans and pay off debt. Its online application process is quick and easy. A soft pull on your credit is necessary to check your rates.

    To qualify for a loan through Payoff, you need:

    • At least three years of good credit history
    • No current delinquencies and no delinquencies greater than 90 days within the last 12 months
    • Two open lines of credit or more in which you’ve made prompt, on-time payments
    • A debt-to-income ratio of 50 percent or less
    • A minimum credit score of 640

    Once you pass the minimum requirements, Payoff conducts a hard credit pull (this could make your credit dip temporarily). If accepted, Payoff offers you a loan. Once you accept it, the loan is deposited in your account and distributed to pay off your debt.

    Payoff rates and fees

    Payoff typically charges an origination fee that helps cover all initial costs. This is only charged when your loan is ordinally issued, and it ranges from 0% and 5%. Payoff’s interest rates typically settle between 5.65% (5.99% APR) and 22.59% (24.99% APR) at the time of publishing, which is a fairly competitive rate.

    Payoff has no hidden fees, and your loan payments begin about a month after your loan is signed and issued.

    Payoff FAQ

    Does Payoff hurt your credit?
    Payoff uses soft credit pulls to prequalify you so that your credit isn’t hurt. Payoff uses a hard credit pull if your loan is approved, which may cause your score to dip temporarily.
    What credit score do you need for Payoff?
    A minimum credit score of 660 is required to apply to Payoff.
    How does Payoff verify income?
    Payoff requires your two most recent pay stubs to verify your income.
    Can you pay off a Payoff loan early?
    Yes, you can. There are no early payback fees.

    Is Payoff a legit company?

    If you have already gathered personal debt, it’s always a good idea to pay it off as quickly as possible. With Payoff, you can accomplish this. Instead of paying all at once, you will then have a smaller, regular payment to make, typically at a lower interest rate than you were paying on your credit cards.

    Payoff Reviews

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    Page 1 Reviews 0 - 30
    Rated with 5 stars
    Verified Reviewer
    Original review: Oct. 24, 2020

    I wanted to consolidate about $14,000 worth of debt and looked into which companies had the best reviews. I decided to talk to Payoff and got a 2 year loan at about 10.99% which is a little higher than I wanted but much better than the credit card apr. They auto deduct the monthly amount on the 15th and everything's been super easy since. I'm now 6 months away from being fully paid off and I couldn't recommended these guys more highly. They are not predatory lenders and they will not steer you into debt consolidation. This is a personal loan that you will pay off your debt with and you will keep your credit cards open if you so desire. Also when covid happened they deferred my payment for a month when I lost my job and offered to extend again if need be. It's been a really great experience start to finish and I will most likely use them again.

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