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Repay personal loan amounts and interest rates


Origination fees between 0% and 5%

Regular APR

5.99% to 24.99%


Origination fees between 0% and 5%

Regular APR

5.99% to 24.99%

  • Competitive interest rates
  • No prepayment or late fees
  • Low minimum credit score required
The inconvenients
  • Assembly costs
  • Slow access to funds
  • Purpose of the limited loan
  • Not available in all states
More information
  • Loan amounts range from $5,000 to $40,000
  • The duration of the loans varies between 2 and 5 years
  • Origination fees between 0% and 5%
  • You won’t be able to get a loan from Payoff if you live in Maine, Massachusetts, Nebraska or Nevada
  • Can only be used for credit card debt consolidation
  • Loans from one of Payoff’s lending partners

How Payoff Personal Loans Work

Payoff offers unsecured personal loans through one of its seven lending partners, and is owned by Happy Money. You don’t need to provide collateral, such as a house or car, to get an unsecured personal loan. Most lenders allow you to take out a personal loan for multiple purposes, but Payoff Personal Loans are specifically designed to help you eliminate high-interest credit card debt.

Currently, Payoff does not serve borrowers in Maine, Massachusetts, Nebraska, or Nevada, so you cannot get a personal loan in those states.

You won’t receive your money as quickly with Payoff as with other lenders, as it takes at least two business days for the money to be deposited into your account. The lender will charge an origination fee ranging from 0% to 5%, which will depend on the terms of your loan. However, you will not pay any prepayments or late fees with Payoff.

The company offers a variety of options for customer support. You can email the company’s customer support account or call Monday through Friday, 6:00 a.m. to 6:00 p.m. PT, or weekends, 6:00 a.m. to 3:00 p.m. PT. If none of these options work for you, you can also mail your requests to Payoff’s California address.

Advantages and Disadvantages of Payoff Personal Loans

What credit score do you need?

With Payoff, you need a minimum credit score of 640 to qualify for a loan. This minimum is lower than other personal lenders that have similar interest rates and loan terms. For example, the lowest credit rating SoFi will accept is 680 and Lightstream’s minimum rating is 660.

To get your credit report from any of the three major credit bureaus, use You can get your report for free once a week until April 20, 2022. Although you won’t get your credit score on this report, you will get information about your credit and payment history. When reviewing your credit report, you can spot errors and determine where you can improve.

You can get your score for free from your credit card statement or online account. You can also buy it from a credit reporting agency.

When you check your rates with Payoff, the lender generates an indirect credit request, which will not impact your credit score. However, just before finalizing your loan, Payoff will perform a serious credit check, which will likely affect your credit score. A thorough investigation gives the lender a full view of your credit history, but it can negatively impact your credit score.

Is Payoff trustworthy and what is its BBB score?

Payoff’s parent company, Happy Money, is a Better Business Bureau accredited company, and the BBB gives Happy Money a A+ rating. The BBB assesses trustworthiness by looking at companies’ responses to customer complaints, the truthfulness of advertising, and the transparency of business practices.

Keep in mind that a Stellar BBB rating doesn’t guarantee a great relationship with Payoff, so be sure to read customer reviews and ask friends and family about their experiences with the company.

Payoff has no recent scandals. Due to its clean history and top-notch BBB rating, you might feel comfortable choosing Payoff as your personal lender.

Repayment vs Sofi Personal Loans

Payoff has a lower credit score requirement than SoFi, but if your credit isn’t in top shape, Payoff may charge you a higher maximum APR. If you have excellent credit, you may be able to get a slightly lower APR with Payoff compared to SoFi, but the difference is marginal.

You’ll pay origination fees of between 0% and 5% of your total loan amount with Payoff, while you won’t pay any origination fees with SoFi. The payment origination fee will be deducted from your overall loan proceeds.

Both companies will give you your money in about the same amount of time, about a few business days after approval.

Payoff has a maximum loan term of five years, while SoFi has a maximum loan term of seven years. If you’re looking to spread your payouts over more time, SoFi might be the best choice for you.

Repayment vs Marcus Personal Loans

Payoff and Marcus have relatively similar APR ranges, although Marcus’ maximum APR is 5% lower than Payoff’s highest rate.

You will not pay any fees with Marcus, including late fees. Instead, you’ll accrue more interest if you pay late, so your final payment will be larger. You’ll pay setup fees with Payoff, but no prepayment or late fees.

Marcus offers an “on-time payment reward”. If you repay your loan on time and in full each month for 12 months, you can waive one month of payments and no interest will accrue during this period. Your loan will then be extended for one month.

Repayment personal loans are intended to help borrowers pay off high-interest credit card debt. This means that you are limited in the purpose of your loan – you may want to go with Marcus if you are not aiming to consolidate your credit card debt.

People also ask

Is Payoff Harming Your Credit Score?

When you initially check your rates with Payoff, your credit score will not be impacted. Once you’ve finalized your loan, the company will perform a credit check, which will give them a full view of your credit history, but could affect your score.

Once you have your loan and start making payments, Payoff will report those payments (or lack thereof) to credit reporting agencies. If you make reliable, on-time payments, you can improve your credit score. If you are consistently late or miss your payments, your credit score may be damaged.

Is a Payoff loan difficult to obtain?

The minimum credit score for a Payoff loan is 640, so depending on your financial situation, you may not qualify for a loan from the lender. The company’s minimum credit score is similar to many other personal lenders, so it’s not much harder to get a loan with Payoff than with another company.

Can a Payoff loan be repaid early?

Yes, you can make prepayments on your Payoff loan without paying any additional fees.

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