Payoff Debt Consolidation Review

Finding the right company to help you with finance to secure a better monthly payment can be a challenge at the best of times. Add to that the stress of having to keep everything you’re committed to in order while you search can make it even worse Payoff offers consolidation loans at competitive rates without fees to customers looking to improve their credit score.

Credit Card Consolidation Best for
4 /5
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$ /mo
Starting Price
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    They understand that sometimes you need a boost quickly.

    Let’s take a look at what they can offer you so you can make an informed decision on if they are the right loan provider for your needs.

    Payoff Pros and Cons 

    Pros 

    • Competitive rates
    • No late fees
    • Offers helpful online educational tools
    • No prepayment penalty

    Cons 

    • No, co-sign option available
    • Charging origination fees

    Why Should You Consolidate Your Loans With Payoff?

    Payoff offers borrowers fixed-rate debt consolidation loans to pay off credit card debt. Consolidating debt with this sort of loan is a good idea as long as the new loan has favorable terms and a lower interest rate than your current debt.

    • Borrowing support -  refreshing to be able to work with a representative that will help 
    • Option for payment deferral, skipping a payment or changing the date
    • Online financial tools - Payoff also offers a variety of helpful tools
    • Not forced to pay off credit cards, but Payoff will provide recommendations to help you stay on track
    • The site has quizzes to assess your financial personality, stress, and wealth comparison

    This lender not only is flexible with rates and fees, but it also provides useful insights into your habits that can empower you to make better financial decisions going forward. 

    What are the Eligibility Requirements? 

    Applying for loans can hurt your credit score, so it’s essential to be aware of the eligibility requirements before filling out an application.

    • A minimum credit score of 640 or higher
    • Three years of credit history and two accounts in good standing required
    • Borrowers must not have any delinquencies
    • No loans for borrowers from Massachusetts, Mississippi, Nebraska, Nevada, or West Virginia

    To qualify for a Payoff debt consolidation loan, you must have good or excellent credit, good credit history, and no current financial delinquencies. 

    Payoff borrowers much have a credit score of 640 or higher, at least three years of credit history, and at least two current accounts in good standing. You will not be approved for a debt consolidation loan from this lender if you have any current delinquencies.

    You must not have any delinquencies for longer than 90 days in the last 12 months. Applicants also need to have a debt-to-income ratio of 50% or less. 

    This company partners with federally insured financial institutions to issue loans. All borrowers must be at least 18 years old or the minimum borrowing age of their state.

    How to Apply for a Payoff Consolidation Loan

    The application for a Payoff loan is simple, and you can check your rate in as little as three minutes.

    When you initially check your rate, you will have to follow these steps:

    Step 1 - Provide your name, birthday, address, phone number, housing information, and annual income. 
    Step 2 - After entering your financial information, Payoff will conduct a soft credit pull, and you will have access to your outstanding credit card balances. This step in the application process will not affect your credit score
    Step 3 - Payoff will suggest a loan amount and terms
    Step 4 - If Payoff presents you with a loan offer, you can then choose to accept the loan. 
    Step 5 - At that point, the lender will conduct a hard credit check. 

    Be aware that this can affect your credit score temporarily, but once you start staying on track and making payments on time, your score will go back up. 

    Once the approval process is complete, Payoff will transfer the money to your account within two to five business days. At this point, you should pay off your creditors. 

    Customer Service

    Payoff provides top-of-the-line customer support. All borrowers will have access to the Member Experience Advocates. These professionals will set up welcome calls and check-in quarterly to help you with any financial issues. The phone number is 1-800-878-0901, and the lender welcomes calls at any time during business hours. 

    What Types of Debt can be Consolidated with Payoff?

    Loans from Payoff are meant to be used only to get rid of high-interest credit card debt.

    You cannot use these personal loans to make a big purchase, pay for a wedding, or cover the cost of home improvements. 

    These personal loans are designed for anyone who wants to consolidate their existing credit card debt into one manageable monthly payment. Payoff loans are best with anyone with fair to excellent credit and low debt-to-income ratios. This option is not recommended for those looking to finance a new car, refinance student loans, or hoping to fund home renovations.

    The Bottom Line

    Payoff could be what you are looking for to consolidate your debts into one simple monthly payment. They offer some of the most competitive rates on the market, and the ability to run a soft credit check pre-approval makes it risk-free. 

    You should do some further research and then you can use the information we have given you to decide if it’s the right choice for you. Payoff has helped thousands of customers get back in control of the finances, and they could do the same for you.

    Check out their website to start the process today. 

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