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Founded in 2009, Payoff's initial business model incorporated gamification, behavioral science, and social media to help people manage and pay down credit card debt. Pivoting in 2014, Payoff entered the lending space to help people eliminate high-interest credit card balances. Its board of directors includes Joe Saunders, former CEO of Visa; Mohamed El-Erian, former CEO and Co-CIO of PIMCO; and Arianna Huffington, President and Editor-in-Chief at The Huffington Post. The company recently closed on $250 million of lending capital from Eaglewood Capital Management. Payoff's CEO, Scott Saunders, was recognized on the Goldman Sachs 2012 inaugural list of the Top 100 Most Innovative Entrepreneurs.

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The Good

  • Helpful features
  • Member advocates
  • Competitive interest rates
  • Average loan terms
  • Industry-standard max loan amounts

Helpful Features

The Payoff Loan™

The Payoff Loan™ is Payoff's latest financial solution. It was designed specifically to help people refinance and ultimately eliminate high-interest credit card debt. Potential customers can apply for The Payoff Loan™ on the company's website. Funds are automatically deposited into the borrower's bank account following approval and verification.

Payoff Lift

Payoff Lift is a 12-step financial education program that provides tools and training to help people get out of debt faster while also improving their credit. It includes tips for saving, budgeting, and even has called scripts to help people negotiate with creditors for lower rates.

Payoff Lift Blog

Similarly, the Payoff Lift Blog offers a variety of finance-related articles on topics ranging from building an emergency fund to investing in the stock market.

Payoff Financial Personality Quiz

The Payoff Financial Personality Quiz (FPQ), which was developed by Dr. Galen Buckwalter, former Chief Scientist at eHarmony, helps you understand your money habits and financial mindset based on your responses to a brief assessment.

Member Advocates

Everyone with an approved application will also receive access to a member advocate. Member advocates are available to guide people through their Payoff journey-they inquire about your goals, dreams, and challenges so they can better help you reach success.

Competitive Interest Rates

Payoff offers competitive interest rates that start at 8 percent and can climb up to 25 percent depending on several different loan factors. In comparison to other personal loan companies, these are very average rates for the industry. Payoff also offers its customers great tools on its website to help them get a better idea of the type of interest rate they would be charged for the loan they need. Payoff offers a 60-second no-risk rate check for customers who are looking for more specific information. This is a benefit that many other lending companies don't have. Often, the interest rates are hidden or not clearly outlined for customers who are interested in a personal loan.

Average Loan Terms

The maximum loan term offered by Payoff is very average for the industry. Payoff has loan terms ranging from two to five years. This length of time is common among competitors and a five-year loan is manageable for many customers. However, one item to add about Payoff is that although it avoids many of the other fees that personal loan companies charge, it does have an origination fee that is charged directly in relation to the loan term.

Depending on the term of the loan, a customer can be charged anywhere from 2 to 5 percent for an origination fee. The good news is that this and returned payment fees are the only fees Payoff charges its customers. Many other lending companies charge multiple different fees throughout the loan application process. Payoff avoids application fees, prepayment fees, late fees, check processing fees, and annual fees, making its loans significantly lower in cost compared to other companies.

Industry-Standard Max Loan Amounts

Payoff offers loans ranging from $5,000 to $35,000, which gives customers the freedom to find a loan amount that best fits their needs. Because Payoff specializes in helping its customers pay off high-interest rate credit card, this maximum loan amount suits its purpose and helps the company to emphasize what it is trying to accomplish.

The Bad

  • Fees may apply
  • Limited state availability
  • Lengthy approval/disbursement time

Fees May Apply

Payoff does not charge a formal closing fee, which is a portion of the loan amount deducted from the total loan amount before disbursement. Instead, Payoff combines the origination fee, closing fee, and the maintenance fee into one called the Payoff Platform Fee. The Payoff Platform Fee covers all services and constitutes the difference between the interest rate and the effective APR. It ranges between 2 and 5 percent, dependent on the length of the loan. The Payoff Platform Fee is 2 percent for a 24-month loan, 3 percent for a 36-month loan, 4 percent for a 48-month loan, and 5 percent for a 60-month loan. Payoff also charges a $15 returned payment fee in the event that there isn't enough money in the customer's account to make the payment.

Limited State Availability

Payoff's services are unavailable in the following 20 states: Alabama, Arizona, Colorado, Connecticut, Delaware, Iowa, Illinois, Indiana, Kansas, Louisiana, Massachusetts, Montana, New Hampshire, New Jersey, Pennsylvania, South Dakota, Texas, Vermont, West Virginia, and Wyoming.

Lengthy Approval/Disbursement Time

Approval of loan applications and fund availability is another area where Payoff falls slightly short in when compared to its competition. Payoff has a policy that states personal loan applications will be either approved or rejected within two to three business days from the time they were submitted. Although this is not an extremely long time, it is somewhat slow considering that most other companies in the industry provide same day approval to their customers. In total, it can take up to five business days for customers to receive funds, which is a long time to wait for customers who need immediate funds. However, as Payoff states, its mission and purpose is not to provide customers with emergency funds but instead to be a solution for high-interest credit card debt. 

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The Bottom Line

Payoff provides financial solutions for credit card refinancing. The company strives to make refinancing easy and effortless with an automatic transfer into your bank account (once approved and verified). Payoff provides plenty of resources to educate customers on how to get out of credit card debt, build credit, and prepare to build future wealth. With competitive interest rates, you can trust Payoff to offer you a fair loan for your needs. You will be limited by loan amount should you need to borrow more than $35,000. You will also need to have a credit score of 660 in order to do business with Payoff. With all that being said, for customers who meet the necessary requirements, Payoff is a great company to work with. Payoff offers a member experience team that empowers and aligns with customers so they can reach success and overall financial wellness. The company is focused on helping you become free of credit card debt. If you meet the requirements, check out Payoff to refinance your high-interest credit cards. 

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August 21st, 2019 Deerfield Beach, FL

This company is a joke! They waste your time take for ever to process then told me they couldn't validate my income. I gave them a BANK STATEMENT! It was right there in black and white! Then when I call and try to tell them they must have made a mistake they told me there isn't anything they can do about it! Decision has been made! If the reason they gave was completely incorrect you would THINK they would want to make it right! But no, they acted as if they just didn't care. It took them 10 DAYS to do this and then the ONLY reason for a denial was a flat out lie. Not sure how they are in business. Do yourself a favor and don't waste your time and effort sending them all your info... They do great advertising but is all BS.