Payoff Review

By: Cooper Haywood
Last Updated: April 07, 2020
Advertiser Disclosure



Payoff offers a fast and easy way to repay credit card debt for people with good credit. Some banks and peer-to-peer loans may have lower interest rates, but the eligibility requirements are more stringent and it can take weeks before you can access your cash.

Quick Facts

Minimum Credit Score
Maximum Loan Amount
Loan Duration
60 months
8.0% - 22.0%
Origination Fee
2.0% - 5.0%
Days to Close
30 days

Expert Walkthrough

Coming Soon!

About the Author

Cooper is a former equity research professional/finance analyst who holds an MBA in Financial Instruments and Markets from New York University's Stern School of Business. He left the investment banking world in 2015 to become a full-time investor. He contributed to InvestmentZen as an financial product analyst from 2016-2017.

Payoff Reviews

Credit Karma 2015-07-20

I really liked Payoff and was hoping to complete my loan with them. They offered a great rate, they have great customer service, but the problem I had is that they do not report their loans or payment history to the credit bureaus. This was an important factor to me as I am trying to improve my score from the low 700's to the mid to high 700's all while paying off some credit card debt. I made sure to ask this question when I called in to customer service and I was told that they did not at this time but were looking to do so in the future. Since they couldn't let me know when they would start doing this, I moved onto Lending Club who offered the same rate as well as confirming that they do report to all three credit bureaus. If you are looking to payoff some credit card debt and are not concerned about improving your credit score, then I would recommend Payoff. But since most of the Credit Karma users are looking improve their credit rating, I don't think that Credit Karma should be recommending this company until they change this practice.

Super Money 2015-05-05

I know that we are in the digital age and all, but I still measure the worth of a company on its customer service. So when I called into Payoff and someone was ultra helpful, I decided that this was a company that I wished to give my business. I applied for a loan and got it and I am very happy with the results.

E Komi 2015-09-29

Payoff is one of the best debt consolidation tools I've used. They were very meticulous in preparing my loan and boosted my confidence in their thorough research of my finances to make sure I could absolutely pay off the loan. Their staff is amazing, friendly, and very professional. When I talk to them, I feel like I am talking to a close friend!

MoneySavingPro 2015-07-29

Great service and a fast process, but would like an actual document with my loan agreement on.