Payoff Personal Loans: 2023 Review

Pros and Cons of Payoff

Pros of Payoff

Cons of Payoff

Payoff Personal Loan Terms, Rates, and Fees

Who May a Payoff Personal Loan Be Right For?

• Consumers with more than $5,000 of high-interest credit card debt
• Credit card users who want to diversify their mix of credit with an installment loan
• Consumers who prefer a legitimate lending platform over a loan shark
• Borrowers who want unsecured funding rather than collateralized personal loans

Who Payoff May Not Be Right For

• Consumers looking for quick $4k loans
• Consumers who need to borrow a $2,000 personal loan
• Borrowers who don’t want to pay origination fees and daily simple interest on a personal loan
• Consumers who prefer open-end credit vs. closed-end credit

What to Watch Out for With Payoff Personal Loans

• The Payoff Loan does not charge late fees, but failing to pay and defaulting on a personal loan can have a major impact on your credit score
• Happy Money reports its Payoff Loan customer account information to Equifax, Experian, and Transunion on a monthly basis
• The minimum loan amount in some states may be more than $5,000

Payoff Personal Loan Eligibility Requirements

• At least 18 years of age
• Have a valid Social Security number
• Have a valid checking account
• Have a credit score of 640 or higher
• Have no current delinquencies on your credit report
• Reside in an eligible state (loans not offered in Massachusetts and Nevada)
• Have at least three years of established credit history

Repayment Options for Payoff Personal Loans

• Automatic payments
• One-time manual payments online
• Mailing a check payment

How to Apply for a Payoff Personal Loan

1. Apply online. Applicants can get started by answering basic questions on a digital platform. You may check whether you have any prequalified loan options. Seeing your loan options won’t affect your credit score, but applying for one may trigger a hard inquiry that can cause your credit score to drop by several points.
2. Verify information. Happy Money Inc., operator of the Payoff Loan platform, may request that you provide supporting documents for verification purposes, such as proof of identity. A driver’s license or passport may serve as proof of identity. Applicants may also need to provide proof of income and bank statements.
3. Accept the loan. Approved applicants may sign and accept the loan offer at this stage. Borrowers may receive their personal loan proceeds within three to six business days. You can check your bank account to confirm receipt of the proceeds.

Alternatives to Payoff Personal Loans to Consider

• LightStream: LightStream offers personal loans ranging from $5,000 to $100,000 with no fees or penalties. Loan terms can range from 24 to 144 months depending on the purpose of the consumer loan, and the annual percentage rate may range from 5.99% to 24.49%. Applicants may receive funding within hours of applying, but one drawback with LightStream personal loans is the funds cannot be used to buy stocks or bonds.
• Best Egg: Best Egg offers unsecured and secured personal loans ranging from $2,000 to $50,000. Best Egg personal loans have APRs ranging from 8.99% to 35.99%, and borrowers can choose three-year or five-year repayment terms. Approved applicants may receive funding within one to three business days, but Best Egg may deduct an origination fee of up to 8.99%.
• Avant: Avant personal loans range from $2,000 to $35,000 and may have terms ranging from 12 to 60 months. APRs can range from 9.95% to 35.95%. Approved applicants can receive the funds within one business day, but borrowers may have to pay an administration fee of up to 4.75%.
• Lantern: Lantern by SoFi can help you quickly find online personal loans ranging from $1,000 to $50,000. Just fill out one simple form to compare possible lending options and select a lender of your choice.