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Payoff Overview
The payoff is a California-based financial wellness company which parent company is happy money. Pay off of is not a bank but it works with lenders who originate the loans.
Also read: Best Instant Approval Payday Loans with Bad Credit | Moneymutual Payday Loan Review
Pros
- Loan amount starting from $5,000 – $40,000
- Soft Credit Check is done by payoff to check interest rate.
- You will get competative interest rates.
- Payoff requires Fairly low credit score needed: 600.{alertSuccess}
Cons
- Payoff do Charges a originaiton fees
- Provide loan for only Debt Consolidation. {alertError}
Debt Consolidation Loans For Poor Credit
Annual Interest Rate (APR) and Fees
The APR for this Payoff credit card debt consolidation loan is very low compared to other loans in the market.
The APR (annual percentage rate) will be within the range of 5.99% to 24.99%. which is very low compared to Best egg credit card consolidation loans.
Payoff loans offer a minimum APR of 6.99% for the loan of more than $15,000.
As for the fees, the company charges no application check, processing, return check, annual, prepayment, or late fees but borrowers have to pay the origination fee which is 5% of the loan amount.
Also read: Best No Credit Check Payday Loans Guaranteed Approval | Zippyloan.com Review
Minimum Credit Score Required
As per Payoff customer reviews, the credits score you will be required to get a debt consolidation loan is a minimum FICO credit score of 600.
Also read: Prosper Personal Loan Review 2021 | Prospa loans review
Offered Loan Amount
The payoff can offer you a personal debt consolidation loan amount between $5,000 – $40,000.
The loan amount will be decided based on your credit score and how much money you will be able to approve for this credit card debt consolidation loan.
The minimum loan amount and APR may vary in certain States as per Payoff rules and regulations.
Eligibility Criteria
- You should be at least 18 years old
- You must a valid ID Proof or social Security number
- You must be a United States citizen or a permanent resident.
- You must have a valid active us bank checking account
- You have to provide a valid email address and a phone number
Required Documents
- Valid Identity Proof.
- Have to provide a DOB.
- Valid current mobile number and Email id.
- An active American bank account.
- A social security number
Repayments Terms
How to apply for Payoff
- There are only four steps for applying to pay off the personal loan.
- First of all, you have to go to their payoff website and there you have to answer some basic questions regarding loans to pre-qualify for the loan which does not affect your credit score.
- Next, you will have to select the loan term amount which is best for you and finish your application.
- Then you have to review your terms and condition, verify your information, and electronically sign your loan documents.
- Please read all the documents carefully of what APR is they offering? what is the loan payback period, and only then sign the documents.
- After that payoff will perform a hard check on your credit right before your loan is finalized.
- Then you will receive your loan amount in your bank account within 3 to 4 business days.
Also read: Best Bad Credit Personal Loans Guaranteed Approval No Credit Check Direct Lender
