Payoff 1168

Payoff provides fixed-rate loans to borrowers solely for the purpose of paying off credit card debt. Borrowers have an average debt of $15,000 they want to consolidate.

Payoff may be a good fit if:

  • Your credit score is 660 or higher
  • Your debt-to-income ratio is 50% or less
  • You have at least three years of good credit history
  • You need help staying disciplined. Payoff’s “member advocates” provide ongoing support and financial guidance as you pay back your loan, keeping you on track and helping you improve your financial health.
  • You don’t live in one of these states, or the District of Columbia, where Payoff loans aren’t offered: Delaware, Massachusetts, Michigan, Minnesota, Mississippi, Nebraska, Nevada, Ohio, Oklahoma, Virginia, Vermont, Washington, West Virginia and Wisconsin

While Payoff doesn’t force you to pay off your credit cards, it makes personalized recommendations to keep you on track, using quizzes that assess your financial personality, your level of financial stress and how your wealth compares to others’. Based on your results, Payoff will serve up tools and resources to help you stick to your goal.

“Having this personal insight into your habits is huge,” says Scott Saunders, chief executive officer of the Costa Mesa, California, company. “It empowers you to make better financial decisions in the future.”

Borrowers can get customer support via chat during business hours if they want quick answers to questions. They can also call a Payoff member advocate for support and guidance as they pay back the loan, or to talk about their financial goals and how to achieve them.

Payoff partners with Alliant Credit Union, First Electronic Bank and Technology Credit Union — all federally insured financial institutions — to issue loans.

Steps toward financial health

Payoff allows some payment flexibility. If you miss a payment, you won’t be charged a late fee; rather, you can work with your representative to create a plan to catch up. Payoff may offer you the options of payment deferral, skipping a payment or changing your payment date.

Borrowers also have free access to their FICO credit scores monthly, a feature that few online lenders offer. This makes it easier to track your progress toward better financial health.

Check out the Failed Credit 2018 Best Personal Loan Sites report!





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  • You don’t have to open a new card
  • Straightforward qualification
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