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Personal Loans

Payoff Personal Loans Review

Payoff has rebranded into Happy Money.

at Payoff’s secure website
Editorial Rating

Editorial Rating

What we like:

Job loss support

Rates (APR)5.99% – 24.99%
Loan Terms2 – 5 years
Loan Amounts$5,000$35,000
FeesOrigination fee: 0% – 5%

Prepayment penalty: None

Late fee: None
See how Payoff’s personal loan product stacks up with other options

Debt can consume your life and make your financial goals seem out of reach. Sometimes a personal loan can help you get back on track by providing you with a way to consolidate debt at lower interest rates.

In general, personal loans can be used for any purpose, but Payoff offers personal loans to pay off high-interest credit card debt. The company was founded in 2011 with the goal of helping borrowers finance debt consolidation, save money, and achieve their financial goals.

Our Payoff Personal Loan review takes a closer look at the process of applying for a loan through Payoff.

In this review:

The Payoff Loan: At a glance

The Payoff Loan
Loan amounts$5,000 – $35,000
Term lengths24 – 60 months
APRs5.99% – 24.99%
Origination fee0% – 5%
Prepayment fee$0
Late payment fee$0
Minimum credit score640
LendEDU rating4.8/5

Payoff uses science, technology, and psychology to help its members achieve better long-term financial habits. By taking out a Payoff personal loan, customers can pay off multiple lines of credit card debt and be left with a single loan and a lower monthly payment moving forward.

Payoff doesn’t charge any application, prepayment, late payment, or annual fees, but you will have to pay a loan origination fee if your application is accepted and you receive a loan. There are other lenders that do not charge origination fees, but they tend to focus on good credit borrowers.

Pros & cons of Payoff personal loans


  • The biggest benefits of taking out a loan through Payoff are paying a lower interest rate and consolidating multiple debts into one simplified monthly payment. This makes it easier to pay off your debt and improve your financial situation.

  • According to Payoff, individuals see their FICO score increase by an average of 40 points after they eliminate at least $5,000 of credit card debt with a Payoff loan because revolving credit card debt is considered riskier by credit bureaus than installment debt (the kind of debt you’d have with Payoff).

  • Payoff is upfront about its requirements, what borrowers need to qualify for a loan, and the one-time origination fee.

  • No application or prepayment fees.

  • Payoff members enjoy added services such as free monthly updates on their FICO score.

  • Payoff will work with you on your monthly payments if you lose your job. It will even pass your information to recruiters to help you find a new job.


  • Payoff isn’t available everywhere. Massachusetts, Nebraska, Nevada, Mississippi, and West Virginia borrowers can’t apply.

  • If you have a limited credit history, you may not qualify for the company’s minimum requirements.

  • You may qualify for a lower rate or better repayment terms elsewhere.

  • Not all lenders charge origination fees like Payoff does.

How to get a Payoff Personal Loan 

Payoff offers a personal loan for fair credit borrowers. Payoff requires a FICO score of 640 or higher and a debt-to-income ratio of 50% or less.

Borrowers must also be able to demonstrate at least three years of good credit with no delinquencies.

To apply for a loan from Payoff, you’ll need a bank statement, driver’s license, and a tax return. Your credit score won’t be negatively impacted when you apply for loan preapproval through Payoff.

Payoff alternatives to consider

It’s always important to consider all your options when you are applying for a personal loan. By comparing personalized quotes from a few lenders at once, you can make sure you find the best rates before submitting a full application. Here are a few alternative companies you can consider:

  • Upstart: An Upstart personal loan could be the right fit for you if you’re looking to borrow more than $35,0001. With interest rates starting at 7.74%2, Upstart may be a little more expensive than Payoff. But the upside is, you can use the funds for any purpose.
  • Prosper: Founded in 2005, Prosper personal loans offer interest rates that are similar to Payoff; in addition to debt consolidation loans, it also offers loans for medical procedures.
  • SoFi: SoFi offers personal loans of up to $100,000 with rates that start at 6.79%. One downside of SoFi, however, is that it requires a minimum credit score of 680. Plus, borrowers typically have higher annual incomes. So you may not qualify if you’re early in your career.

If you want to review other options, check out our guide to the best personal loans. It breaks down our top lenders by credit category, so everybody can find a lender that works for them.

1 Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

2 The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.