Payoff is an online lender headquartered in California that offers personal loans to customers who want to pay off their credit card debts. It provides fixed rate of interest and is best suited for borrowers who have a minimum debt of $15,000.
Application Process : The lender helps customers to reduce high-interest payments and convert them into one single low-rate payment. The application is process is simple that takes exactly four steps as listed below:
- Check your interest rate
- Select your terms and conditions
- Verify all information provided to the lender
- Receive funds and pay off your credit card bills
Payoff’s Interest Rates and other Charges
The lender claims to offer the most competitive interest rates ranging from 8% APR to 25% APR. Payoff also charges an origination fees of 2% to 5%, which is debited from the loan account. Apart from the origination fees, there are no application fees, late fee, prepayment penalties or any other hidden charges.
The company reports to three major credit bureaus so if you make regular payments, your credit score is sure to improve. Payoff works with First Electronic Bank to issue loans, and offers customer service and guidance to all its customers.
Credit Score Requirements
Payoff has made its terms and conditions pretty clear. Customers should have a minimum credit score of 660 with a good credit history of three years or more. This means that customers not fulfilling the basic criteria may not be entertained.
Customer support is offered during business hours through which customers can seek financial advice and discuss financial goals. If you feel that your credit score won’t make you eligible, there is still no harm trying to apply for a loan and know where you stand.
You can check your credit status online and get a reality check done so that you understand the importance of good credit. One good thing about Payoff is that if you meet their minimum requirements you can apply online and check your interest rate. This would not hamper your credit score.
In a Nutshell
Payoff is a lender that is looking for people who are in debts and are trying hard to come out of it. Having said so Payoff might not be the right choice if you have a very poor credit and fail to manage your finances well.
The interest rates and other terms depends solely on your credit score. The better your credit score, lesser will be your interest rate, thus making you save a little more with Payoff. You can compare the rates of various other lenders online and see which one suits your budget the best.
Payoff can be a good choice is paying off your credit card bill is on your mind. It not only encourages customers to become debt-free as early as possible but also helps them establish an excellent credit. It is one of the few lenders that not only invites people in debt but also offers a solution to their problems.
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