Payoff is an online loan marketplace that connects borrowers to fixed-rate personal loan offers that can be tailored to meet their needs. The company claims to apply science, psychology, and technology to help their members “reinvent their relationship with money and accelerate their journey toward financial well-being.” However, they mostly do what other personal loan companies do — let consumers borrow money at low fixed interest rates.
The biggest difference with Payoff is the fact these loans are geared toward consumers who need to pay off credit card debt. In other words, these loans aren’t intended other personal loan uses like home remodeling projects or large purchases.
Still, there’s plenty of reasons to apply for a loan from Payoff if you’re in debt. This popular loan platform offers flexible loan terms and may be available to consumers with less-than-stellar credit and high debt-to-income ratios. Payoff loan amounts can be generous if you qualify, and their starting APR is lower than many of their competitors. For that reason, we suggest checking them out if you’re stuck with high-interest credit card debt you desperately need to pay off.
Payoff Personal Loans: Key Takeaways
- Borrow between $5,000 and $35,000 to pay off high-interest credit card debt.
- Repay your loan in terms that range from 2 to 5 years.
- Interest rates range from 5.99% to 24.99%.
- You may be required to pay an origination fee of up to 5% of your loan amount.
- Payoff loans come with no application fee, prepayment penalty, or hidden fees.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
Payoff Loans Review: Smart Personal Loans for Consumers with High-Interest Credit Card Debt
A recent survey from Bankrate revealed some startling (but not surprising) statistics on American credit card debt. Per the survey, only 44 percent of U.S. adults have more money in savings than they do in credit card debt. Meanwhile, a different Bankrate survey found that only 40 percent of people could cover an emergency expense of $1,000 or more in a pinch.
If you’re in a position where you’re struggling with credit card at a high interest rate, you already know how difficult life can be. While Payoff offers yet another way to borrow more money, they set their…