• Loan Term: 2-5 years
  • Estimated APR: 5.99%-24.99%
  • Min. Credit Score: 640
  • Loan Amount: $5,000-$40,000

Top PayOff Reviews of 2022: Should You Go For It?

  • Loan Term: 2-5 years
  • Estimated APR: 5.99%-24.99%
  • Min. Credit Score: 640
  • Loan Amount: $5,000-$40,000

Best For

Settling Credit Card Debts


  • No prepayment penalty fee or late payment penalty fee
  • Direct payment method
  • Offers expert financial advice to improve credit scores
  • Competitive APR rates
  • Large loan amounts


  • Funding time can take up to 5 days
  • Minimum credit score requirement of 640

PayOff is a loaning company that helps people boost their FICO scores by paying off their credit cards in one easy payment.

The process is quick, easy, and recommended by hundreds of happy customers in numerous PayOff reviews.

Is it a good idea to take out a loan to pay off your credit card? What advantages does it have for you in the long run? In this PayOff review, we take a closer look at how this service works and how it can benefit you. We will consider the following factors:

  • Product Overview and Features
  • Criteria and Personal Loan Eligibility
  • APR and Interest Rates
  • Pros and Cons
  • Alternatives and Competitors
  • PayOff Reviews and Testimonials
  • FAQs

Product Overview and Features

PayOff’s parent company is Happy Money. Happy Money is known for connecting borrowers with a network of lenders. PayOff provides their clients with the opportunity to settle their credit card debt and achieve financial freedom, no collateral needed. This personal loan can’t be used for any other purposes such as going on a holiday or paying for a special event.

Although you cannot use this loan to buy a house, it still can benefit you if you’ve been trying to buy a house with bad credit and haven’t been successful. Many reviews of PayOff by credible users say that it enabled them to pay off their credit accounts. As a result, their credit scores increased and gave them a fighting chance with their next home loan application.

Let’s take a closer look at the features of the products PayOff offers:

Expected Loan Amount

PayOff offers loans from $5,000 up to $40,000. The loan amount is unsecured. This means that you don’t have to provide collateral like a mortgage, a car, or home equity lines.


The estimated Annual Percentage Rate (APR) ranges between 5.99% and 24.99% and is fixed upon agreement. Compared to other no minimum credit score or low minimum credit score loaning companies, PayOff offers great APR rates. Some PayOff loan reviews say that it has high APR rates, but we’ve actually found that the rate is fixed and much lower than most bad credit loan providers’. This APR rate includes a 0%-5% origination fee.

Loan Term

Loan terms range from 2-5 years.

Fees and Penalties

Because the company is focused on getting you out of debt, they have no late payment fees. There isn’t an introductory fee but an origination fee is charged and added to your APR.

PayOff doesn’t charge any penalties for late or missed payments. PayOff debt consolidation reviews show that the company will check in on you once every quarter to help you stay on track with repayments. Unfortunately, clients can’t benefit from a discount rate when signing up for automatic payments, like with some other loaning companies.


PayOff by Happy Money understands the struggles clients have with high-interest credit card debt. Instead of paying high interest rates with banks, they eliminate this by loaning you the money to pay off your credit card and then give you a better interest rate. The APR and interest rates will be stated clearly in your offer.

One PayOff personal loan review said that they paid a total of $7,888 in interest over the course of 4 years with an APR of 17.4% for a loan amount of $20,000. Much lower than paying off a high-interest credit card debt.

Receiving Funds

Once your application has been approved, you can expect to receive the money within 3-5 days. The loan amount can either be deposited into your bank account or transfered directly to your credit card by PayOff.

Personal Loans Features 

One of the best features of becoming one of PayOff’s clients is that they give members psychology-based advice. The team of experienced professional experts will guide you through the journey of settling your debts and becoming financially stable.

Members can contact customer service via email at success@payoff.com, by phone at 1-800-878-0901 from Monday to Friday, 6 a.m. to 6 p.m. (PST), or Saturday to Sunday, 6 a.m. to 3 p.m. (PST). If you aren’t a member yet, you can phone them at 1-949-430-0636 or send an email to media@payoff.com.

Reading PayOff debt consolidation reviews, it is clear that this company truly provides the best guidance as one of the best credit card consolidation loaning companies. It’s dedicated to helping members grow their FICO scores while taking away some of the financial stress. As an additional feature, the company will provide you with your FICO score each month, so you can track it and see it improve.

Approval and Funding Time

Funding can take up to 5 days. Compared to other loaning companies that often promise funding within the next 24 hours, this takes a bit longer.

Making Payments

A fixed monthly payment amount is withdrawn from your bank account on the same day every month. The date of your automatic withdrawal payment can only be changed every 12 months through your membership account.

PayOff Financial Eligibility and Requirements Criteria

According to many satisfied PayOff personal loan reviews, the requirements for loan approval are transparent. Firstly, the company has a minimum credit score requirement of 640. If your FICO score is under 640, you can consult the company about improving your credit score until you are eligible.

You won’t be eligible if you have any credit delinquencies – resolve them before applying with PayOff. Other factors that will also be taken into account are:

  • Your debt-to-income (DTI) ratio, usually 50%
  • Credit history (minimum 3 years)
  • Your open lines of credit that are satisfactory and paid on time
  • Your available credit and current balances on credit cards

Taking all the above factors into account, the company will come up with the loan amount offering and payment agreement that will help you fix your current credit score.

Applying for a Personal Loan 

Reviews of PayOff state that the application process is easy, but we’ve found that it’s not as quick as with other loaning companies. This is because PayOff has a lot of factors to take into account. They assess all your circumstances in order to put together a plan that will benefit you in the long run.

Here are the steps you need to take when applying with PayOff:

Step 1 – Click on the ‘Check my Rate’ button here then fill in your:

  • Full name
  • Birthday
  • ZIP code
  • Address
  • Mobile number
  • Annual income
  • Monthly expenses

Identifying documents might also be requested.

Step 2 – Provide your contact details

Step 3 – Read through the consumer report, terms of use, privacy policy, and eSign consent as well as all the fine print before checking the box

Step 4 – Wait for an agent to send you an email with your rates

Step 5 – Discuss terms and conditions with an agent, accept, and receive funds within 3 to 5 days

Pros and Cons

Each PayOff personal loans review reveals certain pros and cons associated with the service. Let’s take a closer look at PayOff’s benefits and disadvantages:


  • No prepayment penalty fee or late payment penalty fee
  • Direct payment method
  • Offers expert financial advice to improve credit scores
  • Competitive APR rates
  • Large loan amounts


  • Funding time can take up to 5 days
  • Minimum credit score requirement of 640

PayOff Reviews and Testimonials

A great indicator of PayOff’s performance is the amount of positive PayOff reviews on the Better Business Bureau platform. The company holds an A+ BBB rating, it is accredited and has a 3.94 score from customer feedback. Apart from PayOff reviews on BBB, let’s look at a few other external ratings:

NerdWallet: 4.5-star rating
WalletHub: 3.9-star rating
MoneyUnder30: 3-star rating
Bankrate: 4.6-star rating

PayOff company reviews on Lending Tree are impressive with a 5-star rating. Credit Karma also gives the company a high star rating of 4.7.

Privacy and Security Policy

All member’s personal information is protected by high-functioning security technology. Sensitive data is protected by 256-bit encryption that is certified by McAfee. Partners within Happy Money’s network are carefully checked for credibility and legitimacy.

Alternatives and Competitors

Upstart and Prosper provide personal loans similar to PayOff. According to many PayOff.com reviews, it is clear that PayOff is a strong contender against its competitors. Let’s see how it compares with Upstart and Prosper:

PayOff Upstart Prosper
Loan Term 2-5 years 3-5 years 3-5 Years
Estimated APR 5.99%-24.99% 6.46%-35.99% 7.95%-35.99%
Min. Credit Score 640 620 640
Loan Amount $5,000-$40,000 $5,000-$30,000 $2,000-$35,000

All three companies give personal loans for bad credit applicants. It is clear that PayOff has the best APR rates as well as the highest loan amount offerings. Reviews on PayOff.com say that having a credit score of less than 640 means that you aren’t eligible for PayOff’s services. Upstart, on the other hand, might consider bad credit scores less than 640.

Wrap Up

In many PayOff reviews, members say that their credit scores have increased by at least 40 points once they’ve started using PayOff’s services. The process is fast and easy. With low APR rates and a customer service team that is dedicated to increasing FICO scores – it’s worth a try.


How Does a PayOff Loan Work?

The financial wellness company provides personal loans to applicants with a minimum credit score of 640. Once a loan is approved, it is used to pay off your credit card debt. In fact, the sole purpose of the company is to help individuals grow their current FICO scores by settling credit card debt.

Can You Pay Off a PayOff Loan Early?

Yes. Luckily, there aren’t any penalty fees for early loan repayment with PayOff.

Is PayOff a Bank?

No. PayOff works with verified and credible lending partners. All information about its lending partners and associated financial institutions can be found on the Lending Partners page.

Is PayOff legit?

According to our thorough research, as well as numerous online customer reviews, Payoff is legit and can offer you some very good personal loan options.

Is PayOff a Good Idea?

Yes. PayOff helps you achieve future financial health by helping you grow your credit score and settle credit card debt. Many PayOff reviews point to its satisfactory customer service that makes the entire process effortless. They report to all three major credit bureaus, often improving credit scores by up to 40 points within only a few months.