payoff Review

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Who is Payoff Inc.?

Did you receive a pre-approval offer in your mailbox from Payoff Inc. by Happy Money?

Did the offer claim that you can save $10,000 or more?

Did the offer claim to offer rates of 5.99% to 24.99%.?

Did the offer look similar to the offer below?

Payoff

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Payoff Inc. Fast Facts

Loan Amounts: $5,000 to $35,000
APR: 5.99% to 24.99%
Minimum Credit Score: 640 score

  • Loan Type: Multi-purpose personal loans
  • Repayment Terms: 24 to 60 Months
  • Direct Lender or Marketplace: Marketplace
  • Turnaround Time: 2 to 5 days
  • Best For: Anyone looking to improve their financial state

Payoff Inc. Pros & Cons

Pros

  • No prepayment fees
  • Monthly FICO score updates
  • Wealth of educational resources
  • No late fees

Cons

  • No joint applications
  • 0% – 5% origination fee
  • For credit card debt consolidation only

Payoff Loans

Payoff Inc. Cost of Loan

With Payoff, customers can consolidate up to $35,000 in credit card debt. They also offer extremely competitive rates ranging from 5.99% – 24.99%, and repayment options ranging from 24 to 60 months.  However, they may charge an origination fee to process the loan. This fee can be between 0% and 5% and depends on things like your credit history and the loan amount.

Qualifications

To get started, there is a list of criteria you need to meet:

  • Be a US citizen or Permanent Resident
  • You must be at least 18 years of age
  • Valid bank account
  • Minimum credit score of 640

To apply for Payoff you need to have access to the following information as well:

  • A government-issued ID
  • Debt-to income ratio of 50% or less
  • No delinquencies on any outstanding credit
  • At least three years of credit history

After you have met all the qualifications, you can get started by following these few steps:

  1. Go to Payoff’s website
  2. Click Check My Rate. If you have an invitation code, you can enter it now.
  3. Fill out basic personal information including your contact and financial information
  4. Create an account and read Payoff’s disclosures to submit your application

After you submit your application, they will get in contact with you. If you are approved and like one of your offers, select it, and verify your information. Make sure to double-check all your information before e-signing your loan documents. Once it receives your documents, your funds should be in your account within two to five business days.

If you aren’t approved, you can reapply after 30 days.

Payoff Inc. BBB Reviews

08/04/2021 – Problems with Product/Service

On March 25, 2021 I was exploring loan options online with several companies. In order to get rate information, each site requests some information on income and runs a soft check on your credit score to present the consumer with rates and terms. I did not make a final decision on any loans or sign any documents at this time.On June 6, 2021 I received an email from Payoff.com, one of the companies I had search for loans on. This email offered a promotion with a code for an Amazon gift card. For loans over $30,000 they would give me a $500 Amazon gift card. The loan had to be funded between 6/4-8/31/21. I decided based on this fact to take out the loan and decided to take out the loan for $35,000. The loan funded on 7/4/21. I used the code on the site before making a final decision and chatted with their online help to make sure I was eligible for the Amazon card promotion. I have not received the $500 Amazon gift card and no one is returning my calls or emails when I make the request.

07/22/2021 – Problems with Product/Service

I had a loan with Payoff, **** I decided to pay the entire loan off, so I scheduled to a payoff for Tuesday June 20, 2021. I contacted the company on Monday to get assurance that they would stop deducting auto-payments on the loan. The customer service agent assured me that as soon as my lump sum payment went through, any scheduled autopayments would stop. However, this morning, I see that Payoff still deducted a payment, even though the loan was fully paid off. When I contacted customer service, they gave me the run around. They claimed that they couldn’t stop the auto-payment and said that it would be refunded in a week or so. When I told them that this was unacceptable, as they had to right to deduct that money from my account (the loan was paid off in its entirety), they booted me off the chat/company website. When I logged back in, they had disabled the customer service chat for my account. I have no idea if they are going to refund my payment or not.

07/15/2021 – Problems with Product/Service

Payoff keeps reporting my account as ******************* March for a January payment. They wrote a letter stating my account was not paid until February 27th which they states is 30 days but my account was paid on the 26th. I have an email confirmation for the 26th and their website also states the 26th.

Payoff Inc. Reviews and Ratings

Payoff Inc. is accredited with the BBB and has an outstanding rate of A+. Reviews are positive; however, some customers were not satisfied with their customer service and slow processing times. On Trustpilot, it scores a good average rating of 3.4 stars out of 5. Most customers were expressing how happy they were to see their credit go up 20 to 30 points within 30 days.

Things to remember about Payoff Inc.

  1. Payoff Inc. processes loans, they do not directly fund them. They work with five different lenders to fund loans: Alliant Credit Union, First Electronic Bank, First Tech Federal Credit Union, Teachers Federal Credit Union, and Technology Credit Union.
  2. Their personal loans are only for people who want to consolidate credit card debt. It does not offer loans for any other purpose.
  3. They do not charge you for paying off your loan ahead of schedule, and they don’t charge a fee for late payments.
  4. It features a series of quizzes and assessments that enable you to determine the state of your financial health.
  5. Their Life portal includes articles related to credit and personal finances, the science behind the lending process, and other useful insights that can help you better understand loans and their impact on your finances.
  6. Make sure to keep in contact with Payoff when you have any questions

In conclusion

Payoff Inc. is an okay choice, as it helps consumers get the funding they need and improve their financial health at the same time. Even though their personal loans are only for people who want to consolidate credit card debt, they offer services with excellent educational resources and transparent lending models, designed to help your credit and financial status. The bottom line is, Payoff is okay for anyone looking for a personal loan with competitive terms.

Compare Payoff Inc. to Best Debt Consolidation Reviews of 2022

 

 

Payoff Inc.
3.5

Payoff Inc. Review

Payoff Inc. is an okay choice, as it helps consumers get the funding they need and improve their financial health at the same time. Even though their personal loans are only for people who want to consolidate credit card debt, they offer services with excellent educational resources and transparent lending models, designed to help your credit and financial status. The bottom line is, Payoff is okay for anyone looking for a personal loan with competitive terms.

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