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Payoff Personal Loan Review 2022
Payoff has a unique personal loan that only consolidates credit card debt. Their minimum FICO score requirement is 640. The payoff loan is designed to help you pay off debt and improve your credit score. Payoff is part of a financial wellness company, Happy Money.
Best for subprime credit card consolidation
| Fixed APR | 5.99 - 24.99% |
|---|---|
| Loan Amounts | $5,000 - $40,000 Loans are not currently offered in MA, MS, NE, and NV. |
| Repayment | 24 to 60 months |
| Fees | Origination fees of up to 5% |
| Time to fund | 3 -6 days after approval |
| Min. Credit Score | 640 |
Pros:
- Accepts borrowers with fair credit.
- Good rates.
- Debt Payoff plan.
Cons:
- Consolidates only credit card debt.
- No joint applications.
- Longer approval and funding process.