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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

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Overall rating:
4.3
Bills.com rating
Fixed APR5.99 - 24.99%
Loan Amounts$5,000 - $40,000 Loans are not currently offered in MA, MS, NE, and NV.
Repayment24 to 60 months
FeesOrigination fees of up to 5%
Time to fund3 -6 days after approval
Min. Credit Score640
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Pros:
  • Accepts borrowers with fair credit.
  • Good rates.
  • Debt Payoff plan.
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Cons:
  • Consolidates only credit card debt.
  • No joint applications.
  • Longer approval and funding process.