Payoff is one of the newer installment loan sites out there but has launched with some strong services and is one of the most transparent applications I’ve ever seen.
1. Low origination fee for shorter-term loans 2. Lower rates compared to other personal loan sites 3. Member Advocates to help keep you on track
1. Loan is specifically for debt consolidation 2. Payoff may make a counter-offer to lower your loan amount
There’s little to separate Payoff from other p2p or personal loan sites. The website offers loans from $5,000 to $35,000 with an average loan of $18K according to the site.
Reading the reviews can be helpful if you see that a site is getting negative feedback constantly for the same thing. That means it could be a real problem and not just disgruntled people that got denied for a loan.
To get a loan from Payoff, you’ll generally need: 1. Credit score of 640 or higher 2. No more than half your income going to pay off debt (50% DTI) 3. Three years of credit history
4. No more than one installment loan or personal loan in last 12 months 5. No current delinquencies and none greater than 90 days in last 12 months