|Loan Type||Personal Loans|
|Loan Amount||5,000 to 35,000 USD|
|Repayment Terms||24-60 months|
|Origination fee||2% - 5%|
|Time to funding||Typical 3 - 6 business days|
|Soft credit check?||Soft check|
|Best for||Below average credit score borrowers|
Payoff is a company focused on helping people achieve financial wellness. The company works with First Electronic Bank, an FDIC insured Utah-chartered industrial bank to originate loans. Its team of data scientists, research and clinical psychologists, finance services professionals, technology experts and Member Advcates all work to help and educate people on how to achieve their financial goals.
Payoff is an excellent option for those serious about debt consolidation. They offer a offer a simple, straightforward approach to loans that lets customers; check their rate, check their terms, verify their information, and ultimately receive their funds. Applicants can check their rates and select the loan term which works best for them. Moreover, they have good customer support and a solid reputation. However, the company's standards for borrowers is quite high, requiring a slew of prerequisites, including a better than average credit score, high gross income, three years of good credit, at least 2 open and satisfactory trades, no more than one installment loan within the last 12 months, and more.