Pay off high-interest debt at lower interest rates with Payoff

Pay off high-interest debt at lower interest rates with Payoff

If you’re looking to consolidate credit card debt, Payoff could be a good option — its quick loan can only be used for this purpose. You can be loaned up to $5,000 to $40,000 with repayment terms from two to five years.

Payoff quick loan review

Payoff could be a good option for you if you’ve got bad credit but are paying higher rates than you’d like on your credit cards or other installment loans.

Consolidating high-interest debt can help your credit score in three ways: By reducing the overall amount of debt you owe, lowering your credit utilization ratio, and improving your credit mix.

Pros

  • Free FICO score updates
  • If you lose your job, FreedomPlus will work with you on payments
  • Offers scientific quickly, stress, and cash flow assessments to help you get a better understanding of your quick finances

Cons

  • Origination fees from 0% to 5%
  • Loans can only be used for credit card consolidation
  • Not available in Massachusetts, Nevada, or Ohio

Best for:

  • Paying off high-interest credit card debt
  • Boosting your credit score
  • Good credit borrowers

Payoff offers quick loan to borrowers to help them pay off high-interest debt at lower interest rates. The company says borrowers who pay off at least $5,000 in credit card debt boost their FICO score by 40 points on average.

Payoff loan details

Payoff provides quick loan from $5,000 to $40,000 with fixed interest rates and repayment terms of two to five years. To qualify, you’ll need a credit score of at least 640, a debt-to-income ratio of 50% or less, and three years of good credit. You can’t use Payoff loans for other purposes, like home improvement projects or trips.

Summary

Loan amount

$5,000 to $40,000

Loan terms   

2 to 5 years

Min. credit score

600

Time to get funds

As soon as 2 – 5 business days after verification

Residency      

Not available in MA, NV, or OH

Fees

  • Origination fee of 0% to 5%
  • No other fees or prepayment penalty

Requirements

  • Debt-to-income ratio of 50% or less
  • 3 years of good credit

Loan use

Consolidate credit card debt

Key benefits

  • Free FICO score updates
  • If you lose your job, they’ll work with you on payments
  • Offers scientific quickly, stress, and cash flow assessments to help you get a better understanding of your quick finances

Best for

  • Credit card debt consolidation
  • Boosting credit score
  • Borrowers with bad credit

How to qualify

Payoff offers detailed information on exactly what it’s looking for in order to approve your request for a quick loan. There are five boxes you have to check with Payoff in order to qualify for their quick loan.

  1. Credit score: Payoff won’t make loans to borrowers who have credit scores of less than 600.
  2. Debt-to-income ratio: The percentage of your pre-tax monthly income that’s needed to make monthly payments for housing, credit cards, and other debts can’t exceed 50%.
  3. Age of credit history: You need at least three years of good credit history to qualify with Payoff.
  4. Open tradelines: Payoff wants to see you’ve got at least two lines of credit (such as credit card accounts) and no more than one installment loan (like a car loan), and that you’re making payments on them on time.
  5. No delinquencies: You can’t have any current delinquencies or any delinquencies that were longer than 90 days overdue within the last year.

Fast loan approval

Once you accept your loan, Payoff will put the money right in your bank account within three to six days.

Repayment

Payoff prefers that you authorize automatic withdrawals from your bank account, but you can also arrange to make payments manually.

 You can apply for a Payoff Quick Loan from HERE

To learn more about Payoff, CLICK HERE

Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We are a quick loan review blog that seeks to inform and educate individuals and small  businesses about instant loan opportunities to help them take informed decisions. Book A Call TODAY and speak with any of our Loan Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.

Do remember to give us a feedback about your quick loan experience after the lending process is executed.

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