Editorial Review

Payoff Debt Consolidation Loans: 2019 Review

Payoff focuses on debt consolidation loans with low rates, flexible payments and ongoing support and financial guidance.

Amrita JayakumarNovember 14, 2019

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Our Take


NerdWallet rating 

The Bottom Line: Payoff's personal loans include ongoing support to help good- and fair-credit borrowers pay off credit card debt.


on Payoff's website

on Payoff's website

Min. Credit Score


Est. APR

5.99 - 24.99%

Loan Amount

$5,000 - $35,000

Pros & Cons

  • Competitive rates among similar lenders.

  • No late fee.

  • Offers online educational resources.

  • No co-sign or secured loan option.

  • Doesn't offer direct payment to creditors with debt consolidation loans.

  • Charges origination fee.

Compare to Other Lenders

Marcus by Goldman Sachs
Est. APR


Est. APR


Est. APR


Loan Term

2 to 5 years

Loan Term

3 to 6 years

Loan Term

3 to 5 years

Loan Amount


Loan Amount


Loan Amount


Min. Credit Score


Min. Credit Score


Min. Credit Score


Compare estimated rates from multiple lenders

Compare Rates

Full Review

To review Payoff, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same type of customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Payoff provides fixed-rate debt consolidation loans to borrowers with fair or good credit (630-689 and 690-719 FICO scores, respectively) solely for the purpose of paying off credit card debt. According to the company, the average amount of debt borrowers pay off is $18,000.

While Payoff doesn’t force you to pay off your credit cards, it makes personalized recommendations to keep you on track, using quizzes that assess your financial personality, your level of financial stress and how your wealth compares to others’. Based on your results, Payoff will serve up tools and resources to help you stick to your goal.

“Having this personal insight into your habits is huge,” says Scott Saunders, CEO of Happy Money, Payoff's parent company. “It empowers you to make better financial decisions in the future.”

Customer support: Borrowers can access customer support via online chat for basic questions. They can also contact a Payoff member advocate for financial guidance.

Payment flexibility: If you miss a payment you won’t be charged a late fee; rather you can work with your representative to create a plan to catch up. Payoff may offer you the options of payment deferral, skipping a payment or changing your payment date.

Despite having debt consolidation loans, Payoff doesn't make direct payment to creditors, which some lenders offer to help streamline the debt payoff process.

Free monthly FICO scores: Payoff gives you a free FICO score, which only a handful of lenders do so that you can see what happens to your score as you pay off debt.

Payoff partners with Alliant Credit Union, First Electronic Bank, First Tech Federal Credit Union and Technology Credit Union — all federally insured financial institutions — to issue loans. It doesn't offer loans in Massachusetts, Mississippi, Nebraska, Nevada or West Virginia.


How to qualify:

  • Minimum credit score: 640.

  • Minimum credit history: Three years.

  • Minimum annual income: $40,000.

  • Debt-to-income ratio: less than 50%.

Loan example: For a borrower with good credit, a $20,000 personal loan with a repayment term of 48 months at 18% APR would carry monthly payments of $587, according to NerdWallet’s personal loan calculator.

Before you shop for a personal loan

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Pre-qualifying may get you personalized rates from multiple lenders that partner with us, including Payoff. Pre-qualifying will not impact your credit.

Apply with Payoff

You can check your estimated rate for a Payoff loan on the company’s site by entering your name, date of birth, salary and other details, and answering questions such as whether you rent or own your home. The company conducts a soft credit check, which won’t affect your credit score. You’ll see your credit card balances, and a representative may contact you to suggest a loan amount based on your financial picture — and that total could be lower than what you asked for.

on Payoff's website

Personal Loans Rating Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.