THE PAYOFF® LOAN
Getting Approved
We’re committed to transparency and exposing the inner workings of the lending world because when you apply, you deserve to know exactly what goes into our decision.
Here are clear and simple explanations of the factors considered in your application.
FICO® Score
Your FICO® Score summarizes your credit history. We also provide our Payoff Loan Members with their free FICO® Score every month.
640
or higher
Debt-to-Income Ratio
Your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn. Specifically, it's the percentage of your gross monthly income (before taxes) that goes towards your monthly payments for housing, credit cards, and other debt.
50%
or less
Age of Credit History
Your age of credit history is the total length of time you've been using credit. This shows your credit maturity starting from your first line of credit.
03
years of good credit
Open and Satisfactory Trades
Your open and satisfactory trades are the lines of credit on which you've opened and made payments on time.
02
Open and satisfactory trades and no more than one installment loan, including any small dollar "buy now and pay later loans", within the last 12 months.
Delinquencies
Your credit delinquencies are payments you owe and have not currently paid.If you have any, we suggest resolving these before applying for a Payoff Loan.
0
current delinquencies and no delinquencies greater than 90 days within the last 12 months