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.

Check My Rate

I have an invite code

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

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

Other factors we may consider for your approval:

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.

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.

Open and Satisfactory Trades

Your open and satisfactory trades are the lines of credit on which you've opened and made payments on time.

Utilization

Your utilization is the ratio between your available credit and the current balances you have on your credit cards.