Who is Payoff®?

Payoff is a financial wellness company that applies science, psychology and technology to help our Members reinvent their relationship with money and accelerate their journey toward financial well-being. We focus on the intersection of personality and financial behavior, developing products and services that help our Members achieve their goals.

Our team of financial services professionals, research and clinical psychologists, data scientists, neuroscientists, Member Advocates and technology experts work together to better understand and accelerate our Members' journey toward financial wellness.

Who are the Member Advocates?

Member Advocates are the people who make up our dedicated, local team working with you one-on-one to support your personal journey toward financial wellness. As a company, we're heavily invested in our Members' success, and we only succeed when you make positive steps toward financial wellness. If you ever have questions or want to talk, please don’t hesitate to contact us.

Is Payoff a bank?

We are not a bank. Payoff works with verified Lending Partners to originate loans. Information about our Lending Partners, including their address, financial institution types and/or charters, as well as links to their websites and privacy policies can be found on our Lending Partners page.

How does Payoff protect my personal information?

We pride ourselves on having security that not only meets but exceeds industry standards. We use state-of-the-art security technology, certified by McAfee. We store all sensitive financial data, such as Social Security numbers and bank account numbers, in a highly secure environment using 256-bit encryption. Learn more about our security.

Will Payoff sell or make public my personal information?

In order to offer you the highest-quality financial products and services that are personalized and aligned with your best interests, we carefully curate trusted partners and third-party offerings. We always respect your privacy, so we only share information with your permission. And you can opt out at any time.

Can I partner with Payoff?

We're happy to hear from people, companies and bloggers who are interested in partnering with us to help lead financial wellness. Get in touch with us at partners@payoff.com.

Is Payoff hiring?

If you're interested in joining the Payoff family, we’d love to hear from you! Check out our opportunities.

What is the Payoff Loan?

The Payoff Loan is a personal loan between $5,000 and $40,000 designed to eliminate or lower your credit card balances. The Payoff Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.

Will checking my rate for the Payoff Loan affect my credit?

Checking your Payoff Loan rate will not hurt your credit. Right before you finalize your Payoff Loan, we run a hard inquiry, which can impact your credit. But good news, our Members see an average FICO® Score increase of 40 points† †.

Is the Payoff Loan available everywhere?

We are working hard to offer the Payoff Loan in all states. Currently, the Payoff Loan is not yet available in Massachusetts and Nevada.

Can I use the Payoff Loan for my spouse's cards or debts?

We do not offer joint applications at this time. Currently, you may only pay off outstanding balances that are verifiable on your personal credit report.

Can I make additional payments?

Yes! In fact, we encourage it. Making additional payments is always a good idea and can help you end your debt more quickly, as well as minimize your overall paid interest.

Are there any prepayment penalties?

No. There are no prepayment penalties with the Payoff Loan.

How quickly can Payoff fund my Payoff Loan?

Most approved loans are funded within two to five business days after the verification process is completed.

What is the approval criteria for the Payoff Loan?

We're transparent about our approval criteria, and we encourage you to review the main approval factors here before you submit your application.

I don't have any credit. Can I get the Payoff Loan?

You need at least three years of established credit to be eligible for the Payoff Loan. Click here to learn more about how we determine eligibility for the Payoff Loan.

What additional information may Payoff require during my application?

A few things you may need to provide for verification purposes are:

  • A bank statement or bank credentials to securely link your bank account
  • A driver's license, passport or state issued ID to verify your identity
  • Your two most recent paystubs or most recent tax return if self-employed to confirm your income

To learn exactly how to prepare your documents and finalize your Payoff Loan application, see our Document Upload Guide.

When are my Payoff Loan Payments due?

Your payments are withdrawn directly from your designated checking account on a monthly basis. You can find your payment date on your promissory note or in your Member Account. You can change your date once every 12 months.

What happens if I can't make my monthly payment?

Life happens and we understand that. Please contact us if you're experiencing difficulty with your monthly payments. We’re always here to help and will work to understand your individual situation to keep you working toward your goal of paying off your credit cards.

What is an origination fee?

An origination fee is a nonrefundable prepaid finance charge. The fee helps cover our costs and allows us to create products and provide personalized services that help you on your way towards financial freedom.

What do I do if I'm not approved for the Payoff Loan?

You can apply somewhere else, or you can wait and reapply in 30 calendar days after a declined application.

What's the difference between a hard inquiry and soft inquiry?

A soft inquiry is when someone checks your credit report for any number of reasons (rent, background check, pre-approval, etc.), and it does not affect your credit score. When you check your rate for the Payoff Loan, we do a soft inquiry.

A hard inquiry is when a financial institution (a bank, Payoff, credit card or mortgage company, etc.) checks your credit report before giving you a loan. Unlike soft inquiries, hard inquiries can affect your credit score and remain on your credit report for two years. For added security, we do a hard inquiry right before you finalize your Payoff Loan to check for new unsecured personal loans as well as bankruptcies and delinquencies.

† † Based on a study of Payoff Members between August 2020 and February 2021. Payoff Members, who paid off at least $5,000 in credit card balances, saw an average increase in their credit score of 40 points within four months of receiving a Payoff Loan. Results may vary and are not guaranteed.