Payoff Personal Loans Review – Why It’s The Best For Credit Card Debt Consolidation

Payoff Personal Loans Review

Payoff Personal Loans Review

– Why It’s The Best For Credit Card Debt Consolidation

The alternative lending market continues to remain red hot. While traditional banks seem to be moving away from personal and debt consolidation loans. Peer-to-peer lenders like Lending Club and SoFi, remain the preeminent players in the alternative loan industry.

Newer companies like Payoff are finding their own niche in a competitive marketplace. Credit card debt consolidation loans are a hot commodity in today’s lending industry. Payoff is distinguishing itself as one of the best companies for credit card debt consolidation loans.

What is Payoff?

Founded in 2009, Payoff is an alternative lender offering personal loans. Specifically for individuals who want to consolidate their credit card debt. The company specializes in helping people consolidate their high-interest credit cards into a loan with affordable payments and terms.

Payoff personal loans range from $5,000 to $35,000. However, the company prefers its customers to have a minimum of $5,000 in credit card debt. The goal of the organization is to help consumers gradually pay off their debt through smart personal financial management choices using Payoff personal loans.

Why Should I Choose Payoff to Consolidate My Credit Card Debt?

Although most traditional lenders offer lower APRs, their lending requirements and guidelines are far stricter than Payoff. In addition, the company’s application process for a new personal loan only takes around five minutes.

Payoff also performs a soft credit check during the initial application, which gives consumers a glimpse of their qualifying APR without hurting their credit score.

Once approved, customers electronically receive their money in their designated bank accounts and can immediately begin paying off their credit cards.

With APRs ranging from 8 percent to 25 percent, Payoff’s interest rates are competitive with other alternative lenders.

The company only charges a 2 to 5 percent origination fee, and that fee is deducted from the original loan amount. When consumers make timely payments, the company will report the information to all three of the major credit bureaus.

What are the Qualification Requirements for a Payoff Personal Loan?

In order to qualify for debt consolidation from Payoff, consumers must have minimum credit scores of 660 with debt-to-income ratios that do not exceed 50 percent.

The company also requires applicants to maintain disposable incomes of at least $1,000 per month, and consumers cannot have any late payments within the last 90 days of their application.

Want to learn more about companies offering personal loans for debt consolidation. Search our website for competitive rates and offers from multiple companies.

How Do I Apply for a Payoff Personal Loan?

It’s easy to apply for a Payoff personal loan. Just visit their website at Payoff.com – A way to Pay off Credit Cards

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