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.

660

or higher


Debt-to-Income Ratio

Your debt-to-income ratio (DTI) is your total unsecured debt (personal loans, credit cards, etc.) divided by your annual income. A low DTI ratio demonstrates a good balance between debt and income.

less than or equal to

50%


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 instalment loan 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

no current delinquencies and no delinquencies greater than 90 days within the last 12 months