Frequently Asked Questions

We’ve answered some of your most common questions. Don’t see your question, visit our full Support Center or call us at 1-800-878-0901.

Who is Payoff?

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

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 to 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. We partner with banks and credit unions to originate loans. We maintain the same level of security you expect from a bank and use some of the highest possible industry standards for protection and privacy.

How does Payoff protect my personal information?

We pride ourselves on having security that not only meets but exceeds the standards of most banks. We use state of the art 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 bring you the highest-quality financial products and services in the market, 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 may 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

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 a Payoff Loan™?

The Payoff Loan™ is a personal loan between $5,000 and $35,000 designed to eliminate your credit card balances. It allows you to take control and pay your credit cards off faster while saving money. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate, with terms up to five years.

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

Applying for a Payoff Loan™ will not hurt your credit. If you‘re approved and you receive a Payoff Loan™, we have to hard pull your credit (see above), which can impact your credit. But, good news, on average, most people who receive a Payoff Loan™ see a 40* point increase in their credit score.

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 Alabama, Arizona, Connecticut, Delaware, Iowa, Kansas, Louisiana, Massachusetts, Minnesota, New Hampshire, South Dakota, Vermont, West Virginia, and Wyoming.

Can I use a Payoff Loan™ for anything other than credit cards?

Our current focus is on helping Americans eliminate our nearly $1 trillion in credit card debt, so our loans are designed for that specifically. In some cases, the Payoff Loan™ can be used to consolidate prior installment loans. To find out more, please contact us.

Can I use a 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 a Payoff Loan™?

We’re transparent about our approval criteria, so you can see the main approval factors considered in your application explained here.

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

You need at least three years of established credit to be eligible for a Payoff Loan™. Click here to learn more about how we determine eligibility for a 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
  • A driver’s license, passport or state issued ID
  • Your two most recent paystubs or most recent tax return if self-employed

Click here for our Document Upload Guide to learn exactly how to prepare your documents and finalize your Payoff Loan™ application.

When are my Payoff Loan™ Payments due?

Your payments are withdrawn directly from your predefined checking account on a monthly basis. You can find your payment date on your promissory note or in your Member Account. You also have the ability to 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 the Origination Fee?

The 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 you've never seen from any bank.

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

First of all, our risk-free application won’t affect your credit score. Second, you can reapply in 30 calendar days after your first decision.

We still want to help you reach your goal of paying off your credit cards and achieving financial well-being and will provide you with personalized recommendations in your Payoff Financial Wellness Guide.

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 a 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.