Payoff Personal Loan is a Professional and Simple Process

29 Sep 2020

If you are looking for a personal loan provider, then you may come across various options. Pay off is one such financial service provider that provides personal loans to those who are willing to pay off their credit card debts. Starting in 2011, Payoff has managed to carve a discernible niche for itself. It has become one of the leading companies that people eye for when they are looking for a personal loan.

Key Features of Payoff:

  • With Payoff personal loan, you can have fixed monthly payments which simplify the repayment of credit card debt.
  • There are no hidden charges. Unlike its contemporaries, Payoff financial services offer loans with no hidden costs. It charges a one-time origination fee. There are no other fees like application fees, late fees, early payment fees, etc.
  • One can regularly check their FICO score for free.
  • As a customer-friendly service, Payoff financial service provides quick and has a customer-centric approach.

A quick overview of Payoff personal loan:

  • Loan Tenure- 24-60 months
  • Loan Amount- Minimum Loan Amount- $5000
  • Maximum Loan Amount - $35,000
  • APR- 5.99%-24.99%
  • Time for loan processing- It takes 2-6 business days after loan application for loan approval
  • Origination fee- 0%-5%
  • Prepayment Fee- No Fees
  • Late payment fee- No Fees
  • Other fees and charges- None

Benefits of taking a loan from Payoff financial services:

  • You get to check your FICO score at no extra charges
  • Quarterly check-in call from the company
  • The company employs psychologists, data scientists, and other professionals to understand the personality of the borrower which helps in understanding the customer and his financial habits.
  • Job loss support

Eligibility Parameters:

To avail a loan from Payoff financial services, one needs to match the eligibility criteria specified by the company:

  • The prospective borrower must have a minimum credit score of 640
  • Three years of good credit
  • The debt to income ratio is 50%
  • If you wish to take a personal loan from Payoff, you need to resolve any delinquencies, and you need to have at least two open trade lines on your credit report.
  • The borrower must not have opened any personal installment loan in the last 12 months.
  • Note: If you are residing in Mississippi, Ohio, West Virginia, Nevada, Massachusetts, Nebraska, and Nevada, then Payoff loan is not available.
  • One needs to apply individually, co-applicants are not allowed in Payoff loan.  

The process of application:

If you wish to apply for a Payoff loan, then you can go to the company's website and fill the online form. You can also check the interest rates and get to know what would be your EMI. Make sure you review the terms and condition before applying for the loan.

What are the documentation requirements?

Once you have decided to go ahead with Payoff personal loan, you must complete the documentation process where you would be asked to submit the following documents:

  • Identity proof-  such as the passport or driving license
  • Income proof- Two recent pay stubs, in case you are self-employed then you need to submit Form 1040, K-1 or Schedule C
  • Most recent bank statement and mortgage statement

To make the entire loan application process runs seamlessly, it is essential that you must collect all the documents as mentioned on the website and upload them online. Once all the desired documents are successfully uploaded, someone from the company will connect with you for further assessment. The good part about applying for the loan from Payoff is that the entire loan application process is online. Once all verification is carried out with due diligence, it takes around 2-6 business days for the loan approval and disbursal. In case the loan application gets rejected, you can reapply for the loan after 30 days.

Payoff loan pros and cons

Although Payoff personal loan may sound like a lucrative option, however, if you want to apply for it then you need to consider both advantages and disadvantages of this loan. Here is a brief description of the same:

Pros:

  • Payoff loan offers excellent customer services
  • It provides not only financial assistance, but at the same time, it also provides psychological help to allow the borrower to understand his financial stability.
  • There are no extra charges or hidden charges associated with Payoff personal loan.

Cons:

  • If you have had a bad credit score for the last three years or more, then you cannot apply for Payoff personal loan.
  • The APR offered by Payoff loan is not as lucrative as other companies.

The final call-

Well, Payoff loan is a good option for those are willing to pay off their credit card debts. The loan gets efficiently processed if one has a good credit score and hit. This loan is also beneficial for those who have multiple credit card payments every month. One can consolidate his/her credit card debt and pay it with Payoff personal loan at a lower interest rate. So, if you fall in any of these categories, log on to the company’s portal and apply for a Payoff personal loan.

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