Payoff

Reviews: Payoff

Reviews: Payoff

Payoff

Overall lender rating

3.9
out of 5
367 reviews
from Credit Karma members

Most helpful positive review

Sep 25, 2019
Credit Karma member

I will admit that seeing a Payoff advertisement on my Instagram feed made me skeptical. I pondered on this for months. I have been wanting to consolidate my credit card debt into one payment and eliminate as much interest fees as I could. After settling into a better paying job, I decided the time is now. I received an email saying to check my rates and see what they can offer. I did and was pleasantly surprised. It'd cut three years of payments, nearly $550 in interest fees, and a whole lot of stress. The process was a little long but that was only because I wasn't sending the correct documents however, the customer service team at Payoff was quick to let me know what I was missing so we could proceed with the loan. After about a week, I was approved for the loan! I was having issues signing my official acceptance documents but they kept me updated along the way. During the time I was waiting for my documents, I received another email stating if my loan was fulfilled before the end of the month that I'd receive an Amazon gift card and to check my rates now. Seeing as I had already been approved, I was bummed at this missed opportunity. However, I reached out to their customer service line and they stated that I indeed qualified for the gift card and I'll receive it in about a week. So awesome! The funds hit my account after about 4 business days and now I'm on my way to relieving myself of credit card debt. My suggestion is to just make sure you have the qualifications before applying and sending all your information. The process was so simple, the customer service was friendly and attentive, and they delivered what was promised in the time frame stated. I have nothing but good things to say about my experience with Payoff. :)

169
16

Most helpful negative review

Nov 21, 2019
Credit Karma member

The second month of having this loan I was charged my payment twice. I was told it would be refunded in 3+ weeks, which was unrealistic. I asked for the loan payoff amount (they have 2 days to get this) day 3 and I still do not have my payoff amount request fulfilled. I am frustrated with this company and feel like they haven't held up their end of the contract thus far.

288
31

Member ratings

All member reviews (367)

241
24
7
18
77
Nov 19, 2021
It's a Hassle.
Credit Karma member

I would give PayOff zero stars but they have great customer service. I provided PayOff my bank statements by linking my account and a job offer letter in lieu of a most recent paystub since I was starting a new position. Those did not suffice, so I had to send a pdf of one of my most recent bank statement, and wait until I got my first paystub for verification. I had to speak with customer service about verifying my start date even though the offer letter specifically stated my start date. PayOff claims you'll hear an answer from them within 3-5 business days but after the 6th business day of no contact, I called PayOff and told them to withdraw my application. I found a much better lender with an even lower APR. I spent a total of 2 minutes completing my application on their website and within 4 hours, I was approved. Find a better lender if you can.

0
0

Nov 10, 2021
Everything took a total of 4 hours
Credit Karma member

I applied through credit karma, was contacted via email in 30 minutes, had the needed documents on hands, spoke with a verification Rep(Jenette), and had my loan approved before bed.

2
0

Oct 28, 2021
A startup?
Credit Karma member

They need to get their act together. I never received the loan because of a glitch in their site software. I was suspended in limbo for a couple of weeks while they said 3 to 5 days. I call customer service and tried their chat app. There response was to generate a trouble ticket to the engineers to fix the error. That gave me zero confidence that they could administer a account so I asked the to delete my application and all personal data.

8
0

Oct 26, 2021
CK
Credit Karma member

I have tried multiple offers on Credit karma to consolidate my CC debt. All were highly likely to get but they turned me down. Payoff not only quoted me an offer, got me the offer and lower APR than they quoted. Fast turn around and now my CC's are paid off and I can focus on just one payment a month.

6
0

Oct 21, 2021
Worst Application Decision Process
Credit Karma member

Inviting people to apply for a loan and chase them daily but finally rejecting the loan saying "No assurance of repayment". Not sure who has to give assurance for repayment. A good credit score of 730+ is not enough for them to give loan then they should not reach out to people.

14
0

Oct 13, 2021
borrower
Credit Karma member

easy application and payment process. online chat makes getting answers easily. easy online portal to navigate. been with them for 1 year.

7
0

Oct 11, 2021
The worst company!
Credit Karma member

Nightmare experience!

4
1

Oct 04, 2021
Good experience
Credit Karma member

This was quick and easy to apply. The only thing I didn't like was a loan originating fee in which I was charged.

7
0

Sep 29, 2021
Great idea, bad execution.
Credit Karma member

Terrible customer support. Very fake helpful, if that makes sense. I paid this loan off quickly to be done with their foolishness.

15
0

Sep 23, 2021
Terrible
Credit Karma member

Long difficult application process. Wouldn’t tell me what addition documents i needed via chat. The rate changed 3 times. The offer i clicked on was not the offer that was given. The offer changed again halfway through the process and ended up being just as high as other offers from companies with an easier application process. i ended up pulling my application.

25
2

1-10 of 367

These ratings and reviews are provided by our users. Banks, issuers and credit card companies do not endorse or guarantee this content, are not responsible for it, and may not even be aware of it.

†† The opinions you read here come from our editorial team. Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors' opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when it’s posted.