Payoff Personal Loans Review 2021 – Forbes Advisor


The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here’s how Payoff personal loans compare to other popular lenders:

Profit vs. SoFi

The most significant difference between Payoff and SoFi is that SoFi loans can be used for a wide range of personal uses, while Payoff loans are limited to consolidating credit cards. And, while Payoff and SoFi offer the same minimum loan amount, SoFi offers loans up to $ 100,000 – double what is available through Payoff.

Likewise, APRs through Payoff and SoFi both start around 5%, but SoFi rates only extend up to around 20%, while Payoff rates reach almost 25%. In addition, SoFi does not charge any origination fees and Payoff origination fees can be up to 5% of the total loan amount.

Related: Review of SoFi Personal Loans

Profit vs. LightStream

LightStream personal loans are extremely flexible as they can be used for many purposes and are available from $ 5,000 to $ 100,000, depending on the purpose of the loan. In contrast, Payoff loans are limited to credit card consolidation and do not exceed $ 40,000.

LightStream’s APRs are also more competitive than those offered through Payoff, with rates starting below 3% with auto-pay (for some loans) and peaking at just over 20%. Prospective borrowers can also choose from a wider range of loan terms between two and 12 years, depending on the purpose of the loan.

That said, LightStream has more stringent qualification requirements, while Payoff may be available to borrowers with a FICO score of just 640. However, qualified LightStream borrowers do not have to pay origination fees like those charged on Payoff loans.

Related: LightStream Personal Loan Review

Profit vs. To improve

Upgrade offers a slightly expanded range of loans compared to Payoff with personal loans available from $ 1,000 to $ 50,000. However, while Upgrade’s base APRs are similar to Payoff’s, the maximum APR is close to 36%, which is about 10 points higher than the highest rate charged by Payoff.

Even so, borrowers can access a much wider range of loan terms (two to seven years) than is available through Payoff, and the minimum credit score requirement is just under 580.

Related: Personal Loan Review Upgrade


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