November 22, 2024

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If you are in need of a personal loan, Payoff might be one of your options. But is Payoff legit? Or is it a scam? In this Payoff Review, we will take a look at the company and see what they have to offer. We will also discuss the pros and cons of using their services so that you can make an informed decision about whether or not Payoff is the right choice for you.
Payoff is not a lender. They are a lead generator company. What that means is that they collect your information and then sell it to other lenders. So, if you are considering using Payoff to get a personal loan, you should be aware that your information will be shared with other companies.
There have been some accusations of bait and switch tactics with this company. Some people have reported that they were promised one thing by Payoff, but then were given something completely different by the lender that they were referred to. So, if you do decide to use Payoff, be sure to read the fine print and understand exactly what you are agreeing to.
There are also a lot of negative reviews about them online. Many people say that they had a bad experience with the company and that they would not recommend their services to others.
If you are considering using their services, be sure to do your research and understand exactly what you are agreeing to.

Loan Amounts: $5,000 to $35,000
APR: 5.99% to 24.99%
Minimum Credit Score: 640 score
Pros
Cons
As a DBA for Happy Money, we often hear people ask about the pros and cons of using Payoff. In our opinion, there are more cons than pros to using this service.
One of the biggest cons is that it sells your information to other lenders. This means that you may end up with more unsolicited offers and calls from lenders.
Another con is that they have been accused of bait and switch tactics. This means that they may tell you one thing to get you to sign up, but then change the terms after you’ve already signed up.
Their customer service has also been known to be unhelpful and unresponsive.
Overall, it’s hard to recommend using this company. There are other options out there that are better suited for your needs. Thanks for reading! DBA for Happy Money
Payoff is not a lender. It is a DBA for Happy Money, which is a company that sells your information to other lenders. This means that if you’re looking for a loan, Payoff is not the company that will give you the money. Instead, it will sell your information to other companies, who may or may not give you a loan.
This is why we have a negative tone when discussing this lead-generating company – because it is not a reputable lender. We recommend going through an honest lending company if you’re looking for a loan. There are many reputable lenders out there who can help you get the money you need without selling your information to others.
It sells your information to other lenders, lures customers with direct mail, and baits and switches you with low-interest rates. So how does this work?
The first step is to sell your information. Payoff will take your personal information and sells it to the highest bidder. They will also use this information to market directly to you.
The next step is to lure customers with direct mail. Payoff will send you letters in the mail promising low-interest rates and easy monthly payments. However, when you call to get more information, you’re often given a bait and switch.
The last step is the bait and switch. This is when you finally sign up for a loan with a lender and find out that the interest rate is much higher than what you were promised. The terms are also longer, which means you’ll be paying more in the long run.
So that’s how Payoff works.
With their network of lenders, customers can consolidate up to $35,000 in credit card debt. They also offer extremely competitive rates ranging from 5.99% – 24.99%, and repayment options ranging from 24 to 60 months.  However, they may charge an origination fee to process the loan. This fee can be between 0% and 5% and depends on things like your credit history and the loan amount.
To get started, there is a list of criteria you need to meet:
To apply for Payoff you need to have access to the following information as well:
After you have met all the qualifications, you can get started by following these few steps:
After you submit your application, they will get in contact with you. If you are approved and like one of your offers, select it, and verify your information. Make sure to double-check all your information before e-signing your loan documents. Once it receives your documents, your funds should be in your account within two to five business days.
If you aren’t approved, you can reapply after 30 days.
Payoff advertises personal loans, debt consolidation loans, and “life improvement” loans. But Payoff is not a direct lender. So what does that mean for you?
So if you’re considering a loan from Payoff, be sure to compare rates from their partner lenders before making a decision. You might find a better deal elsewhere.
It means that if you’re looking for a loan from Payoff, you’ll actually be borrowing from one of their partner lenders. And that’s not necessarily a bad thing. But it’s important to know because it can affect things like the interest rate you pay on your loan.
The answer is simple – you don’t. Payoff is not a lender, so there is no one to pay back. Instead, Payoff sells your information to other lenders who may then contact you and try to offer you a loan.
Of course, you are under no obligation to accept any loans that are offered to you, but it’s important to be aware that Payoff is not looking out for your best interests. Their only goal is to make money by selling your information, so they will not hesitate to do so even if it means putting you in a difficult financial situation.
It’s important that you understand exactly what you’re getting into before you agree to anything. Otherwise, you may end up in a worse financial situation than you were in before.
The minimum credit score for a Payoff loan is 640. This is for their network of lenders. If you have a lower credit score, you may still be able to get a loan, but it will likely have a higher interest rate.
If you’re thinking about taking out a Payoff loan, make sure to shop around and compare rates from multiple lenders. You can use their personal loan calculator to see what kind of rates you could qualify for.
If you’re considering using Payoff to consolidate your debt, there are a few things you should know about how it will affect your credit.
First, it’s important to understand that Payoff is not a traditional lender. It actually works with a network of lenders who work together to provide financing to consumers. As such, each of the lenders in the network will report information about your account to the credit bureaus.
Second, when you apply for financing through Payoff, it will result in a hard pull on your credit report. This can temporarily ding your score by a few points.
Finally, if you make any late payments on your loan, this will also be reported to the credit bureaus and could have a negative impact on your score.
Overall, it’s important to be aware of the potential impact on your credit score before you apply.
If you’re not happy with Payoff, you can cancel your loan at any time. To do so, you’ll need to contact your direct lender and request a payoff amount. This is the total amount of money you owe on your outstanding balance. Once you have this information, you can cancel your loan by following these steps:
If you have any questions about how to cancel Payoff, feel free to contact their customer service team for more assistance.
We were really surprised to see that Payoff has such a high BBB rating. We would have thought that with all of the complaints against them, their rating would be much lower.
However, we’re not sure if we can trust a company that has so many complaints against it. And, looking at their complaint history, it seems like they’re not getting any better. In the last three years, they’ve closed 62 complaints and 21 in the last 12 months. That’s not very good!
Here are some Payoff BBB reviews:
Horrible experience. absolutely no communication. submitted all documents as needed and shows status of 3-7 days and “preparing documents” this has been for over 2 weeks. i’ve used their chat message to get update only to be provided the exact same language as on the website. then i call them for update because my “offer” is expiring in 2 days. Mind you they have had everything they needed from me for 3 weeks.
Person on the phone says they’ll escalate to manager and request extension to not lose the rate/offer and i will get an email right away. this was 2 days ago. log in today and shows offer expires in 0 days. never got my email from them stating what’s going on, nothing. meanwhile they ask to connect to your bank to verify information and upload ID’s. The most worst experience. Look elsewhere.
PAYOFF.COM / HAPPY MONEY is the worst, most terrible, slow, incompetent company on earth. Please don?t do one mistake ( I did ) of NOT reading the 93 negative complaints on BBB and over 300 complaints against PAYOFF. PLEASE read ALL those complaints BEFORE YOU APPLY IT WILL SAVE YOU TONNES OF AGGRAVATION. They ask for endless streams of documents and their system keeps rejecting documents because they HAVE TO BE in jpeg or PDF form. BUT NOBODY tells you this until you have wasted one week.
They do not read documents carefully but keep repeating ? action required ? asking YOU to send more documents even BLANK PAGES OF EACH STATEMENT then they reply they need 3 to 7 days to verify those 2 blank pages. Every time you send a document a NEW agent joins the ENDLESS LAYERS of payoff agents who DO NOT TALK WITH EACH OTHER. To make matters worse For EVERY DOCUMENT their verification team asks for 3 to 7 days to verify and this 3 to 7 days is NOT total time BUT 3 to 7 days for EACH document.
So you waste over one month to receive a denial or some other waste of time ‘ ACTION REQUIRED ” PLEASE DO NOT WASTE your time with this useless company. They are probably mining data/ personal information. I AM CONVINCED THIS IS A SCAM COMPANY. RUN AWAY FROM PAYOFF don?t walk and save yourself time. Money and peace of mind. Payoff / happy money is a horrible experience ? you have been warned ? keep away from payoff /happy money. There are many other loan companies with a 2-day turnaround from start to finish ? try OTHERS – I WILL.
If you’re considering using happymoney.com to consolidate your debt, you may be wondering if the company is legitimate. Unfortunately, there is a lot of evidence that suggests Payoff is not a reputable lender.
The company has been accused of using bait and switch tactics, and there are a lot of negative reviews from customers who say they were misled about the terms of their loan. In addition, Payoff has only 1 out of 5 stars on the Better Business Bureau (BBB).
All of this evidence suggests that you should be very careful before doing business with Payoff. If you do decide to use their services, make sure you understand the terms of your loan completely to avoid being scammed.
Have you had any experience with Payoff? We’d love to hear about it in the comments.
Thank you for reading
Payoff Inc. Review
If you’re considering using Payoff to consolidate your debt, you may be wondering if the company is legitimate. Unfortunately, there is a lot of evidence that suggests Payoff is not a reputable lender.
The company has been accused of using bait and switch tactics, and there are a lot of negative reviews from customers who say they were misled about the terms of their loan. In addition, Payoff has only 1 out of 5 stars on the Better Business Bureau (BBB).
All of this evidence suggests that you should be very careful before doing business with Payoff. If you do decide to use their services, make sure you understand the terms of your loan completely to avoid being scammed.
Ad Disclosure: We receive referral fees from partners.
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