What is a payoff loan?

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What is a payoff loan?

What is the Payoff Loan™? The Payoff Loan is a personal loan between $5,000 and $40,000 designed to eliminate or lower your credit card balances. The Payoff Loan is designed to allow you to take control of your finances and pay your credit cards off faster.

Q. Is payoff a good option?

Payoff may be a good option if you have good to excellent credit and you’re eager to pay off high-interest credit card debt. The company offers competitive APRs, which include the origination fee, and does not charge other fees. With good to excellent credit, you may qualify for several other personal loan options.

Q. How does a loan payoff work?

Payoff offers loans with terms of two years, three years, four years, and five years. You can make extra payments and pay off your loan at any time. Payoff does not charge an application fee, a late fee, a check processing fee, an annual fee, or a prepayment fee.

Q. Does payoff affect credit score?

Checking your Payoff Loan rate will not hurt your credit. Right before you finalize your Payoff Loan, we run a hard inquiry, which can impact your credit. But good news, our Members see an average FICO® Score increase of 40 points† †.

Q. Which is better payoff or prosper?

Payoff vs. Prosper offers similar terms and rates as Payoff. If you think you’d only qualify for a higher rate, Payoff will be better as the highest APR it offers is 24.99%. Rates at Prosper, on the other hand, go up to 35.99% with starting rates at 6.95%.

Q. What is the maximum amount you can borrow from Prosper?

Prosper Personal Loan Types Prosper offers fixed rate, “fully amortizing**”, unsecured loans from $2,000 to $35,000. Loan terms of 3 and 5 years are available, depending upon Prosper Rating and loan amount.

Q. Do Prosper loans hurt your credit?

You can get your interest rate instantly. Unlike some loans, checking your rate at Prosper won’t affect your credit score. They just use a soft credit inquiry, which is visible to you but not other lenders.

Q. What happens if I stop paying my loan?

If you stop paying on a loan, you eventually default on that loan. The result: You’ll owe more money as penalties, fees, and interest charges build up on your account. Your credit scores will also fall.

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