Payoff Inc .: Too Many Consumer Complaints


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Did you receive a pre-approval offer in your Payoff Inc. by Happy Money mailbox?

Did the offer claim you can save $ 10,000 or more?

Did the offer claim to offer rates from 5.99% to 24.99%?

Did the offer look like the offer below?

To pay

PayoffInc 12 21 Congratulations You are pre-approved f Page 3
PayoffInc 12 21 Congratulations You are pre-approved f Page 1
PayoffInc 12 21 Congratulations You are pre-approved f Page 2

Highlights of Payoff Inc.

Loan amounts: $ 5,000 to $ 35,000
APR: 5.99% to 24.99%
Minimum credit score: 640 points

  • Loan Type: Versatile Personal Loans
  • Repayment terms: 24 to 60 months
  • Direct lender or marketplace: marketplace
  • Turnaround time: 2 to 5 days
  • Ideal for: Anyone looking to improve their financial situation

Reimbursement Inc. Advantages and disadvantages

Advantages

  • No prepayment charge
  • Monthly FICO Score Updates
  • Wealth of educational resources
  • No late fees

The inconvenients

  • No joint applications
  • 0% – 5% origination fees
  • For credit card debt consolidation only

Repayment loans

Payoff Inc. Cost of the loan

With Payoff, customers can consolidate up to $ 35,000 in credit card debt. They also offer extremely competitive rates ranging from 5.99% to 24.99% and repayment options ranging from 24 to 60 months. However, they may charge an origination fee to process the loan. These fees can range from 0% to 5% and depend on factors such as your credit history and the amount of the loan.

Qualifications

To get started, here is a list of criteria you need to meet:

  • Be a U.S. citizen or permanent resident
  • You must be at least 18 years old
  • Valid bank account
  • Minimum credit score of 640

To request Payoff, you must also have access to the following information:

  • Government issued ID
  • Debt-to-income ratio of 50% or less
  • No default on any outstanding credit
  • At least three years of credit history

After you have met all the qualifications, you can get started by following these few steps:

  1. Go to the Payoff website
  2. Click on Check my rate. If you have an invitation code, you can enter it now.
  3. Fill in basic personal information including your contact details and financial information
  4. Create an account and read the Payoff information to submit your application

After submitting your application, they will contact you. If you are approved and like any of your offers, select it and verify your information. Be sure to double-check all of your information before electronically signing your loan documents. Once your documents are received, your funds should be in your account within two to five business days.

If you are not approved, you can reapply after 30 days.

Payoff Inc. BBB Reviews

04/08/2021 – Problems with the product / service

On March 25, 2021, I was exploring online loan options with several companies. In order to get rate information, each site requests income information and performs a gentle check of your credit score to present the rates and terms to the consumer. I haven’t made any final decisions on any loans or signed any documents yet. On June 6, 2021, I received an email from Payoff.com, one of the companies I researched for loans. This email offered a promotion with a code for an Amazon gift card. For loans over $ 30,000, they would give me a $ 500 Amazon gift card. The loan was to be funded between 6 / 4-8 / 31/21. I decided on the basis of this fact to take out the loan and I decided to take out the loan for $ 35,000. The loan financed on 07/04/21. I redeemed the code on the site before making a final decision and chatted with their online help to make sure I was eligible for the Amazon Card promotion. I haven’t received the $ 500 Amazon Gift Card and no one answers my calls or emails when I ask for it.

07/22/2021 – Problems with the product / service

I had a loan with Payoff, **** I decided to repay the entire loan, so I scheduled a repayment for Tuesday, June 20, 2021. I contacted the company on Monday to obtain the insurance that she would stop deducting the automatic payments on the loan. The customer service agent assured me that as soon as my lump sum payment goes through, all scheduled automatic payments will stop. However, this morning I see that Payoff has still deducted a payment even though the loan has been fully repaid. When I contacted customer service, they gave me a tour. They claimed they couldn’t stop the automatic payment and said it will be refunded in about a week. When I told them this was unacceptable, as they had the right to deduct this money from my account (the loan was paid off in full), they kicked me off the chat / business website. When I logged back in, they had disabled customer service chat for my account. I don’t know if they will refund my payment or not.

07/15/2021 – Problems with the product / service

Payoff continues to report my account as ******************** March for payment in January. They wrote a letter stating that my account was not paid by February 27 which they said is 30 days but my account was paid on the 26th. I have a confirmation email for 26 and their website also lists 26.

Reimbursement Inc. Reviews and ratings

Payoff Inc. is BBB accredited and has an exceptional rate of A +. The reviews are positive; however, some customers were unhappy with their customer service and the slow turnaround times. On Trustpilot, it has a good average rating of 3.4 stars out of 5. Most customers have expressed satisfaction that their credit has increased by 20 to 30 points in 30 days.

Things to remember about Payoff Inc.

  1. Reimbursement Inc. processes loans, they do not fund them directly. They work with five different lenders to fund the loans: Alliant Credit Union, First Electronic Bank, First Tech Federal Credit Union, Teachers Federal Credit Union, and Technology Credit Union.
  2. Their personal loans are reserved for people who want to consolidate their credit card debt. It does not offer loans for other purposes.
  3. They don’t charge you for paying off your loan sooner than expected, and they don’t charge a fee for late payments.
  4. It offers a series of quizzes and assessments that allow you to determine the state of your financial health.
  5. Their Life portal includes articles on credit and personal finance, the science behind the lending process, and other useful information that can help you better understand loans and their impact on your finances.
  6. Make sure to stay in touch with Payoff when you have any questions

In conclusion

Payoff Inc. is a good choice because it helps consumers get the financing they need and improve their financial health the same time. Even though their personal loans are only for people who want to consolidate their credit card debt, they offer services with excellent educational resources and transparent loan templates designed to improve your credit and financial situation. Ultimately, Payoff is suitable for anyone looking for a personal loan on competitive terms.

Compare Payoff Inc. to the Best Debt Consolidation Reviews of 2022
Reimbursement Inc.

Review of Payoff Inc.

Payoff Inc. is a good choice because it helps consumers get the financing they need and improve their financial health the same time. Even though their personal loans are only for people who want to consolidate their credit card debt, they offer services with excellent educational resources and transparent loan templates designed to improve your credit and financial situation. Ultimately, Payoff is suitable for anyone looking for a personal loan on competitive terms.


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