– Payoff Loans Pre-Approval and Rate Check

Payoff Loans Pre-Approval and Rate Check:

  • Payoff Loan provides customers with pre-approval offers which can b e reviewed online
  • To check your offer, you can provide your invitation code your received from Payoff
  • Potential customers who do not have an invitation code can still check their rate by completing some basic information
  • Payoff does not perform a hard credit check when providing consumer rate offers which means no credit impact
  • Personal loans can allow consumers to pay off their credit card balances which often results in a credit score boost
  • Checking your rate can be done in a few minutes and the entire process can be completed online
  • Payoff has been featured on media mentions including the Wall Street Journal and and Bloomberg
  • Loans are offered between $5,000 and $35,000

What Else Should Consumers Be Aware of When Applying For a Personal Loan With Payoff?

Personal loans can be a powerful financial tool and there are many offers available out there but they should be used intelligently to avoid paying unnecessary interest on borrowed money (this is true of all lines of credit).  What is unique about personal loans is that they are often used to pay off higher interest debt, specifically, outstanding credit card balances.  Making the minimum payment on credit cards often includes paying interest rates well in to the 20 percentiles.  Personal loans on the other hand can offer rates which can be considerably lower than consumer credit cards – Payoff loan rates start at 6% and depending on your credit history you may be eligible for this lower rate.  Replacing high interest debt with low interest debt can add up to significant cost savings.

When determining if a personal loan is right for you there are many debt calculator tools available online to review the cost of your debt.  Once you have received your Payoff loan rate you can find a credit card debt calculator and a personal loan calculator online and determine what the total cost of both options will be.  This is often the primary factor when deciding if a loan is right for you.  Credit decisions require a credit history review and your rate will be based on your credit worthiness which demonstrates the importance of maintaining a clean credit history and always making your payments when due.