topic Re: Payoff.com in Personal Finance

Payoff.com

Anonymous — Tue, 04 Aug 2020 00:11:22 GMT

Anyone use them? I was preapproved for $35k to payoff my CC at 6.99apr over 3 years. However, I'm a little suspicious. They're asking for bank statements and I can't understand why pay stubs wouldn't suffice? Is there something else they're trying to learn from my bank statements that they can't get from my paystubs?

Re: Payoff.com

dogmeat — Tue, 04 Aug 2020 00:26:26 GMT

Never used them, but congrats! Those are great terms for an unsecured consolidation loan.

Some things they may be looking for: Tax or other lien payment, child support payment, alimony payment, lots of casino/bingo-hall charges, who knows what else. But yes, certainly, there is more information in your bank statement (if that includes all transactions) than your paystub.

Re: Payoff.com

Anonymous — Thu, 06 Aug 2020 00:56:54 GMT

They are looking for anything that would make you more risky to loan money to. Mainly, a deposit from another loan recently taken out that is not reflecting on your credit report yet. If there is a large deposit over a certain amount, they will request additional documentation showing where the deposit came from.

Re: Payoff.com

FlaDude — Thu, 06 Aug 2020 16:01:12 GMT

I haven't used them but a quick Google search shows good reviews at Nerdwallet and Wallethub, and not huge number of complaints. Congrats on the rate, espescially as there is no origination fee. Good luck on your debt journey, I've taken out $40k of loans from Marcus, Prosper, and Lending Club and getting out from paying hundreds of dollars a month in CC interest has really helped me work the debt down, it should for you too.

Re: Payoff.com

Anonymous — Thu, 06 Aug 2020 19:51:48 GMT

Re: Payoff.com

Anonymous — Thu, 06 Aug 2020 19:51:27 GMT

Re: Payoff.com

Anonymous — Thu, 06 Aug 2020 19:51:01 GMT

Re: Payoff.com

Anonymous — Thu, 06 Aug 2020 19:53:06 GMT

@dogmeat wrote:
Never used them, but congrats! Those are great terms for an unsecured consolidation loan.

Some things they may be looking for: Tax or other lien payment, child support payment, alimony payment, lots of casino/bingo-hall charges, who knows what else. But yes, certainly, there is more information in your bank statement (if that includes all transactions) than your paystub.

Thanks much. Thankfully, I don't have any of those concerns. Just CC debt from being in school the last two years.

Re: Payoff.com

Anonymous — Thu, 06 Aug 2020 19:54:43 GMT

@Anonymous wrote:
They are looking for anything that would make you more risky to loan money to. Mainly, a deposit from another loan recently taken out that is not reflecting on your credit report yet. If there is a large deposit over a certain amount, they will request additional documentation showing where the deposit came from.

Wouldn't inquiries illustrate that, or at least show shopping around?

Re: Payoff.com

Anonymous — Thu, 06 Aug 2020 19:56:03 GMT

@FlaDude wrote:
I haven't used them but a quick Google search shows good reviews at Nerdwallet and Wallethub, and not huge number of complaints. Congrats on the rate, espescially as there is no origination fee. Good luck on your debt journey, I've taken out $40k of loans from Marcus, Prosper, and Lending Club and getting out from paying hundreds of dollars a month in CC interest has really helped me work the debt down, it should for you too.

There's actually a $185 origination fee, which doesn't seem so bad

Re: Payoff.com

Anonymous — Fri, 07 Aug 2020 03:48:47 GMT

Yeah, but inquiries don't tell them if you accepted the offer or are just rate shopping. There are many things they could be looking for like dogmeat said.

I would check around with other lenders though if your not comfortable providing that. Either way, the worst they would do is decline your application, even if they found something misleading on the statements.

Re: Payoff.com

FlaDude — Fri, 07 Aug 2020 12:01:51 GMT

@Anonymous wrote:
There's actually a $185 origination fee, which doesn't seem so bad

For 35k, not at all. Many of the lenders that provide consolidation loans have origination fees of 1%, 2%, or more.

Re: Payoff.com

sjt — Wed, 26 Aug 2020 18:34:19 GMT

In addition to what the other posters have mentioned, they also use bank statements to match the net pay on the pay stubs to the bank statements.