Payoff.com

[Anonymous]

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? 

[dogmeat]

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.

[Anonymous]

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.

[FlaDude]

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.

[Anonymous]

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@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.

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

[Anonymous]

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@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.

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

[Anonymous]

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@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.

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