Are you looking to crush Credit card debt, consolidate all your payments into a single Loan, and grow your credit score? A personal loan from Payoff could help you do all three at once.

These debt consolidation loans could help you avoid defaulting on credit cards, and they could help you move towards debt freedom more quickly. But are the loans the right loans for you?

Payoff offers unsecured personal loans with fixed monthly payments. The only way that you can use a loan from Payoff is to consolidate credit card debt.

To take out a personal loan from Payoff, you need a minimum credit score of 640. You’ll also need at least three years of credit history, two open credit cards in good standing, and no delinquencies (payments over 90 days past due) in the last 12 months.

Borrowers also cannot have a debt-to-income (DTI) ratio higher than 50%. That means that no more than 50% of your monthly income can go towards debts (including your mortgage).

You must be 18 years old to take out a loan from Payoff, and it does not offer loans in MA, MS, NE, NV, OH, and WV.

Personal loans from Payoff have terms ranging from 24 to 60 months, but you can pay off the loans early without a prepayment penalty.

The APR on loans from Payoff ranges from 5.99% to 24.99%. This APR includes an origination fee which can range from 0% to 5%. You can borrow between $5,000 and $35,000 on a loan from Payoff.

Even though Payoff is targeted to borrowers with poor to fair credit, it’s important to note that it may not be a great deal — especially if you plan to pay your loans ahead of schedule.

Many personal lenders do not charge origination fees, so that cost could be a concern for some borrowers. When you pay off a loan early, upfront fees (like origination fees) raise the effective interest rate on the loan. Whenever possible, avoid taking out personal loans with costly origination fees.

The good news about Payoff loans is that it does not charge late fees if you make a payment a day or two late. This can lead to massive savings for a person who sometimes struggles to balance all the demand on their paychecks.

If you have a credit score of 640, and really high interest rates, you may have a limited number of options beyond taking out a debt consolidation loan from Payoff.

However, with rates as high as 24.99%, this may not end up being a good financial decision. Borrowers who are struggling to repay their credit card debt and who have a poor credit score should consider credit counseling.

Many not-for-profit credit counselors can help negotiate lower interest rates on existing credit card debt. They can also help you with budgeting, cash management, and other personal finance basics that will help you get on track.

If you have a decent credit score (high 600s), you can probably do better than a debt consolidation loan by choosing a 0% balance transfer credit card. As long as you vigilantly pay off the credit card balance, you’ll come out ahead.

Overall, the loan from Payoff may seem like a good idea, but it’s unlikely to yield the most savings.