written like an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . september 2016 learn how and when to remove this template message payoff type private founded costa mesa california headquarters 3200 park center drive ste 800 costa mesa california united states key people scott saunders founder and ceo products personal finance finance technology financial services number of employees 101 150 website http www.payoff.com payoff inc. previously known as payoff.com is a costa mesa california based financial services company that offers loans to customers for paying off their credit card debt . 1 offering fixed rate loans through a peer to peer lending platform the company lends money to credit worthy credit card debt holders . 2 contents 1 history 2 business model 3 products and services 4 investors 5 reviews 6 notes 7 external links history edit payoff was founded in 2009 in culver city california by scott saunders and eden warner 3 4 as a way to help consumers pay off their debt . 5 the company s initial business model as payoff.com incorporated social media gamification behavioral science and an online expense tracking portal to help consumers manage and pay down their credit card debt . 6 7 the company began to gradually move away from the social media and gamification programs for personal financial management to focus more on actively moving consumers to pay off debt . in december 2012 the company announced a series b funding round which raised an additional 7m . 8 also in december 2012 the company announced a partnership with encore capital group a purchaser of consumer debt to offer payoff.com s debt reduction services to encore s customers . 9 in october 2014 the company announced that mohamed el erian former head of bond trading company pimco was the lead investor in a 12m funding round . 10 11 it was later announced that he was joining the company s board of directors . 12 early in 2015 arianna huffington joined the company s board of directors . 13 the company also announced that it had hired dr. galen buckwalter the former chief scientist at eharmony to integrate psychometric testing into its platform with the goal of identifying borrowers who are most likely to repay their debt . 14 business model edit payoff earns money by charging interest on credit card debt payoff loans including charging a platform fee to cover loan origination and closing costs . payoff s prospective clients fill out an online application form in order to learn their loan rate which as of december 2014 ranged from 7.96 % 11 % apr and 19.54 % 22 % apr . 15 payoff partners with sandy utah based first electronic bank to offer the loans and manage client payments . 16 17 products and services edit payoff has several branded products that are offered to borrowers . payoff loan the company s primary offering is the payoff loan . clients apply on the payoff.com website and if the client is approved funds are electronically transferred to the client s bank account . 18 lift lift is a program designed to enhance the credit profiles of borrowers who are rejected for payoff loans . the company integrates behavioral science techniques into tools and training designed to help clients get out of debt . 19 payoff living blog payoff also publishes tips and techniques for helping clients get out of debt and make the most of their money . 20 payoff financial personality quiz developed by dr. galen buckwalter of eharmony this personality quiz uses the big 5 to identify and describe a person s personality as it relates to money . 21 investors edit participants in the company s seed funding round of 1.7 m in april 2007 included great oaks venture capital firstmark capital jarl ; mohn ceo of npr and jim nordstrom from the nordstrom retailing family . 4 in january 2012 the company held a series a angel round of investing which raised an additional 4.1 m and included anthemis group and capital r investments along with additional funding from firstmark capital and great oaks venture capital . 4 22 the company lists additional individual investors on their web site including kai huang founder of the guitar hero video game series bill cvengros founding member of pimco and brandon beck founder of video game publisher riot games . 23 reviews edit payoff reviews via ekomi verified review site . 24 notes edit about us . payoff.com . retrieved 2014 12 12 . famed investor mohamed el erian joins payoff peer to peer lending platform . crowdfundinsider.com . 2014 10 22 . retrieved 2014 12 12 . debt reduction firm raises 2 million . ocregister.com . 2012 01 13 . retrieved 2014 12 12 . a b c crunchbase.com profile payoff.com . crunchbase.com . retrieved 2014 12 12 . hamilton walter 2011 10 20 . internet booming with financial websites . latimes.com . retrieved 2014 12 12 . payoff.com review . moneycrashers.com . retrieved 2014 12 12 . payoff.com gives your financial motivation strength in numbers . suntimes.com . 2011 06 26 . retrieved 2014 12 16 . payoff.com raises 7.0 m for personal finance efforts . socaltech.com . 2013 12 03 . retrieved 2014 12 16 . payoff encore to try using games to reduce distressed debt . highbeam.com . 2012 12 10 . retrieved 2014 12 12 . mohamed el erian is the lead investor in a company called payoff . businessinsider.com . 2013 10 22 . retrieved 2014 12 12 . payoff.com gets 12m from bond guru . socaltech.com . 2014 10 27 . retrieved 2014 12 16 . el erian backs costa mesa startup . ocbj.com . 2014 12 15 . retrieved 2014 12 15 . arianna huffington joins peer to peer company payoff . ft.com . 2015 04 15 . mohamed el erian joins peer to peer lender payoff . cnbc.com . 2014 10 22 . retrieved 2014 12 12 . rates and fees . payoff.com . retrieved 2014 12 15 . payoff.com . payoff.com . retrieved 2014 12 15 . institution directory first electronic bank . fdic.gov . retrieved 2014 12 15 . how our loans work . payoff.com . retrieved 2014 12 15 . is payoff bringing a revolution in peer to peer lending . bidnessetc.com . 2014 10 23 . retrieved 2014 12 15 . payoff.com blog . payoff.com . retrieved 2014 12 16 . payoff fpq . payoff.com . retrieved 2014 05 27 . anthemis group firstmark capital great oaks venture capital invests in payoff.com . maandate.com . 2012 01 12 . retrieved 2014 12 12 . meet the investors . payoff.com . retrieved 2014 12 12 . payoff customer reviews rating 4.7 from 146 customer reviews and experiences for payoff.com . ekomi . 2015 05 27 . retrieved 2015 05 27 . external links edit official website retrieved from https en.wikipedia.org w index.php title payoff inc. & oldid 740233983 categories companies based in costa mesa californiacompanies established in 2009hidden categories articles with a promotional tone from september 2016all articles with a promotional tone navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 19 september 2016 at 21 26 . text is available under the creative commons attribution sharealike license ; 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