If you have recently paid off a personal loan, send a personal loan payoff letter to the lender to let them know. This letter is not required, but it is a nice gesture. In the letter, you should include:
- Your name.
- The date you paid off the loan.
- The amount you paid.
- Your thanks to the lender.
You may also include your contact information if the lender has any questions. Here is a template of a personal loan payoff letter:
Sample Personal Loan Payoff Letter
[Name of Borrower]
[Address of Borrower]
[City, State, Zip Code]
[Date]
[Name of Lender]
[Address of Lender]
[City, State, Zip Code]
Re: Request for loan payoff [(amount) or (verification)]
Dear [lender name]:
I want to thank you for providing me with a personal loan. I am currently investigating options for settling my debt with your company, and I would appreciate it if you could give me with the payoff amount you will take on as a settlement in one lump sum payment. Alternatively, if you have any other settlement arrangements that you would be willing to consider, I would be very interested in hearing about those as well.
Thank you for your time and consideration in this matter.
Sincerely,
[Signature of Borrower]
[Name of Borrower]
[List of Enclosures]
[Check for (Amount)]
A copy of this letter to be signed and returned to the borrower
Signature
[Lender’s Name]
[Date]