Updated: November 6, 2024
Advertising & Editorial Disclosure
Happy Money’s loans are best for individuals looking to quickly pay off their credit card debts while improving their credit score. Before approving your loan application, Happy Money considers several factors to determine the actual rate you qualify for, including your credit score, loan amount, loan term, credit usage, debt-to-income ratio, credit history and state of residence.
Happy Money was founded in 2009 and has worked with lending partners to fund over $3.7 billion in personal loans. With an emphasis on financial wellness, Happy Money helps its members build good financial habits and accelerate their journey toward financial well-being.
Happy Money works with several lending partners to originate $5,000–40,000 debt consolidation loans to individuals with a minimum credit score of 550 or more. Happy Money doesn’t offer loans for other purposes aside from debt consolidation.
Individuals looking for debt consolidation loans can prequalify without the process negatively affecting their credit score. Payoff low APR makes it ideal for borrowers looking to enjoy low-interest rates while paying down their loans over time.
If you are looking for a loan with high borrowing limits or other purposes aside from debt consolidation, The Payoff Loan by Happy Money may not be the right choice for you.
Pros
Cons
APR | Happy Money offers fixed rates annual percentage rate between 5.99% and 24.99%. |
Credit Score Requirements | The minimum credit requirement for The Payoff Loan by Happy Money is 550, making it ideal for individuals with fair credit. |
Income Requirements | Happy Money does not have specific income requirements. |
Loan Amounts | Happy Money offers loans between $5,000 and $40,000. |
Loan Terms | Happy Money repayment terms range from 24–60 months. |
Permitted Uses | You can use The Payoff Loan by Happy Money for credit card debt consolidation. |
Prohibited Uses | The Payoff Loan by Happy Money can only be used for debt consolidation purposes. |
Time to Receive Funds | Happy Money approved personal loans are funded on the next business day after completing the verification process. |
Origination Fees | The Payoff Loan by Happy Money origination fees depend on your loan amount. You can expect your origination fee to range between 0% and 5%. |
Late Fees | Happy Money doesn’t charge late payment fees. |
Prepayment Penalty Fees | Happy Money doesn’t charge prepayment penalty fees. |
Co-signers and Co-applicants | Happy Money does not allow cosigners and joint applicants on personal loans. |
Perks | Happy Money conducts soft credit check that doesn't affect your credit. |
Mobile Application | Happy Money does have a mobile application. |
Personal loan providers have different terms and requirements. Before selecting a personal loan company, you should analyze their APR, loan terms, rates and credit score requirements. MoneyGeek's The Payoff Loan by Happy Money review breaks down everything you need to know to determine whether Happy Money is best for you.
The Payoff Loan by Happy Money is best for borrowers looking for debt consolidation loans with a fair credit score of at least 550. Those looking for a low loan amount of $40,000 or less will find Happy Money an ideal lender.
Happy Money waived several fees charged by other lenders, including application fees, early or extra payment fees, late fees, check processing fees, returned check fees and annual fees. This waiver makes Happy Money an excellent option for borrowers looking for low-interest lenders with minimal fees.
Personal loans are often used to cover major expenses. The Payoff Loan by Happy Money is specifically designed for customers to lower and eliminate credit card debt. While Happy Money may provide certain unsecured installment loans, customers seeking a loan for expenses other than debt consolidation may want to look elsewhere. Additionally, The Payoff Loan has a maximum loan amount of $40,000, making it inappropriate for anyone searching for loans that exceed this limit.
If you have good credit, you should look into alternative lenders. Additionally, The Payoff Loan by Happy Money is not available for residents of Massachusetts or Nevada.
Once you have determined Happy Money to be your chosen lender, it’s time to fill out your loan application. A Happy Money loan application can be completed online. MoneyGeek outlines the steps you need to take to receive The Payoff Loan by Happy Money.
To confirm your eligibility for a The Payoff Loan by Happy Money, click on the "check my rate" button on the Happy Money website. You will be asked to provide certain personal information such as your full legal name, date of birth, current residence zip code and mobile number during the process.
To apply for The Payoff Loan by Happy Money, visit their website and fill out their application form. In this step, you will be able to select your preferred Payoff plan. You will be required to provide your SSN, credit history, credit score, and other personal information relevant to your application. Some of the information Payoff require for verification purpose are:
After submitting your loan application, the Happy Money team will review your application It might take up to seven days for them complete the verification process.
Review your loan agreement thoroughly before signing. Be sure to read the loan term, fees, APR and the fine print. Ask questions if anything is unclear, and verify if the approved amount is the same as what you requested.
Once you have reviewed the loan agreement and are comfortable with the terms, you can e-sign it and submit it to Happy Money via their online channel.
Happy Money approved loans are funded within three to six business days after completing the verification process.
Your payments are deducted directly from your specified checking account every month. Your payment date may be found on your promissory note or your Member Account. You can change your payment date once a year.
Not all personal loans get approved. If Happy Money declines your personal loan application, you can apply with another lender or wait and reapply 30 calendar days after a rejected application.
Happy Money might decline your loan application for several reasons, such as having less than 550 credit score, less than three years of credit history or requesting a loan amount higher than $40,000.
You should contact Happy Money via email or phone call to find out why your loan was declined. MoneyGeek recommends that you improve upon the areas that caused your initial loan to be rejected before reapplying.
To help you determine if Happy Money is the best personal loan provider for you, MoneyGeek answers the most frequently asked questions about Payoff. Keep in mind that the best personal loan provider for you depends on your specific needs.
The Payoff Loan by Happy Money can be used to pay off credit card debt.
Happy Money requires a minimum of 550 credit score.
It can take up to seven days to get an application for The Payoff Loan approved.
Yes, Happy Money has a mobile application.
The Payoff Loan by Happy Money is unsecured.
You can borrow up to $40,000 from Happy Money.
Happy Money has a potentially high origination fee depending on your loan amount. You can expect your origination fee to range between 0 and 5%.
No, Happy Money conducts a soft credit check that doesn’t affect your credit score.
Happy Money doesn't offer an autopayment discount.
No, Happy Money doesn’t accept co-signers on personal loans.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about
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