Happy Money Review
Personal loans from $5,000 to $4,000
Consolidate high-interest credit card debt into one monthly installment
Prequalify without affecting your credit score
Competitive interest rates for borrowers with good credit
Helps to increase your FICO Score
What Is Happy Money?
Happy Money is the parent company of The Payoff Loan™ which helps you take control of your credit card debt. A loan from Happy Money helps you consolidate multiple debts into one single monthly payment.
This can lead to better terms and a faster payoff period.
A Payoff Loan™ is a good option if you are looking for a debt consolidation loan where you send payments to your creditors individually every month.
As credit card debt can quickly accumulate, paying it off is a smart investment to make. You’ll cut back on monthly interest and build your savings faster.
Destroying your credit cards is never an option with Happy Money. You simply have to clear your balances and get back on the right track. What’s more, your credit score can increase by up to 40+ points.
There is also a Member Experience team available to help borrowers along their journey of paying off high-interest credit cards.
You can read more Payoff reviews from customers below.
Happy Money offers loans to reduce high-interest credit card installments into lower monthly payments. The Payoff Loan offers:
- Fixed monthly payments
- No late payment fees
- The ability to get you out of debt
- A chance to boost your FICO Score
How Happy Money Works
Happy Money offers personal loans between $5,000 and $40,000. These loans are designed to help you pay off your credit cards faster and save money.
To get started with a Payoff Loan from Happy Money you need to check your rate online. It takes as little as three minutes, and it won’t hurt your credit score because Happy Money only needs to run a soft credit inquiry at this point.
Joint applications are not accepted so your credit history needs to be good enough so that you can qualify on your own.
Funding takes three to seven business days after your application is approved, but keep in mind that Payoff is not available in all states.
If you meet the eligibility requirements, Payoff loans are good for people who want to take charge of their credit card debt while building their credit profile.
Happy Money’s loan application process is quite easy and can be done online. Read more about the steps below.
Here are the requirements when applying for a Payoff Loan™:
- You must be at least 18 years old
- Have a valid Social Security number
- Have a FICO credit score of 600 or more
- Have no current delinquencies
- Have a valid checking account
Other factors may also come into play when applying for a Payoff Loan™, such as your debt-to-income ratio, the age of your credit history, and credit utilization.
Rates & Fees
Happy Money offers fixed loan rates from 5.99% to 24.99%. You can borrow a loan amount between $5,000 and $40,000.
If you’re borrowing more than $15,000, the minimum APR is 6.99%.
The only valid fee bundled inside your loan is the origination fee, which is a once-off charge when your Happy Money loan is issued and varies from 0% and 5%.
This fee comes from one of Happy Monday’s lending partners, and it’s based on your loan amount, your term length, and how good your credit is.
Fees commonly associated with loans are eliminated with Happy Money. These include application fees, early payments, check processing fees, and annual fees.
Happy Money offers loan repayment periods of between two and five years.
You can prequalify without hurting your credit score, and see the loan amount and repayment terms you may qualify for. There is no prepayment penalty.
Example: A $16,000 loan with an APR of 10.99% will have 48 monthly payments of $413.
How to Apply for a Payoff Loan™
Applying for a Payoff loan is straightforward. Simply visit the Happy Money website and click on Check My Rate. There is no application fee or impact on your credit score.
Choose your terms and select the offer that works best for you. Review the terms, verify your information, and eSign your loan agreement.
Once approved, your funds will arrive in your bank account.
You can read real Happy Money reviews from customers below.
Our Happy Money Review
Allows you to consolidate your credit card debt into one single payment.
Competitive interest rates for borrowers with good credit.
Prequalification won’t hurt your credit score.
Potentially increase your FICO Score with up to 40 points.
Not available in all states.
May charge an origination fee.
No joint applications are allowed.
Requires 3+ years of credit history
Happy Money offers credit card holders the opportunity to reduce their debt and have one single, lower monthly payment. It’s also a good way to increase your FICO Score and get out of debt faster.
Another great feature of Happy Money is that members get additional benefits such as free FICO Score updates, quarterly check-ins from Member Advocates, and more.
A Payoff Loan™ is available up to $40,000 which is a decent amount for most credit card holders. They don’t have all the fees that you’ll typically see with conventional loans, making it even more affordable.
Customers can easily manage their details with the login link available on the home page. Payoff by Happy Money reviews are generally very positive.
You can also read Payoff loan reviews from customers below.
Is Happy Money legit? Yes. Happy Money is a legitimate personal loan company. It has helped customers get more than $3.7 billion in loans and it’s a good option if you have multiple credit cards and want to save money by consolidating debt.
Happy Money Customer Service
The Payoff customer service (Happy Money) team is available via phone or email, and they have a comprehensive support section on their website.
Customer service is available seven days a week.
Have some feedback? Add your Happy Money Inc. review below.
Payoff (Happy Money) FAQs
How much can I borrow?
A Payoff Loan™ is available up to $40,000. However, some states have different loan limits. If you’re in New Mexico, the minimum amount you can borrow is $5,100, and the minimum loan amount is $6,100 in Maryland.
Is Happy Money a bank?
No. Happy Money has a verified network of lending partners to facilitate loans. All information on Happy Money’s lending partners, privacy policies, and links to their websites are available on their website.
Does Happy Money protect my personal information?
No. Happy Money has a verified network of lending partners to faciliate loans. All information on Happy Money’s lending partners, privacy policies, and links to their websites are available on their website.
Is Happy Money and Payoff the same?
Happy Money was formerly known as Payoff. While it has officially updated its name to Happy Money, Inc., you may still run into places where it refers to itself as “Payoff” or “Payoff by Happy Money” online.