Happy Money (formerly Payoff) is best for those looking to consolidate debt and pay off or down credit cards. You will need good to excellent credit with an average cash flow to qualify.
APR
11.52% - 24.81%
Loan Amount
$5,000 – $40,000
Term
24 - 60 months
Min score
640
Happy Money (formerly Payoff) is best for those looking to consolidate debt and pay off or down credit cards. You will need good to excellent credit with an average cash flow to qualify.
APR
11.52% - 24.81%
Loan Amount
$5,000 – $40,000
Term
24 - 60 months
Min score
640
On Credible Website
Our Verdict
Happy Money offers fixed-rate personal loans tailored for individuals seeking to consolidate high-interest credit card debt. With Happy Money, you can borrow anywhere from $5,000 – $40,000 and the terms are between 24 – 60 months .
Happy Money's personal loans offer a few key features, including the option for direct payments to creditors, which makes consolidation easier. Plus, they perform a soft credit pull during pre-qualification, so you can check potential rates without impacting your credit score.
However, keep in mind that Happy Money charges an origination fee between 1.5% and 5%, which adds to the overall cost of the loan. Additionally, they don't offer rate discounts for autopay, and their loan options are more limited—there are no co-signed or secured loan alternatives available. These factors might be a downside for some borrowers.
Getting Approved for a Happy Money Personal Loan
In order to apply for a Happy Money personal loan, applicants need to meet specific requirements and provide necessary documentation:
- Credit Score Requirements: Applicants must have a minimum credit score of 640
to qualify for a Happy Money personal loan. - Income Requirements: While specific income requirements are not disclosed, applicants are typically required to demonstrate sufficient income to repay the loan.
- No Co-signers and Co-applicants: Happy Money does not accept co-signers or co-applicants for personal loans.
In addition to these requirements, applicants need to provide certain documentation:
- Employment Information: Applicants must furnish details of their current employment status, including employer contact information and duration of employment.
- Debt Information: Disclosure of existing debts and financial obligations may be necessary to assess the applicant's overall financial situation.
- Proof of Identity: Applicants must provide valid identification documents such as a driver's license, passport, or social security card.
- Proof of Income: Documentation of income sources such as recent pay stubs, tax returns, or bank statements is necessary to verify financial stability.
Understanding Happy Money Repayment Options
Happy Money Personal Loan Pros & Cons
Like all lenders, Happy Money has its own set of advantages and drawbacks that potential borrowers should consider:
Pros | Cons |
|---|---|
Free Credit Monitoring | Origination Fee |
Soft Pull Inquiry | Limited Use |
Direct Payment to Creditors | No Rate Discounts |
Payment Protection | No Joint Applicants |
Transparent Eligibility Criteria | Higher Minimum Amount |
No Late Fees | Longer Funding Times |
Flexible Payments |
- Free Credit Monitoring
You get a free credit summary report from Happy Money. They will send you an updated FICO® score every month. This can be used to monitor your credit and as a resource to improve your credit.
- Soft Pull Inquiry
Happy Money does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.
- Direct Payment to Creditors
Happy Money facilitates direct payments to creditors, streamlining the debt consolidation process and ensuring timely payments.
- Payment Protection
The company offers payment protection programs, assisting borrowers facing financial difficulties due to unemployment or disability.
- Transparent Eligibility Criteria
Happy Money provides clear eligibility requirements, making it easier for borrowers to determine their chances of approval.
- No Late Fees
Happy Money has no late fees or fees for returned checks.
- Flexible Payments
If you miss a payment you can work with your representative to create a plan to catch up. Happy Money may offer the option of payment deferral or changing your payment date.
- Origination Fee
Happy Money charges an origination fee ranging from 1.5% to 5%, potentially increasing the overall cost of borrowing.
- Limited Use
Happy Money has one loan purpose. If you need the money for other reasons, you will need to look for a different personal loan provider.
- No Rate Discounts
Unlike some competitors, Happy Money does not offer rate discounts for setting up autopayments, missing out on potential savings for borrowers.
- No Joint Applicants
The application is based on the applicant alone. Happy Money does not allow for joint applicants.
- Higher Minimum Amount
The lowest personal loan amount you can get with Happy Money is $5,000.
- Longer Funding Times
It may take several business days for Happy Money to review applications and disburse funds, potentially causing delays for borrowers in need of quick financing.
Happy Money Customer Experience
Customer reviews for Happy Money are generally positive, with the company boasting an A+ rating with the Better Business Bureau (BBB) and a rating of 4.2 out of 5 stars on Trustpilot based on over 357 reviews.
While some customers appreciate the transparent eligibility criteria and helpful payment protection programs, others may express concerns about the origination fee and longer funding times compared to competitors.
Additionally, the company has responded promptly to consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), indicating a commitment to addressing customer issues.
Happy Money | |
|---|---|
BBB Rating | A+ |
TrustPilot Rating | 4.2 |
Contact Options | phone/mail |
Availability | 6am – 6pm (PST) |
Customers can reach Happy Money's customer service team through various channels. They can call or email the support team during operating hours, which are Monday through Friday from 6:00 a.m. to 6:00 p.m. PT and on Saturday from 6:00 a.m. to 2:30 p.m. PT.
Additionally, customers can visit the company's online help center for answers to frequently asked questions or to submit inquiries through a contact form.
Additional Insights to Keep in Mind
Before applying for a personal loan with Happy Money, it's important to understand additional factors that could impact your borrowing experience:
-
What is the funding time?
The funding time for Happy Money personal loans can vary but generally takes between three to seven business days after approval.
While this timeframe may be longer compared to some other lenders, Happy Money's emphasis on thorough application review ensures responsible lending practices and accurate fund disbursement.
Borrowers should consider this timeline when planning their financial needs and account for potential delays in accessing loan funds.
-
What Happens If I miss a payment?
Common Uses of Happy Money Personal Loans
A Happy Money personal loan, formerly known as Payoff Loan, is primarily intended for debt consolidation purposes.
Borrowers can use the loan to pay off high-interest credit card balances, combining multiple debts into a single loan with a potentially lower interest rate. This consolidation can simplify finances and potentially save money on interest payments over time.
FAQs
Is Happy Money a good place to get a loan?
Happy Money is a good option if you want to consolidate your higher interest debt. The rates are competitive for the industry and the minimum credit score is realistic. Additionally, Happy Money doesn’t charge prepayment penalties or late payment fees.
Just be aware that you can only use the loans for debt consolidation and you can be waiting up to 12 business days to receive the funds.
Does Happy Money ask for proof of income?
Happy Money requires several documents to complete an application. While these documents can vary according to your circumstances, the team will need to verify your income. Happy Money allows you to submit recent pay stubs in electronic format, by logging into the website. You can also scan or photograph your paystubs.
For the self employed, Happy Money will accept Form 1040 as a proof of income and a copy of Schedule C or a K1 form.
Is Happy Money better than Upstart?
Upstart does allow personal loans for various purposes with a reasonable credit score. However, you must be in full time employment or have another source of regular income to qualify.
Another advantage Upstart has over Happy Money is that you can expect to receive your funds as quickly as one day after approval, although there is a three business day hold for educational loans.
So, unless you are looking to consolidate, Upstart is likely to be the better option for you.
Peer to Peer Personal Loans: Alternatives
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APR Range
The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
| 11.52% – 24.81%
| 6.99% – 35.99%
| 5.20% – 35.99%
|
Term
The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
| 24 – 60 months
| 36-60 Months
| 36-60 Months
|
Loan Amount | $5,000 – $40,000
| 2,000 – $40,000
| $1,000 – $50,000
|
Minimum Score | 640
| 600
| $12,000
|
Funding Time | 2-5 days
| Up to 14 days and then 1 to 3 days to deposit
| 1-2 Days
|
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Compare Alternative Lenders
Happy Money vs SoFi vs OneMain
Each of these three lenders will be appropriate for a different type of person. OneMain is generally beneficial for accepting applications from people with less-than-perfect credit.
SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. Happy Money is somewhere in the middle, and it gives you quick access to your borrowed funds.
Read Full Comparison: Happy Money Vs SoFi Vs OneMain: Compare Personal Loan Providers
Happy Money vs Peerform vs Prosper
All of these lenders have some things in common, such as similar credit score requirements. There are, however, some significant differences that you will notice.
Prosper is a great option for people looking for a small loan, whereas Happy Money is better suited to applicants looking to minimize fees. Finally, if you want to get very competitive rates, Peerform is a good option.
Read Full Comparison: Peerform vs Happy Money vs Prosper: Which Personal Loan Is Better?
Happy Money vs Upgrade vs Discover
Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.
Finally, Happy Money is a financial wellness company that wants its customers to have a positive relationship with money.
Read Full Comparison: Upgrade Vs. Happy Money Vs. Discover: Which Personal Loan Suits You Best?
Happy Money vs Upstart
Upstart and Happy Money both cater to people with low credit scores and offer flexible repayment terms.
Upstart is better suited for people who want a smaller loan amount or who do not yet have a credit score. If you want to keep your fees as low as possible, Happy Money is the way to go.
Read Full Comparison: Upstart Vs Happy Money: Which Personal Loan Is Better?
Happy Money vs LendingClub vs Upgrade
Happy Money focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.
If you need quick access to funds and a variety of loan types, Upgrade is the best option of these three lenders. Finally, if you need a joint loan or have a low credit score, LendingClub is a good option.
Read Full Comparison: Happy Money Vs LendingClub Vs Upgrade: Choose The Right Personal Loan
