Personal Loans » Personal Loan Lender Reviews » Happy Money Personal Loan Review 2024: The Best P2P Loan?
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Happy Money Personal Loan Review 2024: The Best P2P Loan?

Happy Money is best for those looking to consolidate debt and pay off or down credit cards. What else should you consider before applying?
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

happy money loan review - logo

On Credible Website

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. 

happy money loan review - logo

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 .

Key features of Happy Money's personal loans include the option for direct payments to creditors, allowing for seamless consolidation, and a soft credit pull during the pre-qualification process, enabling borrowers to assess potential rates without impacting their credit scores. 

However, Happy Money does impose an origination fee ranging from 1.5% to 5%, affecting the overall cost of the loan. Furthermore, the absence of rate discounts for autopay and limited loan options, such as no co-signed or secured loan alternatives, may pose drawbacks for certain 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

When it comes to repaying your Happy Money personal loan, the platform offers various payment options to suit your needs. Borrowers can typically make payments online via the Happy Money website or through automatic bank transfers.

However, if a payment is missed, Happy Money does not charge late fees, but it's essential to catch up on payments promptly to avoid any negative impact on your credit score. Additionally, Happy Money may provide options for rescheduling payments or changing payment dates, depending on individual circumstances.

If you encounter difficulties with loan repayment, such as financial hardship or unexpected expenses, it's crucial to communicate with Happy Money promptly. The company may offer assistance programs or payment arrangements to help borrowers navigate through challenging times.

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

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.

Happy Money does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.

Happy Money facilitates direct payments to creditors, streamlining the debt consolidation process and ensuring timely payments.

The company offers payment protection programs, assisting borrowers facing financial difficulties due to unemployment or disability.

Happy Money provides clear eligibility requirements, making it easier for borrowers to determine their chances of approval.

Happy Money has no late fees or fees for returned checks.

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.

Happy Money charges an origination fee ranging from 1.5% to 5%, potentially increasing the overall cost of borrowing.

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.

Unlike some competitors, Happy Money does not offer rate discounts for setting up autopayments, missing out on potential savings for borrowers.

The application is based on the applicant alone. Happy Money does not allow for joint applicants.

The lowest personal loan amount you can get with Happy Money is $5,000.

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:

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.

If a borrower misses a payment with Happy Money, the company does not charge late fees. However, it's crucial to catch up on payments promptly to avoid negative impacts on credit scores.

Additionally, Happy Money offers special options for borrowers experiencing difficulties in repaying their loans. These options may include payment assistance programs or alternative repayment arrangements tailored to the borrower's financial situation. 

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

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.

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.

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

happy money loan review - logo

Upstart logo

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

Review Personal Loan Top Lenders

Compare Alternative Lenders

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

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?

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?

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 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

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.