We earn a commission from brands listed on this site. This influences the order and manner in which these listings are presented.
BestMoney logo

Happy Money Personal Loans Review

Reviews 374
Happy Money
Visit Site
Happy Money
Happy Money
Reviews 374
Emma Street
Jan. 18, 2024
4 min read
Emma Street
Happy Money Summary
Happy Money is a financial technology company founded in 2009 that partners with financial institutions like credit unions. It has funded over $5.9 billion in personal loans, helping over 319,000 members. The company focuses solely on one type of personal loan—a credit card consolidation product called The Payoff Loan for those who want to simplify their finances, save money, and improve their credit scores by paying off credit cards.


  • Prequalify without impacting your credit score
  • Option of direct payment to creditors
  • No application fees, late payment fees, or prepayment penalties


  • Origination fee of up to 5%
  • No rate discount for autopay

Happy Money at a glance

Editorial score

Variety of loan types

One loan type for credit card debt consolidation

Online experience

Learning resources, mobile app, and rates visible after soft credit check

Customer services and support

Customer support available 6 days a week via phone, email, or online chat

Loan amount range

Loan amount up to $40K

Repayment flexibility

Loan terms up to 60 months

Happy Money Happy Money Visit Site

Suitable For?

Happy Money’s Payoff Loan suits borrowers who want to reduce or pay off their credit card balances by consolidating high-interest debt into one monthly payment. It focuses on helping you improve your credit score by reporting loan payments directly to credit bureaus. 

As Happy Money only offers credit card consolidation loans, it won’t be a good fit if you’re looking for other kinds of personal borrowing, such as car loans or home improvements.

Loan Features

Happy Money is a direct lender specializing in credit card debt consolidation loans. Prequalifying with a soft credit check enables you to explore your options without impacting your credit score. There are no application fees, late payment fees, or prepayment penalties. Other features include:

  • Flexibility to maintain your existing credit card accounts, preserving your financial options
  • Streamlined loan process with the possibility of instant approval for some applicants
  • Monthly reporting of payment history to Experian, Equifax, and Transunion
  • Loans explicitly tailored for credit card debt consolidation, ensuring a focused and efficient lending process

Application Process 

Most applicants can complete the application process in a few minutes. You’ll need to provide your personal details, yearly income, and housing payments so Happy Money can run a soft credit check and provide you with loan plans. 

Once you initiate the application process, your rates remain valid for 30 days. Happy Money aims to review your application and the necessary documents within seven business days. 

After approval and signing of the required documents, your funds will be deposited into the designated checking or savings account within three to six business days. Alternatively, you can opt to have the money paid directly to your credit card company.


You’ll need to be 18 years or older with a valid social security number and checking account, a minimum credit score of 640, and at least three years of established credit to be eligible. You should have a responsible credit repayment history and no current delinquencies.

The loan application process involves a comprehensive review of various factors, including your credit score, debt-to-income ratio, length of credit history, and how reliable you are at making regular payments. 

Loan Terms

Loan amounts range from $5,000 to $40,000. The minimum varies by state, with New Mexico requiring $5,100 and Maryland requiring $6,100. 

For loan amounts of $5,000-$40,000, Happy Money's lending partners provide fixed APR rates between 11.72% - 17.99%. Above $15,000, the minimum rate is 11.72% APR.

Happy Money charges an origination fee of 0%-5%, set by the lending partners. Your rate depends on various factors, including your credit score, loan amount, loan term, credit usage, credit history, and state of residence. Presently, loans aren’t available in Massachusetts or Nevada.

Repayment Terms

You can select a repayment term of between two and five years. The specific details of your repayment plan depend on factors such as your interest rate, loan amount, and term length. 

You can make additional payments or settle your loan ahead of schedule without incurring any prepayment penalties. However, unlike many other companies, Happy Money does not offer a discount for using Autopay.

Privacy and Security

Happy Money implements bank-level security that aligns with both federal and state laws. It uses 256-bit encryption to ensure all your sensitive data is kept safe. The platform also enforces strict password requirements and employs session time-outs to prevent unauthorized access. 

Help and Support

Help and support are available by phone, email, and online chat. Phone lines are open six days a week, 6am-6pm (PT), Monday to Friday, and 6am-2.30pm (PT) on Saturdays.

Members have access to an online portal and a mobile app, available on both iOS and Android, to manage accounts and make payments. The website also features articles covering a range of subjects, including managing financial stress and how to budget.

How Happy Money Compares

11.72% - 17.99%
6.99% - 35.99%

9.116% - 29.99%

Minimum credit score
Loan amounts
Loan term
2-5 years2-5 years3 or 5 years
Suitable for
People who want to pay off credit card bills and improve their credit scorePeople who want to borrow smaller or larger loan amounts than those offered elsewherePeople with good credit who want money fast

Happy Money differs from other loan providers by only focusing on credit card consolidation. Credible and Rocket Loans, by comparison, offer multiple types of personal loans.

Rocket Loans, like Happy Money, is a direct lender. It provides a range of borrowing choices and same-day funding. Credible, on the other hand, is a loan broker whose specific loan terms will vary depending on the provider.


Is Happy Money a bank?

No, Happy Money is not a bank. It’s a financial technology company that provides personal loans by working with trusted partners such as credit unions.

What are the benefits of The Payoff Loan compared to just paying off your credit cards directly?

Taking out a Payoff Loan simplifies your debt management by consolidating multiple high-interest debts into a single, more manageable payment with lower interest rates. This can help you pay off your debt faster and improve your credit score.

Does Happy Money charge prepayment or early pay-off fees?

No, Happy Money doesn’t charge these fees, allowing you to repay your loan without additional costs.

What additional information may Happy Money require during your application?

Happy Money may request additional information such as proof of income, identification documents, and details about your current financial obligations.


Happy Money offers a unique focus on credit card debt consolidation through its Payoff Loan product. While not a bank, the company partners with reputable financial institutions to provide loans ranging from $5,000 to $40,000 with a repayment window of two to five years. You’ll benefit from having no application fees, prepayment penalties, or late fees, with the added advantage of monthly reporting to credit bureaus—helping to improve your credit score.

Physical Address

21515 Hawthorne Blvd, Suite 200

Torrance, CA 90503

Happy Money Happy Money Visit Site


This review was created with information from the Happy Money website and by contacting its customer support team.

Emma Street
Written by
Emma Street
Emma holds a BSc in Computer Science and has worked in software development for 15+ years as a support analyst, developer, and technical writer. Emma currently specializes in low-code software and web development, and has extensive experience in the fields of InsureTech and FinTech, with a keen understand—and enthusiasm for!—the intersection of personal and corporate finance and technology.
Top Personal Loans
Read Review|Visit Site
Read all reviews

Must Reads

Compare Our Top 5 Personal Loan Lenders of 2024
Jul. 17, 2024
These are the Top 3 Personal Loans for Debt Consolidation Loans
Jul. 17, 2024
5 Excellent Providers of Short-Term Personal Loans
Jul. 17, 2024
Read all articles
Trustpilot reviews
See what some customers are saying about Happy Money
Great • Reviews 374
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
Sort by