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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.
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:
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 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 8.95% - 17.48%. 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.
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.
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 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.
 |  |  | |
| APR | 8.95% - 17.48% | 6.94% - 35.99% | 8.99% - 29.99% |
| Minimum credit score | 640 | 620 | 640 |
| Loan amounts | $5,000-$40,000 | $600-$100,000 | $2,000-$45,000 |
| Loan term | 2-5 years | 2-5 years | 3 or 5 years |
| Suitable for | People who want to pay off credit card bills and improve their credit score | People who want to borrow smaller or larger loan amounts than those offered elsewhere | People 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.
21515 Hawthorne Blvd, Suite 200
Torrance, CA 90503
This review was created with information from the Happy Money website and by contacting its customer support team.
