MoneyGeek’s Take: Happy Money Personal Loan Review

Banner image
Reviewed byEmma Thomas
fact checked icon
fact checked icon
Reviewed byEmma Thomas
fact checked icon

Updated: December 28, 2023

Advertising & Editorial Disclosure

Happy Money’s loans are best for individuals looking to quickly pay off their credit card debts while improving their credit score. Before approving your loan application, Happy Money considers several factors to determine the actual rate you qualify for, including your credit score, loan amount, loan term, credit usage, debt-to-income ratio, credit history and state of residence.

At a Glance: The Payoff Loan by Happy Money

  • Happy Money

    • 5.99% to 24.99%APR Range
    • 550Minimum Credit Score
    • $5,000 to $40,000Loan Amount Range
    • 24 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    Happy Money was founded in 2009 and has worked with lending partners to fund over $3.7 billion in personal loans. With an emphasis on financial wellness, Happy Money helps its members build good financial habits and accelerate their journey toward financial well-being.

    Happy Money works with several lending partners to originate $5,000–40,000 debt consolidation loans to individuals with a minimum credit score of 550 or more. Happy Money doesn’t offer loans for other purposes aside from debt consolidation.

    Individuals looking for debt consolidation loans can prequalify without the process negatively affecting their credit score. Payoff low APR makes it ideal for borrowers looking to enjoy low-interest rates while paying down their loans over time.

    If you are looking for a loan with high borrowing limits or other purposes aside from debt consolidation, The Payoff Loan by Happy Money may not be the right choice for you.


    • Best for individuals with bad credit
    • Low interest rates
    • Fast online application
    • Conduct soft credit check that does not affect your credit score


    • Low borrowing limits
    • Potential high origination fee of up to 5%
    • Not available to individuals without a social security number
    • Limited loan usage
    • Loan disbursement can take up to five days
    • APR range: 5.99%–24.99%
    • Minimum/maximum loan amount: $5,000–$40,000
    • Minimum credit requirements: 550
    • Repayment terms: 24–60 months
    • Time to receive funds: Next day
    Happy Money

MoneyGeek Breakdown - The Payoff Loan by Happy Money Details


Happy Money offers fixed rates annual percentage rate between 5.99% and 24.99%.

Credit Score Requirements

The minimum credit requirement for The Payoff Loan by Happy Money is 550, making it ideal for individuals with fair credit.

Income Requirements

Happy Money does not have specific income requirements.

Loan Amounts

Happy Money offers loans between $5,000 and $40,000.

Loan Terms

Happy Money repayment terms range from 24–60 months.

Is Happy Money Payoff Right for You?
mglogo icon

Personal loan providers have different terms and requirements. Before selecting a personal loan company, you should analyze their APR, loan terms, rates and credit score requirements. MoneyGeek's The Payoff Loan by Happy Money review breaks down everything you need to know to determine whether Happy Money is best for you.

Who Happy Money Is Perfect For

The Payoff Loan by Happy Money is best for borrowers looking for debt consolidation loans with a fair credit score of at least 550. Those looking for a low loan amount of $40,000 or less will find Happy Money an ideal lender.

Happy Money waived several fees charged by other lenders, including application fees, early or extra payment fees, late fees, check processing fees, returned check fees and annual fees. This waiver makes Happy Money an excellent option for borrowers looking for low-interest lenders with minimal fees.

Who Should Not Choose Happy Money

Personal loans are often used to cover major expenses. The Payoff Loan by Happy Money is specifically designed for customers to lower and eliminate credit card debt. While Happy Money may provide certain unsecured installment loans, customers seeking a loan for expenses other than debt consolidation may want to look elsewhere. Additionally, The Payoff Loan has a maximum loan amount of $40,000, making it inappropriate for anyone searching for loans that exceed this limit.

If you have good credit, you should look into alternative lenders. Additionally, The Payoff Loan by Happy Money is not available for residents of Massachusetts or Nevada.

How to Apply for The Payoff Loan by Happy Money

Once you have determined Happy Money to be your chosen lender, it’s time to fill out your loan application. A Happy Money loan application can be completed online. MoneyGeek outlines the steps you need to take to receive The Payoff Loan by Happy Money.


To confirm your eligibility for a The Payoff Loan by Happy Money, click on the "check my rate" button on the Happy Money website. You will be asked to provide certain personal information such as your full legal name, date of birth, current residence zip code and mobile number during the process.

Fill Out Application Form

To apply for The Payoff Loan by Happy Money, visit their website and fill out their application form. In this step, you will be able to select your preferred Payoff plan. You will be required to provide your SSN, credit history, credit score, and other personal information relevant to your application. Some of the information Payoff require for verification purpose are:

  • A bank statement or bank credentials to securely link your bank account
  • A driver's license, passport or state-issued ID to verify your identity
  • Your two most recent pay stubs or most recent tax return if self-employed to confirm your income
Wait for Approval

After submitting your loan application, the Happy Money team will review your application It might take up to seven days for them complete the verification process.

Review Loan Agreement

Review your loan agreement thoroughly before signing. Be sure to read the loan term, fees, APR and the fine print. Ask questions if anything is unclear, and verify if the approved amount is the same as what you requested.

Sign Loan Agreement

Once you have reviewed the loan agreement and are comfortable with the terms, you can e-sign it and submit it to Happy Money via their online channel.

Receive or Direct Funds

Happy Money approved loans are funded within three to six business days after completing the verification process.

Make Payments

Your payments are deducted directly from your specified checking account every month. Your payment date may be found on your promissory note or your Member Account. You can change your payment date once a year.

What to Do if You Are Rejected From Happy Money

Not all personal loans get approved. If Happy Money declines your personal loan application, you can apply with another lender or wait and reapply 30 calendar days after a rejected application.

Happy Money might decline your loan application for several reasons, such as having less than 550 credit score, less than three years of credit history or requesting a loan amount higher than $40,000.

You should contact Happy Money via email or phone call to find out why your loan was declined. MoneyGeek recommends that you improve upon the areas that caused your initial loan to be rejected before reapplying.

Frequently Asked Questions About Happy Money Personal Loans

To help you determine if Happy Money is the best personal loan provider for you, MoneyGeek answers the most frequently asked questions about Payoff. Keep in mind that the best personal loan provider for you depends on your specific needs.

What can I use The Payoff Loan by Happy Money for?
What credit score do I need for The Payoff Loan by Happy Money?
How long does Happy Money take to approve a personal loan?
Does Happy Money have a mobile app?
Is The Payoff Loan by Happy Money secured or unsecured?
What is the maximum amount I can borrow from Happy Money?
What are the origination fees for The Payoff Loan from Happy Money?
Will applying for The Payoff Loan by Happy Money affect my credit score?
What is the autopay discount for The Payoff Loan by Happy Money?
Does Happy Money accept co-signers on The Payoff Loan?
Shield Insurance

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.