MoneyGeek’s Take: Happy Money Personal Loan Review

Happy Money is a financial wellness company that works with verified lending partners to originate loans. Happy Money offers The Payoff Loan, an unsecured, fixed-rate personal loan that helps borrowers consolidate their debts. Due to the lender's modest credit requirement of 550, The Payoff Loan by Happy Money is the best option for individuals with fair credit.

Last Updated: 6/24/2022
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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


  • Payoff

    • 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 Recieve Funds

    on Payoff Website

MoneyGeek Breakdown - The Payoff Loan by Happy Money Details

  • APR

    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.

  • Permitted Uses

    You can use The Payoff Loan by Happy Money for credit card debt consolidation.

  • Prohibited Uses

    The Payoff Loan by Happy Money can only be used for debt consolidation purposes.

  • Time to Receive Funds

    Happy Money approved personal loans are funded on the next business day after completing the verification process.

  • Origination Fees

    The Payoff Loan by Happy Money origination fees depend on your loan amount. You can expect your origination fee to range between 0% and 5%.

  • Late Fees

    Happy Money doesn’t charge late payment fees.

  • Prepayment Penalty Fees

    Happy Money doesn’t charge prepayment penalty fees.

  • Co-signers and Co-applicants

    Happy Money does not allow cosigners and joint applicants on personal loans.

  • Perks

    Happy Money conducts soft credit check that doesn't affect your credit.

  • Mobile Application

    Happy Money does have a mobile application.

Is Happy Money Payoff Right for You?
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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.

1

Prequalify

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.

2

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
3

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.

4

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.

5

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.

6

Receive or Direct Funds

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

7

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.

Read More on Personal Loans

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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