Happy Money Personal Loans Review

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Contributor, Benzinga
May 3, 2022
Happy Money
Overall Rating:

Happy Money offers personal loans that allow you to more efficiently consolidate high interest payments. Happy Money was previously known as Payoff. The company was founded in 2009 and has since helped fund over $3.5 billion in loans. Happy Money is a financial company that works with approved lending partners to fund loans. Happy Money designed its Payoff Loans to provide borrowers with the financial freedom and power to be matched with a lending partner. Benzinga reviews Happy Money Loans as a way for people to consolidate debt with potentially lower APR rates. 

Best For
  • People with lower credit scores
  • Credit card debt consolidation
  • No prepayment fees
  • Potentially lower APR rates starting around 5.99%
  • Improve credit score
  • Personal loans only available for credit card debt

Happy Money Ratings at a Glance

Happy Money Fees

Origination FeeBetween 0% and 5% 
Late FeeNone 
Prepayment FeeNone 

Happy Money has removed common fees such as late fees and prepayment fees. Removing prepayment fees encourages borrowers to pay off their loans with larger payments and also allows borrowers the freedom to finish paying a loan off earlier than expected. The company does not charge annual fees and doesn’t impose a returned check fee. 

However, Happy Money does require origination fees that range between 0% and 5%. Origination fees usually cover the costs associated with processing a loan. Before accepting a loan with an origination fee, ask if the origination fee will be removed from your entire loan amount. If so, asking for a larger loan amount to cover the origination fee could prove useful and help you borrow the amount you need. 

Happy Money Customer Service

Happy Money customer service can be reached through its phone number, email address and online chat option. Representatives are available during weekday business hours from 6 a.m. to 6 p.m. PST and weekend business hours from 6 a.m. to 3 p.m. PST. If you need assistance outside of customer service hours, the company offers a help center on the website that contains informative articles and posts to aid in troubleshooting concerns or answering simple questions. 

In terms of communication, a member of the Happy Money team will likely reach out using emails or phone calls throughout the loan process. 

Before applying for a loan, read the customer reviews to have a better understanding of current customer sentiment. Search financial websites and read both negative and positive reviews to have a better understanding of both perspectives. How a company treats its customers will often be revealed within the reviews and likely provide insight into what you should expect. 

BBB RatingA+ 
Trustpilot Score4.6 
Benzinga’s Score3.5
J.D. Power RatingN/A

Happy Money Terms and Loan Purpose

Term options range between 2 years and 5 years. Happy Money offers personal loans where borrowers have the option to indicate both preferred terms, payment dates and intended monthly payments. The loans are unsecured personal loans that lessen the risk a borrower is exposed to. Unsecured loans do not require collateral. 

Happy Money does not offer prepayment fees, so you can repay your loan at a faster rate without repercussions. Happy Money offers a membership portal where borrowers have the option to more easily check and monitor the status of their loans. 

In addition, interested potential customers have the option to examine loan options using a section of the Happy Money website that’s dedicated to checking personal rates without lowering credit scores. The company first uses a soft inquiry when showing the available loan options but then shifts to a hard inquiry when examining a loan application.

It’s recommended to take out a loan that does not stretch your budget too thin. In case of a change in finances, a lower loan amount will be easier to maintain in terms of fixed monthly payments. Defaulting on a loan hurts your credit score and creates financial and legal complications. 

Happy Money works with lending partners to help pay off credit card debt. The company partners with lending partners such as Alliant and GreenState Credit Union to more effectively offer loans.

Term OptionsBetween 2 and 5 years 
Loan Amounts Available$5,000 - $40,000 

Happy Money offers loans between $5,000 and $40,000. The loans are offered at a fixed payment and are specifically designed to help pay off credit card debt. Happy Money offers unsecured loans to individual borrowers, but the exact terms and loan amounts vary based on personal information like your credit score and credit history. 

Happy Money Approval Requirements

Minimum Credit Score Requirement550 

Happy Money recommends a minimum credit score of 550. Higher credit scores indicate that a potential borrower is more likely to repay loans as well as on credit card debt. Elevated scores also indicate that a person is less likely to default on a loan. Before offering a loan, Happy Money examines the available credit history of an interested borrower. 

The company also considers your debt-to-income ratio. A debt-to-income ratio compares how much a borrower owes and how much they earn. In addition, the company states that interested borrowers should not have delinquencies when applying for a loan. Delinquencies occur when payments have not been made or are currently still owed. 

Happy Money also looks at utilization information. Utilization indicates the amount of your available credit line and analyzes it against your current balance on a credit card. A lower utilization score indicates that you are using a smaller percentage of your available line of credit on a credit card. Lower utilization is viewed as positive. 

Information such as your credit history, credit score and loan amount impact your rate. APR rates are fixed rates between 5.99% and 24.99%. 

Loans are usually received within 30 days. These loans can either be directly deposited to a personal checking account or sent to your credit card. Funds are more quickly received to a personal checking account because the process will only take up to six days which contrasts with the possible 30 days that it could take the loan to be deposited into a credit card. 

One benefit of Happy Money is that it shares information with three credit bureaus. Reporting to the major credit bureaus has the possibility of positively impacting your credit score as you pay off your loan. Happy Money reports to Equifax, Experian and Transunion. The reports are sent each month, which makes your monthly payments more transparent to the credit bureaus. Transparency with these credit bureaus has the opportunity to increase your score over the lifetime of your loan. For example, some borrowers were able to boost their FICO scores by over 40 points, but the actual amount varies by person. 

However, failure to promptly repay a Happy Money loan will likely negatively impact your credit score. You might want to take out a more reasonable loan amount that doesn’t stretch your budget so that you have a better chance of making timely payments and avoid defaulting on your loan.

Happy Money vs. Competitors

Happy Money offers a loan that’s designed to help a borrower address credit card debt. The loans typically cover a maximum of $40,000 of credit card debt. However, the loans themselves must also be paid off in fixed monthly payments. The loan offered by Happy Money differs from competitors because it focuses on a specific need. In addition, the loan does not offer an elevated amount of loan freedom that other lenders offer in terms of how the funds are spent. 

Happy Money Overall

The Payoff Loan by Happy Money is rated a 3.5 out of 5 stars. The company provides a strong loan option for people interested in paying off credit card debt up to $40,000. 

It’s a loan that can appeal to people with fair credit scores by offering relatively responsive customer service. Customer service was deemed favorable in terms of response time as well as general customer sentiment. 

The company has room for improvement in terms of fees such as origination fees that vary depending on the state. The loan is not available in Massachusetts or Nevada. The unsecured personal loan only applies to credit card debt.

Happy Money’s Payoff Loan has room for improvement in terms of fees such as origination fees that vary depending on the state, but it provides a worthwhile option for people with fair credit scores who are interested in consolidating credit card debt. 

Frequently Asked Questions

Before applying for a loan, consult a financial professional to understand the options available to you. Research loan options and consider the potential repercussions of overcommitting your finances.

Can you have multiple Happy Money loans?

The Payoff Loan is a specific loan option created by Happy Money. Happy Money does not allow for multiple loans at the same time. It’s possible to change the terms of the Happy Money loan, but you will likely need to pay off the entire balance of the loan first. After paying off the complete loan, then you can apply for a new loan. 

You are allowed to have multiple Happy Money loans throughout your lifetime, but the loans cannot happen within the same time frame. 

What is the Happy Money loan application like?

The Happy Money loan process includes four steps. Before starting the loan process, check your credit score to see what types of loans might be available to you. Information such as your financial history and credit score indicates the opportunities available to you. To apply for a loan, check your rate with Happy Money without negatively impacting your credit score thanks to a soft inquiry. The lack of application fees lessens barriers to entry. Select the loan term. Wait for Happy Money to verify your information. You have the option to virtually sign your loan for greater accessibility and convenience. 

How does a Happy Money loan compare with credit cards? 

Happy Money loans and credit cards are two ways to achieve additional funds. Credit cards and loans differ in how funds are provided. For example, credit cards function on a revolving balance where the amount on the card can consistently be paid off and spent. In contrast, loans provide a lump sum amount of funds. Both credit cards and loans must be paid off. 

A Happy Money loan differs from a credit card because it offers fixed monthly payments to pay off what you’ve borrowed. Loans from Happy Money allow borrowers to better anticipate monthly payments with consistent and predictable payments. In contrast, credit cards offer monthly payments that vary depending on where a borrower is within their revolving balance. 

Happy Money loans do not charge late payment fees. In contrast, credit cards often charge penalty fees such as penalty APR rates that extend up to 29.99% in certain situations. The penalty fees on credit cards can last for months depending on the situation. In contrast, Happy Money offers an alternative funding option that provides lower fixed APR rates that start around 5.99% and extend to 24.99% depending on additional information such as your credit score and financial history. 


  1. Payoff. “Loan.” Accessed April 24, 2022.
  2. Credit Karma. “What is Penalty APR and why should you care?” Accessed April 25, 2022. 
  3. Happy Money. “The Payoff Loan.” Accessed April 25, 2022.
  4. Experian. “What is a Credit Utilization Rate?” Accessed April 26, 2022.

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