Best for:
- Paying off high-interest credit card debt
- Boosting your credit score
- Good credit borrowers
Happy Money, previously known as Payoff, provides personal loans to borrowers to help them pay off high-interest debt at lower interest rates. The company says borrowers who pay off at least $5,000 in credit card debt boost their FICO Score by 40 points on average.
In this post:
- Happy Money personal loan details
- Happy Money personal loans review
- How Happy Money compares to other lenders
- Things to consider before applying for a Happy Money personal loan
- How to take out a personal loan with Happy Money
Happy Money personal loan details
Founded in 2009, Happy Money is an online lending platform that offers personal loans to help borrowers pay off high-interest credit card debt. The company says on its website that it’s helped more than 208,000 members by working with lending partners to fund more than $3.7 billion in personal loans.
Happy Money offers personal loans ranging from $3,000 to $40,000 with fixed interest rates and repayment terms of two to five years.
The lender’s Payoff Loan is designed to help you reduce and get rid of your high-interest credit card debt. You can’t use a Payoff Loan for other purposes, like home improvement projects or vacations, but the lender says it may be able to help with certain personal unsecured installment loans.
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| Credible rating | 
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| Fixed rates | 11.52% - 24.81% APR |
| Loan amount | $3,000 to $40,000 |
| Loan terms | 2 to 5 years |
| Min. credit score | 640 |
| Time to get funds | As soon as 2 to 5 business days after verification |
| Residency | Not available in MA or NV |
| Fees |
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| Requirements |
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| Loan use | Consolidate credit card debt |
| Key benefits |
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| Best for |
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Happy Money personal loans review
Happy Money could be a good option if you have bad credit but are paying higher rates than you’d like on your credit cards or other installment loans.
Happy Money personal loan for consolidating high-interest debt
Consolidating high-interest debt can help your credit score in three ways: by reducing the overall amount of debt you owe, lowering your credit utilization ratio, and improving your credit mix.
Your credit utilization ratio is how much credit you’re using compared to the total amount of available credit you have. Consolidating credit card debt with a personal loan will lower your credit utilization ratio once you pay off your credit card balances, which can help increase your credit score.
Your credit mix is the different types of credit you have (like auto loans, credit cards, or mortgages). Adding a personal loan to your credit mix and making on-time payments can also help your score, as your credit report will show that you’re able to handle repayment for multiple types of credit products.
Check Out: 3 Ways Debt Consolidation Helps Your Credit
Happy Money personal loan rates and fees
Not only does Happy Money offer some of the lowest personal loan rates to those who qualify, it doesn’t charge a prepayment penalty for repaying your entire loan balance ahead of schedule. Even if you have shaky credit and are approved for a Happy Money loan at the higher end of its APR range, this rate will still likely be lower than other financial products, like credit cards or payday loans.
Like many lenders, Happy Money charges an origination fee, which is a fee that lenders often charge to process a loan. Happy Money’s origination fee ranges from 0% to 5% of the total loan balance.
How to qualify
Happy Money provides detailed information on exactly what it’s looking for in order to approve your loan request. You have to check five boxes with Happy Money in order to qualify for a personal loan.
- Credit score: Happy Money won’t make loans to borrowers who have credit scores of less than 600.
- Debt-to-income ratio: The percentage of your pre-tax monthly income that’s needed to make monthly payments for housing, credit cards, and other debts can’t exceed 50%. Learn how to calculate your debt-to-income ratio.
- Age of credit history: You need at least three years of good credit history to qualify with Happy Money.
- Open tradelines: Happy Money wants to see you’ve got at least two lines of credit (such as credit card accounts) and no more than one installment loan (like a car loan), and that you’re making payments on them on time.
- No delinquencies: You can’t have any current delinquencies or any delinquencies that were longer than 90 days overdue within the last year.
Fast loan approval
If your loan application is approved, Happy Money can either deposit your loan funds into your bank account or pay your credit card balances directly.
If you’re having the funds deposited into your bank account, the time to fund a Happy Money personal loan is between three and six business days after you sign your loan documents. If you opt to have Happy Money send the money to your credit cards, those funds should appear on your card statement within 30 days after you sign your loan documents.
Loan repayment options
You can make monthly payments on your Happy Money personal loan in a few different ways: Have the payments automatically deducted from your bank account, log in to your online account and authorize a one-time payment from your checking account, or send a paper check by mail each month.
Note that if you send a paper check, the lender suggests putting it in the mail at least seven days before your payment is due so that it’ll be paid on time.
The lender advises its members to set up automatic payments because it’s the easiest way to make sure the payments are made on time each month.
How Happy Money compares to other lenders
Here’s how Happy Money compares to other lenders who specialize in debt consolidation.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
| 
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
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| Fixed rates | 11.52% - 24.81% APR | 7.99% - 29.99% APR | 8.49% - 35.99% APR11 |
| Loan amounts | $5,000 up to $40,000 | $10,000 up to $40,000 | $1,000 up to 50,000 |
Things to consider before applying for a Happy Money personal loan
While Happy Money can be a great option for consolidating credit card debt, keep in mind that you won’t eligible for a loan from Happy Money if:
- Your credit score is less than 600
- You live in Massachusetts or Nevada
- You have less than three years of good credit
How to take out a personal loan with Happy Money
When looking for the best personal loans for debt consolidation, comparing rates from multiple lenders can maximize your savings. Don’t forget to factor in any fees, and remember that the repayment term will also affect your monthly payment. Shorter repayment terms will usually get you a better interest rate, but be prepared to make bigger monthly payments.
Credible allows you to compare prequalified personal loan rates, repayment terms and monthly payments available to you from multiple lenders, including Happy Money.
Use our personal loan calculator below to see how much your monthly payments might be.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request prequalified rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting prequalified rates is free and doesn’t affect your credit score. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.20%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
