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Happy Money (formally Payoff) Personal Loan May 2024 Review

You can use a Happy Money loan to pay off credit card debt and potentiall save money.
Gideon SanfordMay 1, 2024
Editor’s Note
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At, we strive to help you make financial decisions with confidence. While many of the products reviewed are from our Service Providers, including those with which we are affiliated and those that compensate us, our evaluations are never influenced by them.

Best for subprime credit card consolidation

Happy Money Logo
Overall rating:
4.4 rating
Fixed APR5.99 - 24.99%
Loan Amounts$5,000 - $40,000 Loans are not currently offered in MA, MS, NE, and NV.
Repayment24 to 60 months
FeesOrigination fees of up to 5%
Time to fund3 -6 days after approval
Min. Credit Score640
Thumb up
  • Accepts borrowers with fair credit.
  • Good rates.
  • Debt Payoff plan.
Thumb down
  • Consolidates only credit card debt.
  • No joint applications.
  • Longer approval and funding process.
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Happy Money Credit Card Payoff Loan Review

Happy Money, formally Payoff Loan, offers loans to help you pay off higher interest rate credit card debt. If you consolidate your credit card debt with a Happy Money Payoff loan and make all your payments on time, you can save a lot of money compared to just making the minimum payment on your credit cards.

In this Happy Money personal loan review, you’ll find the benefits and costs of using a Happy Money Payoff loan to consolidate your credit card debt into a single monthly payment. Depending on your credit score, you may be able to borrow up to $40,000 to pay off your credit card debt. Since it’s an installment loan, you’ll have the same monthly payment each month for the life of the loan, which can also help you plan your monthly expenses in advance.

Happy Money Payoff Personal Loan Top Features

Loan amounts: Happy Money’s personal loan is called The Payoff Loan. If you qualify, you can borrow between $5,000 and $40,000. 

Fixed rate: Happy Money loans have a fixed interest rate between 7.99% and 29.99% APR. You can find out the rate you’re eligible for before applying, and the rate won’t change over the life of the loan.

Flexible term: Happy Money Payoff loans have a repayment period of between 24 and 60 months.

Low fees: Besides an origination fee of up to 5% of the loan amount, which is common for the industry, Happy Money doesn’t charge any other fees. No financial penalty for paying your loan off early, or late or returned payments. 

Fast funding: Once your Happy Money loan has been approved, the money should be deposited in your checking or savings account in 3-6 business days. If you have Happy Money pay your credit card directly, then you should see the payment post to your statement within 30 days.

Helps you get out of credit card debt: Happy Money Payoff loans are meant to help you consolidate your higher-interest credit card debt into a single loan with one monthly payment.

Reports to credit bureaus: Happy Money reports the balance and payment history of your Payoff loan to the Experian, Equifax, and Transunion credit bureaus each month. Making your payments on time can help raise your credit score over time.

Risk-free prequalification: Happy Money lets you check your interest rate without affecting your credit score. They only do a “hard pull” of your credit report, which can lower your credit score, once you decide to apply. Once your loan has been issued, Happy Money also gives you access to your FICO credit score from Transunion, updated every month.

Qualifying for a Payoff loan from Happy Money

To qualify for a Payoff loan from Happy Money, your FICO credit score needs to be at least 640. Besides that, they want you to be up to date on all your current loan payments. Your credit report can’t have any delinquencies on it. If you are behind on your other debt payments, then you should fix those delinquencies before applying for a Happy Money Payoff loan. Happy Money will also consider other factors on your credit report, as well as your income, before deciding on the amount you can borrow and other terms of your loan.

How to apply for a Happy Money Payoff loan

To apply for a Happy Money Payoff loan, you first provide some basic information about yourself: your address, income, and monthly housing expenses. They do a soft check of your TransUnion credit report, which doesn’t affect your credit score.

Once they verify your information with TransUnion, Happy Money will provide you with information about different loan terms they think you’re eligible for.

If you find a loan amount, interest rate, and repayment term that works for you, then Happy Money will do a hard credit check, which may temporarily lower your credit score. They may also ask you for additional documentation to verify the information you reported.

Finally, Happy Money will generate the loan paperwork for you to sign to finalize your loan application.    

Loan approval and loan funding from Happy Money

Once you’ve completed your loan application and Happy Money reviews any additional documents they request, you’ll be notified whether your application has been approved. If you ask for the amount of your loan to be deposited in a checking or savings account, you should receive it in 3-6 business days. If you have the money sent directly to your credit cards, it may take up to 30 days to show up on your statement. 

Depending on the amount you borrow, your repayment period, and your credit report, Happy Money charges an origination fee of up to 5% of your loan amount. The origination fee is deducted from the amount of your loan when it’s issued, so you end up receiving up to 5% less than the amount of your loan.

The Payoff Loan from Happy Money: Customer service and customer satisfaction

If you need to contact Happy Money by phone, you can call their US-based phone customer support team at 1-800-878-0901, Monday to Friday from 6 a.m. to 6 p.m. and on Saturdays from 6 a.m. to 2:30 p.m. You can also contact them by e-mail at You can see your balance, manage your account, and make payments online.

Some customers express frustration at the approval process, which may require submitting recent paystubs or other proof of the income and expenses you report on your application. People who are in the process of repaying their loans sometimes need help figuring out how to schedule early payments or extra payments in addition to their regular monthly payment. It doesn’t seem to be intuitive. In that case it’s best to contact Happy Money by phone or online chat.

Happy Money is accredited by the Better Business Bureau and has an A+ BBB rating.   

When a Happy Money Payoff personal loan might be the best choice

You qualify and your other debt is more costly. If you have a FICO credit score of 640 or higher and no delinquent accounts on your credit report, then a Happy Money Payoff loan gives you the chance to consolidate up to $40,000 in credit card debt into a single monthly payment with a fixed interest rate and flat monthly payment. Happy Money loans can be a great way to consolidate your credit card debt into one place and to make a plan to pay your debt off over 24 to 60 months. Credit card debt is some of the most expensive out there, so if you qualify for a Happy Money loan you might save a lot of money in interest over time.   

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Good for: Borrowers With Fair Credit

Fixed APR
8.99 - 35.99%%
Loan Term
2, 3, 4, or 5 years
Loan Amount
$5,000 - $50,000
Min. Credit Score
Full Star
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Half Star rating

Good for: Large Personal Loans

Fixed APR
7.99% to 23.68% APR (with .25 % auto pay discount)
Loan Term
24 to 84 months
Loan Amount
$5,000 - $100,000
Min. Credit Score
None listed
Full Star
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Good for:Fast Funding

Fixed APR
6.5 to 35.99%. Average 5- year loan has an APR of 26.57%
Loan Term
36 - 60 months
Loan Amount
$1,000 - $50,000 Varies by state
Min. Credit Score
No minimum
Frequently Asked Questions

What’s the minimum credit score for a Payoff loan?


Happy Money requires a FICO score of 640 or higher for The Payoff Loan, a personal loan designed to help you consolidate and payoff higher interest credit card debt.

Can I get approved if I have delinquencies on my credit report?


No. You should clear up any delinquencies on your credit report before applying for a Happy Money loan.

Does Happy Money charge any fees?


Happy Money charges an origination fee of between 0% and 5%, which is deducted up front from the amount you borrow.

What happens if I want to repay my loan early?


Contact Happy Money to find out the exact loan payoff amount and how to submit it. There are no fees for early repayment or for paying more than your regular monthly payment.