Happy Money Personal Loans Review

No late fees or prepayment penalties for debt consolidation

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Our Take

If you’re having trouble keeping track of your credit card payments, consolidating your debt with a Happy Money personal loan could be a smart choice. Happy Money offers loans with competitive interest rates, and borrowers with fair credit may qualify.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
  • specifications
Pros & Cons
  • Can pay creditors directly

  • Charges no late fees or prepayment penalties

  • Pre-qualification option available

  • Origination fees may apply

  • No joint applicants or co-signers permitted

  • No autopay discount available

Key Takeaways
  • Happy Money’s “Payoff Loan” is available from $5,000 to $40,000, and is marketed primarily as a way to consolidate credit card debt. 
  • Happy Money also indicates that it may be able to help if you need an unsecured personal loan for another purpose.
  • Repayment terms with a Happy Money Payoff Loan can be as long as five years.
  • Loans are available in 48 states, excluding Massachusetts and Nevada.
Company Overview

Founded in 2009, Happy Money (formerly Payoff) is an online fintech company specializing in personal loans for debt consolidation. Since its founding, the company has issued over $5.2 billion in loans to its customers. Its lending process and borrower requirements are also clearly stated on its website, which sets it apart from certain competitors who don’t readily disclose this information. 

Happy Money has a decent reputation with customers, and feedback on third-party review sites is mostly positive. While Happy Money doesn’t issue loans in Massachusetts and Nevada, if you live outside those areas, it offers competitive interest rates and funds are generally disbursed three to six business days after signing the loan documents.

APR Range
11.25% - 24.50%
Loan Amount
$5,000 - $40,000
Loan Terms
24 months - 60 months
Recommended Minimum Credit Score
Average Origination Fee
Late Fee
Why Trust Us
Lenders reviewed
Loan features considered
Data points analyzed
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Pros Explained

  • Can pay creditors directly: Unlike some lenders that will only disburse loans directly to your bank account, Happy Money can save you time by paying your creditors directly.
  • Charges no late fees or prepayment penalties: Borrowers won’t pay any late fees or prepayment penalties with a personal loan from Happy money. This can be useful if you make a payment after your due date or decide to repay your loan early.
  • Pre-qualification option available: You can pre-qualify to get a sense of rates and loan amounts without impacting your credit. Although this is fairly common, some lenders don’t offer this option.

Cons Explained

  • Origination fees may apply: Origination fees with Happy Money range from 0% to 5%, which is a potential added cost to be aware of if you apply. Borrowers with worse credit tend to get higher origination fees.
  • No joint applicants or co-signers permitted: Those seeking loans that allow co-borrowers or co-signers will need to look elsewhere, as Happy Money doesn’t offer these options.
  • No autopay discount available: While some competitors offer a discounted APR for setting up autopay, Happy Money does not.

Types of Personal Loans Offered by Happy Money

Many personal loan lenders let you use loan funds for several purposes. But Happy Money specializes in unsecured personal loans for debt consolidation. It indicates you might be able to get a loan for another purpose but doesn’t offer many details beyond that. 

Many personal loan lenders offer few restrictions on how you can use your funds. The primary purpose of a Happy Money loan is debt consolidation, so those seeking loans for other purposes may need to apply with another lender. Learn more about your options with our picks for the best personal loans.

A debt consolidation loan can be useful if managing multiple credit card payments has become challenging. Personal loans from Happy Money offer terms of two to five years and fairly competitive APRs, ranging from 11.25% to 24.50%. While its maximum APR is slightly higher than what some other lenders offer, the minimum APR aligns with many competitor offerings.

Time to Receive Funds

The timeframe for getting approved for a Happy Money loan can vary. The company indicates its team may reach out for additional documentation within seven business days of your application submission.

Once your loan is approved, Happy Money can disburse funds to your bank account in three to six business days. But disbursement may take longer if you opt to pay your creditors directly. 

Happy Money’s loan approval process can be fairly long compared with some competitors, particularly those like Rocket Loans. Certain lenders offer approval as soon as the same day, and loan funds can be disbursed shortly after that. 

Borrower Requirements

Unlike certain competitors, Happy Money clearly states its borrower requirements on its site. This transparency is refreshing, as you won’t need to email or call customer service to determine if you might qualify for a loan. 

Borrowers seeking a Happy Money personal loan will need a credit score of 640 or above, at least three years of credit history, and no current delinquent payments. The company will also consider your debt-to-income (DTI) ratio, the amount of available credit you’re using, the age of your credit history, and other factors as part of the loan decision process. 

If you’re shopping for a personal loan, look for lenders that are transparent about borrower eligibility and requirements. This could save you time and the potential disappointment of being denied a loan.

Happy Money Personal Loan Features

Apart from the options to pay creditors directly and to pre-qualify for a loan, Happy Money offers some other features that may appeal to potential borrowers. 

  • Ability to change payment due date: Borrowers may have the option to change their payment due date every 12 months. 
  • Online portal access: Happy Money provides access to an online portal that allows you to track payments and view your progress. 
  • Natural disaster support and potential hardship compromises: If you’re impacted by a natural disaster, you could potentially qualify for hardship assistance through Happy Money. Additionally, if you're having general difficulty making your payment, they invite you to reach out to potentially work out a new agreement. 

Co-Signers and Co-Applicants

Happy Money does not offer the option to apply for a loan with a co-borrower or co-signer. If you’re interested in getting a loan with a joint applicant or co-signer, you’ll want to consider other lenders. Start by browsing our selections for the best personal loans with a co-signer.

Can You Refinance a Personal Loan With Happy Money?

At this time, you cannot refinance an existing Happy Money personal loan with a new Happy Money loan. Borrowers interested in refinancing their existing loan to get a lower interest rate would need to do so with another lender.

Customer Service

Borrowers seeking support with their loans can reach customer service in a few different ways. Representatives are available Monday to Friday from 6 a.m. to 6 p.m. Pacific Time, and Saturday from 6 a.m. to 2:30 p.m. Pacific Time. 

  • Online portal: Existing customers can log in to their online portal and contact customer service directly. 
  • Phone: (800) 878-0901
  • Email: success@happymoney.com

Customer Satisfaction

Happy Money customers have positive things to say overall. The company has a 4.2 out of 5 stars rating from over 330 Trustpilot reviews, as of publication. Satisfied customers mention positive experiences with the lending process and the customer service team. 

But there is some criticism of the company on Trustpilot as well. Certain reviewers mentioned high interest rates, costly origination fees, and issues paying more than the minimum monthly payments via the online portal.

Applying for a Happy Money Personal Loan 

Pre-qualifying for a Happy Money personal loan is a good first step in the process. This way, you’ll have an idea of the loan amount you might be approved for and the rate you could get. To pre-qualify, simply click the “Check My Rate” button on the upper-right corner of the Happy Money homepage. 

You won’t undergo a hard credit check as part of the pre-qualification process, but you will once you formally apply for a loan. A hard credit check can impact your credit score because the credit card company pulls your complete file to determine your risk level. Happy Money will request some basic personal information when you apply, and you’ll likely need to provide proof of income, verify your identity, and share your bank statements. You may also need to share a copy of your Social Security card or provide a voided check as part of the process. 

Alternative Personal Loan Lenders

  Happy Money LightStream  Citibank 
APR Range 11.25%–24.50% 7.99%–25.49% 9.49%–20.49% 
Loan Amount  $5,000–$40,000  $5,000–$100,000  $2,000–$30,000
Loan Terms  24–60 months  24–84 months  12–60 months 
Recommended Minimum Credit Score  640  Not disclosed Not disclosed 
Origination Fee  0%–5%  None  None 
Time to Receive Loan  3-6 business days  Same day to Citi accounts, otherwise up to 2 business days Same day 

Final Verdict

Borrowers interested in debt consolidation loans might find what they’re looking for with Happy Money. This fintech company offers loans up to $40,000 with fairly competitive rates, and fair-credit borrowers may be eligible. Borrower requirements are clearly stated on the Happy Money website and customer feedback is mostly positive. Overall, a loan from Happy Money is worth considering if your goal is to repay your credit cards and consolidate payments. 

Frequently Asked Questions

What Credit Score Do You Need To Get a Loan From Happy Money?

The minimum credit score for Happy Money is 640. This means you would need at least fair to good credit to qualify for one of the company's personal loans

How Long Does It Take To Get Money From Happy Money?

Approval time varies, depending on whether additional documentation is necessary. However, once approved, funds typically appear within three to six business days.

Does Happy Money Do a Hard Pull?

For the pre-approval process, Happy Money doesn't do a hard pull. However, once you start the official application, you will be subject to a hard credit check.

Does Happy Money Charge a Fee?

Happy Money charges a 0% to 5% origination fee. The company does not charge any late fees or prepayment penalties.


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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