Happy Money (formerly Payoff) personal loan review

Personal loans specifically for credit card debt consolidation.

Happy Money specializes in helping borrowers pay off their credit card debt. Its personal loan is designed specifically to eliminate or lower your credit card balances by combining them into one monthly payment at a fixed rate and term.

But you'll need to have a minimum credit score of 600 and at least three years of good credit history. It's also not the fastest option out there — it could take up to six days to receive your funds. And you'll be on the hook for an origination fee up to 5% — many personal loan providers don't charge this fee at all.

Not sure Happy Money will pay off? Before you apply, compare even more options.

Pros

• Our verdict
• Details
  • Product details
  • Contact info

  finder.com's rating: 3.9 / 5.0

  Bottom line: Happy Money offers competitive starting rates and doesn't charge late fees or prepayment penalties. But fair credit borrowers may be on the hook for an origination fee.

  Details

  Product details

  Min. Loan Amount	$5,000
  Loan Amount	$40,000
  APR	11.72% to 24.50%
  Interest Rate Type	Fixed
  Min. credit score	640
  Origination Fee	Up to 5%
  Loan term	2 to 5 years
  Turnaround Time	3 to 6 days

  Contact info

  Phone number	800-878-0901
  Customer service hours	8 a.m. – 5 p.m. PT, Monday through Friday
  Email	success@happymoney.com
  Twitter	@happymoney
  Facebook	@happymoney

  Our take on Happy Money

  Happy Money — previously known as Payoff — only does credit card debt consolidation, making it best for people with fair to good credit who want to pay off their high-interest cards. It offers loans starting at $5,000 up to $40,000, with rates from 11.72% to 24.5% APR — but as with all lenders, the lowest rates go to the best credit borrowers.

  Happy Money also charges an origination fee on its loans, although excellent credit borrowers may be exempt. However, other lenders like SoFi, LightStream and Marcus, for example, never charge an origination fee on their personal loans. So, thoroughly compare other offers, as you may be able to find a better deal elsewhere.

  On the plus side, Happy Money doesn’t charge any late fees, prepayment penalties or even returned check fees and you have up to five years to repay your loan. The company also appears to get good ratings from customers, but reviews are mixed, with both positive and negative experiences reported.

  Happy Money rates, fees and terms

  Happy Money offers competitive rates for those with excellent credit — but its rates aren’t much better than a credit card’s for people with fair credit. Its APRs range from 11.72% to 24.50% after the origination fee of 0% to 5% is factored in.

  You can borrow between $5,000 to $40,000 to pay off your credit card debt. And loan terms last 2 to 5 years.

  Our calculator can help you estimate your monthly repayments. Compare Happy Money to your current credit card debt to see if consolidation is worth it.