Happy Money Personal Loans Review [2024]: Consolidate Credit Card Debt in Less Than 1 Week

This online lender focuses on just one type of debt and helps users improve their financial health.
Updated Jan. 2, 2024
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When you have one or more high-interest credit cards you’re making payments on every month, consolidating that debt into a personal loan might be a smart financial move. Doing this could enable you to pay off the money you owe much faster and save thousands in interest, as the best personal loans usually have lower interest rates than credit cards.

When you’re shopping for a debt consolidation loan, you want to make sure the lender you choose is reputable and is also offering you a competitive rate. Happy Money is a well-known company that allows you to file one application and receive loan offers to pay off your high-interest credit card debt.

This guide will give you insight into how Happy Money works, what to expect, and other things you need to make an informed decision about whether or not to submit an application.

Quick Summary

Happy Money helps borrowers consolidate credit card debt quickly and easily.

  • Check your rate in as little as 3 minutes
  • Choose a loan term that meets your needs
  • Get one simple, fixed payment
In this Happy Money review

An overview of Happy Money

Happy Money, formerly known as Payoff Personal Loans, describes itself as a financial wellness company that uses science, psychology, and technology to help people develop healthy relationships with money. They employ tech experts, research and clinical psychologists, data and neuroscientists, and financial services professionals to provide support, service, and products designed to empower borrowers on their way to improving fiscal health. This includes welcome calls and quarterly check-ins for Happy Money customers.

What all of this boils down to is that Happy Money helps provide a personal touch to personal loans for debt consolidation, specifically for multiple lines of credit card debt. But Happy Money is not a lender or bank. Rather, they work with a group of verified lending partners who originate the loans. When you complete an application with Happy Money, they look at your information and run a soft inquiry of your credit report.

Happy Money is owned by Happy Money, a financial services company that also owns Joy, an app that uses psychology to help users make smarter spending choices. What they all have in common is a focus on how people think and behave to help build positive outcomes when it comes to spending and borrowing money.

Happy Money has been in business since 2009 and currently works with various financial institutions to originate loans.

Happy Money Benefits

  • Consolidate Credit Card Debt
  • Payoff your Credit Cards Faster
  • One Simple Monthly Payment

Happy Money personal loans

Happy Money offers one type of loan, a personal loan for credit card debt consolidation. You can borrow between $5,000 and $40,000 for a repayment term of 2 to 5 years. APRs (annual percentage rates) start at 12.45% (as of 07/01/24), so make sure if you receive an offer that the interest rate is really less than what you’re currently paying on your credit cards before accepting the loan. The idea is that you are essentially refinancing to get a better interest rate on your debt.

Happy Money loans are best for applicants with a steady income, fair-to-good credit, and who have thousands in high-interest credit cards that they want to pay off with one monthly payment. Borrowers must be at least 18 years old. You will also need a valid Social Security number and checking account. You will likely be asked to provide recent pay stubs and a bank account statement as well.

There are no application fees to apply for a Happy Money loan, and initially, only a soft inquiry is performed, so your credit score isn’t impacted. When you apply for a loan, a hard credit check will be performed, which could impact your credit score. If you are approved and accept the loan, you will be charged an origination fee between 0% and 5% of the amount borrowed.

The origination fee is the only fee you'll be charged. Happy Money does not charge application fees, annual fees, prepayment fees, late fees, check processing fees, or returned check fees. They state that you will receive your loan money between 3 to 6 business days after you sign your final documents (which can be done electronically).

Happy Money considers several factors when evaluating your eligibility for a loan. First is your FICO score, which should be at least 640. They also look at your debt-to-income ratio, which looks at how much you owe per month against how much you earn. Other factors Happy Money might consider for approval include the age of your credit history, how many loan accounts you've opened and if you have delinquencies, and your credit utilization.

Loan amount $5,000 to $40,000
Loan term 2 to 5 years
Loan rates (APR) Fixed rates starting at 12.45% (as of 07/01/24)
Minimum credit score 640
Origination fee 0% to 5% of amount borrowed

Happy Money does not currently offer loans in Massachusetts and Nevada.

Is Happy Money a good loan company?

Customer sentiment about Happy Money seems to be split, depending on which sources you review. The company’s Better Business Bureau profile shows an average rating of 1.48 stars out of 5 based on 62 customer reviews. Happy Money has been BBB accredited since 2015 and has earned an A+ rating.

Most negative comments focus on the significant time spent waiting for issues to be resolved and refunds to come through, difficulty in resolving issues through customer service calls, and misleading communications about preapprovals.

However, 345 customers give Happy Money an average of 4.9 stars out of 5 on Credit Karma. Positive remarks across all of these websites praise the easy application process, transparency in presenting loan and interest options, the quality of the loan offers and how they fit with customers’ lifestyles, and the customer service experience.

FAQs about Happy Money

Where is Happy Money located?

Happy Money is headquartered in Costa Mesa, California. Its address is:

3200 Park Center Drive, Suite 800
Costa Mesa, CA, 92626

You can also contact Happy Money's customer support team at 1-800-878-0901 on Mondays through Fridays from 7am to 6pm PST and Saturdays from 8am to 5pm PST.

Can you have two Happy Money loans?

No, Happy Money only allows you to have one loan open at a time.

Does Happy Money hurt your credit?

Checking what rates and offers you qualify for doesn’t impact your credit since Happy Money performs a soft credit inquiry for this. If you choose to move forward with a loan offer, a hard inquiry will be performed when you submit an application, which can stay on your record for up to two years and could lower your score for a few months.

If you agree to a loan, receive funds, and begin the repayment period, late payments or defaulting on the loan will have a negative impact on your credit. However, timely payments will have a positive effect.

When you pay off your existing credit card balances with a Happy Money loan, your scores might go up, as the amount of revolving credit you use will have gone down significantly. Happy Money claims that when customers pay off $5,000 in credit card debt, their FICO scores could go up an average of 40 points.

Can you pay off a Happy Money loan early?

Yes. Happy Money encourages making additional payments to their loans and does not charge a prepayment penalty for paying off a loan early.

What credit score do you need for a Happy Money loan?

The credit score requirement for a Happy Money loan is 640 or higher, according to their website. This is considered a fair credit score, and Happy Money also offers free monthly FICO score updates so you can track your progress. 

The outcome of your loan application also depends on your debt-to-income ratio, the age of your credit history, how many loan accounts you've opened and if you have delinquencies, and your credit utilization.

Bottom line on Happy Money

Happy Money is just one of many online personal loan providers, but it did make our list of the best personal loans. They are unique in that they promote financial health and use both psychology and technology to help create positive relationships between consumers and their finances. They are also very clear and upfront about what they offer and how to get a loan.

Overall, this service is worth reviewing and submitting information for a rate check, as your credit score will not be affected by doing so. Carefully consider the offers you receive in return, then compare Happy Money's options with other lenders. The bottom line is that you are in control of who you choose to borrow from, and it's valuable for you to research your options.

Happy Money Benefits

  • Consolidate Credit Card Debt
  • Payoff your Credit Cards Faster
  • One Simple Monthly Payment

Author Details

Robin Kavanagh Robin is a freelance writer who lives on the South Carolina beach. She has spent the last 20 years writing about all kinds of topics for publications such as The New York Times, Yes! Magazine, Next Tribe, Parenting, and various trade magazines. On FinanceBuzz.com, you’ll find her mostly writing about smart ways to use credit cards, navigating personal loans, how to save when traveling, and ways to improve your financial health.