Happy Money: Consolidate High Interest Credit Card Debt
- Max. Loan Amount
- $40,000
- APR
- 11.72% to 17.99%
- Min. credit score
- 640
Our verdict
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 a minimum credit score of 640 and several years of good credit with no delinquencies to qualify.
Best for: Paying off balances on high-interest credit cards and improving your credit score.
Pros
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Competitive rates compared to credit card APRs
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No fees for late payment, prepayment or returned checks
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Free access to FICO scores every month
Cons
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Can only be used for consolidating credit card debt
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Loan origination fees of 1.5% to 5.5% charged
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Can take up to 7 business days to receive your funds
Is Happy Money legit?
Happy Money is a legitimate lender previously known as Payoff. The company has been in business for more than 15 years and is accredited by the Better Business Bureau (BBB). It protects its customers’ data with industry-standard 256-bit encryption and doesn’t share or sell your private personal information to non-affiliates without your consent.
What makes Happy Money shine?
Happy Money is best known for providing loans to help customers pay off high interest credit card debt. The maximum APR charged by Happy Money is 17.99% — well below the rates charged by credit cards — which allows borrowers to save money on interest. The application process is simple, and you can prequalify with just a soft credit check. For maximum flexibility, Happy Money can send funds directly to creditors or the borrower’s bank account.
Happy Money provides borrowers with various financial management tools to help them track payments and manage debt. It also reports to all three major credit bureaus, so paying off your Happy Money loan on time could help increase your credit score. Plus, you get free FICO score updates every month, so you can watch as your credit score changes.
Where Happy Money falls short
The biggest drawback to borrowing from Happy Money is that you can only use the funds to consolidate credit card debt. If you need money for home improvements, vehicle repairs, medical expenses or any other reason, you’ll need to find another lender.
Another downside is its loan origination fees, which range between 1.5% to 5.5% of your loan amount. Happy Money also doesn’t accept any cosigners or co-applicants, which can make it difficult for borrowers with low credit scores to qualify.
You’ll typically receive the funds within three business days, but it could take as long as seven business days. If you need money fast, there may be better emergency loan options out there.
Happy Money loan details
| Loan Amount | $5,000 to $40,000 |
| APR | 11.72% to 17.99% |
| Interest Rate Type | Fixed |
| Min. credit score | 640 |
| Loan term | 2 to 5 years |
| Turnaround Time | 3 to 7 business days |
| Availability | Not available in: Iowa, Massachusetts, Nevada |
| Origination Fee | 1.5% to 5.5% |
| Additional fees | No fees for application, prepayment, late payment, check processing or returned checks |
Happy Money contact information
| Phone number | 800-878-0901 |
| Customer service hours | Weekdays, 6 a.m. to 2:30 p.m. PT |
| support@happymoney.com | |
| @happymoney | |
| @happymoney |
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How to qualify for Happy Money
To qualify for a credit card debt consolidation loan from Happy Money, you must meet the following qualifications:
- Be at least 18 years old
- Have a valid Social Security number
- Have a checking account in your name
- Have a FICO score of 640 or higher
- Have no current delinquencies
Happy Money may also consider debt-to-income ratio (DTI), length of credit history, number of open credit lines and credit utilization when making loan decisions. However, it does not list the specific requirements on its website.
How to apply
To apply for a debt consolidation loan through Happy Money, just follow these simple steps:
- Prequalify with a soft credit check. You can view offers by providing some basic information, including your loan amount, name, birthday, address, employment and income.
- View offers. Happy Money presents you with multiple offers. Look each one over carefully, then decide which is the best fit.
- Complete the application. You’ll then need to fill out a full loan application, which requires a hard credit check.
- Receive funds. Loans are typically received within three business days of approval but could take up to seven days. Happy Money can send your loan directly to your credit card companies or your own bank account — the choice is yours.
How Happy Money compares to other lenders
Happy Money reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.64 out of 5 stars, based on 33 customer reviews |
| Trustpilot Score | 3.9 out of 5 stars, based on 374 customer reviews. |
| Customer reviews verified as of | 10 October 2024 |
Happy Money gets an A+ rating from the Better Business Bureau for how it responds to customer complaints. The company’s BBB profile has just 33 reviews, with the majority being negative. The most common complaints are about receiving notification of loan preapproval but ultimately being turned down. Other complaints include issues with Happy Money not recording when a loan has been paid off.
The reviews on Trustpilot are more positive. Seventy-three percent of all customers give Happy Money a 5-star rating on the site. The positive reviews mention the easy application process, helpful customer service agents and help managing their credit card debt.
The primary complaint seems to be about scammers using the Happy Money name to get fraudulent application fees from customers abroad. (Happy Money only operates in the United States.) Other complaints include issues with the website and app, plus not receiving all their funds due to origination fees.
What do people on Reddit say?
Frequently asked questions
Is it hard to get a loan with Happy Money?
No, it’s not difficult to get a loan with Happy Money — the minimum credit score requirement is just 640. But keep in mind that if you have a low credit score, you may only qualify for higher interest rates, which drives up the cost of borrowing.
How can a Happy Money loan improve my credit score?
Happy Money states that some borrowers saw an increase in their credit score of up to 40 points after paying off at least $5,000 in credit card debt. It’s not guaranteed, but even a small boost can help.
Do I have to close the accounts I pay off?
No, you are not required to close any credit cards you pay off with a loan from Happy Money.
Your reviews
Christi Finder
Contributor
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