Personal Loans » Personal Loan Lender Reviews » Payoff Personal Loan Review 2023: The Best P2P Loan?
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Payoff Personal Loan Review 2023: The Best P2P Loan?

Payoff is best for those looking to consolidate debt and pay off or down credit cards. What else you should consider before applying?
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

happy money loan review - logo

On Credible Website

Happy Money (formerly Payoff) is best for those looking to consolidate debt and pay off or down credit cards. You will need good to excellent credit with an average cash flow to qualify. 

APR

11.52% - 24.81%

Loan Amount

$5,000 – $40,000

Term

24 - 60 months

Min score

600

Happy Money (formerly Payoff) is best for those looking to consolidate debt and pay off or down credit cards. You will need good to excellent credit with an average cash flow to qualify. 

happy money loan review - logo

On Credible Website

APR

11.52% - 24.81%

Loan Amount

$5,000 – $40,000

Term

24 - 60 months

Min score

600

Happy Money (formerly Payoff) is a financial wellness company dedicated to fostering a healthy relationship between its members and money.  Happy Money specializes in helping pay off credit card debt. It’s available to those with a credit score of at least 640 and they use a soft pull inquiry, so credit damage from applying isn’t a worry.

With Happy Money, you’re able to borrow anywhere from $5,000 – $40,000 . The main purpose of this loan is to consolidate various credit card debt to get the lowest possible interest rate.

This is a popular company for a number of reasons. They don’t charge late fees, however, they do charge an origination fee. Despite this, the application process is easy to navigate, you’re able to make flexible payments, and the company offers free credit monitoring when you become a member.

Happy Money offers competitive rates but there are a few downfalls if you choose to go with them. For starters, Happy Money isn’t available in all 50 states and they don’t offer joint applications either. Your use of the loan is limited and it’s also not available to anyone with bad credit.

  • Free Credit Monitoring
  • Soft Pull Inquiry
  • Competitive Interest Rates
  • Boost Your Credit Score
  • Easy Application
  • Job-Loss Support
  • No Late Fees
  • Flexible Payments
  • “Empowerment Science”
  • Payoff deducts a one
  • Limited Use
  • Not Available in All States
  • No Joint Applicants
  • Higher Minimum Amount
  • Does Not Make Direct Payments to Creditors

In this Review..

Customer Experience

Happy Money's customer service team is available seven days a week. It ensures that borrowers are looked after in a variety of ways, and that assistance is always available.

There are some excellent financial education resources available. Although there is no Happy Money app for mobile users, the lender has an A+ rating with the Better Business Bureau.

Payoff
BBB Rating
A+
WalletHub Rating
4
Contact Options
phone/mail
Availability
6am – 6pm (PST)

Happy Money Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:

You get a free credit summary report from Happy Money. They will send you an updated FICO® score every month. This can be used to monitor your credit and as a resource to improve your credit.

Happy Money does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.

Happy Money has very competitive rates for strong borrowers. Their rates are lower than the common credit card.

Happy Money claims that the average customer who uses their product to pay off or down credit cards will see a boost in their FICO® score by 40 points within 4 months.

The Happy Money application is very simple and can be completed quickly.

Happy Money states they will work with borrowers who lose their jobs by making adjustments to the payment.

Happy Money has no late fees or fees for returned checks.

If you miss a payment you can work with your representative to create a plan to catch up. Happy Money may offer the option of payment deferral or changing your payment date.

“We're dedicated to helping our Members better understand themselves and improve their relationship with money through our scientific personality, stress, and cash flow assessment.”

Time origination fee of 0% to 5% of your loan amount directly from your loan funds. This should be considered in the pricing of your loan when you apply.

Happy Money has one loan purpose. If you need the money for other reasons, you will need to look for a different personal loan provider.

Happy Money does not operate in Mississippi, Nebraska, Nevada, West Virginia or Massachusetts.

The application is based on the applicant alone. Happy Money does not allow for joint applicants.

The lowest personal loan amount you can get with Happy Money is $5,000.

Happy Money does not actually pay anything off. That is up to you once you get the loan. Many other providers require direct payments to creditors because they want to see the debt actually paid down. Getting a large influx of cash could be tempting and some borrowers will not pay off their credit cards.

What Can a Personal Loan Be Used For?

Happy Money loans can be used for only one purpose and that is to pay down debt . The product is designed only to help people get out of debt. Happy Money personal loans have borrowers transfer high interest credit cards into a personal loan.

This helps borrowers get out of debt sooner and save money on interest. The loan will be set for a fixed period of time so you know exactly when you will be out of debt.

How to Apply For Happy Money Personal Loan?

Happy Money has a simple and quick application process. You start the application by filling in some basic information about yourself such as your name, date of birth, address, phone number, etc. They will then do a soft credit pull. A soft pull does not affect your credit report.

At this point, you could be declined. Otherwise, Happy Money will give you a list of options of rates and terms for which you can apply. If you find an option that will fit your needs, Happy Money will do a hard credit check and you will then be asked to upload documents to verify information. You may need to provide pay stubs, bank statements, W-2s, social security card, or state ID.

After Happy Moneyreceives all the documents and the application is complete, it can take up to 3 day for them to review everything and issue a final approval.

You can then sign documents online. You will typically receive funds in 2 to 5 days. Happy Money does not actually pay off your credit cards but they deposit funds into your checking account.

happy money loan review - logo
happy money loan review - logo

FAQs

Happy Money is a good option if you want to consolidate your higher interest debt. The rates are competitive for the industry and the minimum credit score is realistic. Additionally, Happy Money doesn’t charge prepayment penalties or late payment fees.

Just be aware that you can only use the loans for debt consolidation and you can be waiting up to 12 business days to receive the funds.

Happy Money requires several documents to complete an application. While these documents can vary according to your circumstances, the team will need to verify your income. Happy Money allows you to submit recent pay stubs in electronic format, by logging into the website. You can also scan or photograph your paystubs.

For the self employed, Happy Money will accept Form 1040 as a proof of income and a copy of Schedule C or a K1 form.

Upstart does allow personal loans for various purposes with a reasonable credit score. However, you must be in full time employment or have another source of regular income to qualify.

Another advantage Upstart has over Happy Money is that you can expect to receive your funds as quickly as one day after approval, although there is a three business day hold for educational loans.

So, unless you are looking to consolidate, Upstart is likely to be the better option for you.

Peer to Peer Personal Loans: Alternatives

happy money loan review - logo

Upstart logo

APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
11.52% – 24.81%
6.99% – 35.99%
5.20% – 35.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
24 – 60 months
36-60 Months
36-60 Months
Loan Amount
$5,000 – $40,000
2,000 – $40,000
$1,000 – $50,000
Minimum Score
600
600
$12,000
Funding Time
2-5 days
Up to 14 days and then 1 to 3 days to deposit
1-2 Days

Review Personal Loan Top Lenders

Compare Alternative Lenders

Each of these three lenders will be appropriate for a different type of person. OneMain is generally beneficial for accepting applications from people with less-than-perfect credit.

SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. Happy Money is somewhere in the middle, and it gives you quick access to your borrowed funds.

Read Full Comparison: Happy Money Vs SoFi Vs OneMain: Compare Personal Loan Providers

All of these lenders have some things in common, such as similar credit score requirements. There are, however, some significant differences that you will notice.

Prosper is a great option for people looking for a small loan, whereas Happy Money is better suited to applicants looking to minimize fees. Finally, if you want to get very competitive rates, Peerform is a good option.

Read Full Comparison: Peerform vs Happy Money vs Prosper: Which Personal Loan Is Better?

Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.

Finally, Happy Money is a financial wellness company that wants its customers to have a positive relationship with money.

Read Full Comparison: Upgrade Vs. Happy Money Vs. Discover: Which Personal Loan Suits You Best?

Upstart and Happy Money both cater to people with low credit scores and offer flexible repayment terms.

Upstart is better suited for people who want a smaller loan amount or who do not yet have a credit score. If you want to keep your fees as low as possible, Happy Money is the way to go.

Read Full Comparison: Upstart Vs Happy Money: Which Personal Loan Is Better?

Happy Money focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.

If you need quick access to funds and a variety of loan types, Upgrade is the best option of these three lenders. Finally, if you need a joint loan or have a low credit score, LendingClub is a good option.

Read Full Comparison:  Happy Money Vs LendingClub Vs Upgrade: Choose The Right Personal Loan

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.