Happy Money (Previously Payoff): Personal Loan Review

The basics

Estimated APR

10.5% - 29.99%

Min. Credit Score

640+

Max. DTI Debt to Income Ratio

55%

Origination Fees

0% - 5%

Late Penalties

$0

Prepayment Fees

$0

Good for: Eliminating high-interest credit card debt

Our verdict

Happy Money offers considerably low interest rates and can come with zero fees for some users. The downside is Happy Money loans can only be used for debt consolidation.

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Beyond the basics

No fees (except possible origination fee)

Fixed rates

Fixed payments

Loan Amounts

$5,000 to $40,000

Loan Terms

24-60 months

Time to Funding

3-6 business days

Full review

Lender description Happy Money loan is designed to help consumers boost their credit scores by giving them the ability to reduce multiple high-interest payments into one simple, low-rate payment each month.

Best used for

Debt consolidation

Suitable for you if

Consumers looking to eliminate or lower their credit card balances
Consumers looking to streamline their debt into one monthly payment
Individual loan applicants

Pros & cons

Pros	Cons
Fixed, low rates	Limitations on loan usage: only for credit card debt consolidation
No common fees: Only fee is possible origination fee	Doesn't allow cosigners or co-borrowers
No prepayment and late fees	Possible origination fee

Do you qualify You'll need to have no current credit delinquencies to qualify. Your debt-to-income ratio, age of credit history, credit utilization, and open/satisfactory trades may also be considered.

How to apply Apply online in as little as three minutes by checking your rate, choosing your terms, verifying your information, and receiving your funds.

Footprint Happy Money is available in 46 states and Washington, D.C. Happy Money is not available in Massachusetts and Nevada.

Loan example A loan of $16,000 at 10.99% APR will have a monthly payment of $413 for 48 months.

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