Happy Money Review

Overview

Happy Money (formerly Payoff) offers credit card consolidation loans ranging from $3,000 to $40,000. This makes it easier for you to refinance your debt and pay off your outstanding balances. The interest rates offered range from 10.50% APR, giving you the flexibility to select loan terms from 24-60 months, making it easier for you to manage payments easily.

The platform operates in 48 states across the United States, allowing borrowers from various regions to benefit from their services. Happy Money was founded in 2009 and has since established a reputation for offering features such as credit card debt consolidation, competitive interest rates, and prequalification that does not impact one’s credit score.

Happy Money Requirements. Do you qualify?

To be eligible for a Happy Money loan, you must comply with the following criteria:

• Be at least 18 years or older.
• It is necessary to possess a legitimate Social Security number.
• Having a current and active checking account is essential.
• Your FICO credit score needs to be at least 640.
• Have no outstanding or past due debt on your credit report.

It’s of the utmost importance to verify that you meet all eligibility requirements prior to submitting a loan application with HappyMoney. This will make the process less complicated and boost your chances of approval.

Happy Money Application process. How to apply?

Obtaining a HappyMoney personal loan can be remarkably easy and straightforward! To simplify the process, here’s an overview of how to apply for this convenient loan solution:

1. Check your rate: If you want to get an estimate of your rate eligibility, use HappyMoney’s rate checking tool. It won’t affect your credit report and you won’t have to pay any application fee. Just visit their homepage and click on “Check My Rate” and you’re set!
2. Choose loan terms: Once you’ve received your rate offer, you’ll have the ability to select the loan option that works for you best by choosing between two and five year terms. Select the one that offers the most favorable terms for your needs.
3. Provide additional information: To ensure proper verification for the loan application, providing certain documents is essential. You’ll need to present a copy of your driver’s license or other state-issued ID, along with two of your most updated pay stubs and a full bank statement.
4. Await loan approval: Upon submitting all the relevant documentation, HappyMoney will begin verifying it and processing your loan. This process usually takes between three to seven business days, depending on your personal circumstances.
5. Receive loan funds: Upon approval, the loan amount can be deposited into your bank account within two to five working days. If you prefer, the money can also be used to settle outstanding credit card balances.
6. Start making payments: HappyMoney simplifies the payments system for you: all withdrawals are automatically made from the bank account you select during setup and are made monthly based on your promissory note. The payment date can be modified once a year, and you can view it online in your account.

Ultimately, obtaining a Happy Money personal loan is smooth and without stress. All you need to do is adhere to the straightforward guidelines. Then, you can be on your way to combining all of your credit card debt and boosting your overall financial health.

Compare Happy Money with SoFi

When it comes to personal loans, Happy Money and SoFi are two popular options to consider. While they have similarities, such as providing competitive rates and loan options, there are key differences between the two. Let’s compare Happy Money with SoFi to help you make an informed decision:

Loan Purpose:

• Happy Money: Happy Money specializes in credit card consolidation loans. Their loans are specifically designed to help borrowers pay off their credit card debts efficiently.
• SoFi: SoFi offers personal loans that can be used for a wide range of purposes. Whether it’s debt consolidation, home improvement, or any other personal expense, SoFi provides more flexibility in how you can use the loan funds.

Loan Amount:

• Happy Money: Happy Money offers loans ranging from $3,000 to $40,000, providing a decent range for borrowers’ needs.
• SoFi: SoFi takes the lead in loan amounts, offering loans up to $100,000. This gives borrowers the opportunity to access larger funds if required, twice the maximum amount offered by Happy Money.

Interest Rates:

• Happy Money: Happy Money’s APRs start around 10.50% and can go up to nearly 30%. While their rates are competitive, it’s important to note that they reach higher levels compared to SoFi.
• SoFi: SoFi offers competitive APRs, starting around 8% (with autopay). Their rates extend up to approximately 23%, giving borrowers the potential to secure lower interest rates compared to Happy Money.

Origination Fees:

• Happy Money: Happy Money may charge an origination fee, which can be up to 5% of the total loan amount. This fee should be considered when calculating the overall cost of the loan.
• SoFi: SoFi stands out by not requiring any origination fees, providing borrowers with an advantage in terms of upfront costs.

In summary, when comparing Happy Money and SoFi, there are a few key differences to consider. Happy Money specializes in credit card consolidation loans, while SoFi offers more flexibility in the use of funds for various personal purposes. SoFi also offers higher loan amounts, lower interest rates, and does not charge origination fees. 

However, if you specifically need a credit card consolidation loan and Happy Money’s interest rates and loan terms align with your needs, it may be a suitable option for you. It’s important to assess your personal requirements and compare the features, rates, and fees of both lenders before making a final decision.

Summary

Happy Money is a financial company that offers personal loans for credit card consolidation. The minimum loan amount is $5,000, and the maximum loan amount is $50,000. Happy Money requires a minimum credit score of 640 to qualify for a loan, and there is no minimum income requirement.

The application process involves checking your rate, selecting loan terms, providing additional information for verification, and awaiting loan approval. Loan funds are typically deposited into the designated account within two to five business days, and payments are automatically withdrawn from the checking account on a monthly basis. Happy Money has origination fees that may be up to 5% of the total loan amount, and APRs range from around 8% to almost 30%.