Happy Money Personal Loans Review: Consolidate Credit Card Debt

Quick Answer

Happy Money personal loans can help you consolidate credit card debt and even send loan proceeds directly to your credit card issuers. However, you may incur an origination fee and can’t apply with a cosigner.

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Happy Money is an online platform that helps facilitate the application and funding of personal loans. Borrowers can use the platform to apply for a personal loan, called a Payoff Loan, to refinance credit card balances. The partner lenders provide the money for the loans and Happy Money manages them. If you're looking for a loan to consolidate credit card balances, here's what you need to know about Happy Money's Payoff Loan.

Personal Loan - 24 months image.See if you're eligible

Fair - Exceptional

Est. APR

10.55 - 29.99%




Available loan amounts: $5,000 to $40,000

Est. monthly payment: $231 to $2,216

Grace period: 10 days

Application fee: $0

Loan Details
  • The only personal loan with added peace of mind to cover your monthly loan payment (Loan Payment Insurance) for up to 3 months due to job loss or disability - continuing to reduce your principal balance on every Happy Money loan
  • Quickly check your rate without affecting your credit score
  • No prepayment, late, or check-processing fees
Pros Cons
High maximum loan limit High minimum loan limit
Send loan proceeds directly to creditors No cosigner option
Few fees Has an origination fee
Happy Money Customer Service
21515 Hawthorne Blvd, Suite 200
Torrance, CA 90503

Experian Review

Happy Money offers one lending product: the "Payoff Loan," for paying off and consolidating credit card balances. These loans have a fixed interest rate, and you can choose from repayment terms ranging from two to five years. They are similar to unsecured personal loans you can get from other providers, and there are a few pros and cons to consider.

The Loan Is Intended for Credit Card Debt Consolidation

Happy Money created its Payoff Loan to help borrowers pay off their credit card debt. Although the company says you might be able to use it to refinance other types of unsecured loans—such as a different personal loan—you might want to look for a personal loan elsewhere if you're borrowing money for major purchases.

Using personal loans for credit card debt consolidation is a popular tactic because it can save you money. Interest rates on personal loans tend to be lower than on credit cards, potentially reducing your overall borrowing costs.

For example, if you have $10,000 in credit card debt at a 23% APR and you want to pay off the debt in four years, you'll need to make monthly payments of around $321. Overall, you'll pay about $5,385 in interest.

However, if you take out a $10,000 personal loan with a 9% APR and 48-month repayment period, your monthly payments drop to about $249, and you pay around $1,945 in interest. The lower monthly payments help free up more money each month, and you're also saving an estimated $3,440 in interest.

Using a personal loan to pay off and consolidate multiple credit card balances can also simplify your finances because you'll have fewer bills to pay each month.

You Can Send Loan Proceeds Directly to Your Credit Cards

If you're approved and accept a loan offer via Happy Money, you can choose to have the funds sent directly to your credit card issuers, which can make consolidating your credit card debt easier. But make sure to continue to pay your credit card bill until you can verify the balance is zero and you don't owe anything.

Any excess funds from your loan that don't go toward credit card payments get deposited into your personal checking or savings account. Alternatively, you can have the entire loan sent directly to your account, but you'll need to pay off the credit card balances yourself.

May Have an Origination Fee and No Cosigner Option

Two potential drawbacks to the Payoff Loan are the potential 0% to 5% origination fee and the lack of support for cosigners.

The origination fee is an upfront fee that's taken out of your loan proceeds. Many personal loans have an origination fee, and Happy Money's fee range is relatively favorable because some borrowers may qualify for a low-fee or fee-free loan. Even the 5% high end isn't bad compared to other lenders that might charge 8% to 10%, and lenders who have a minimum origination fee over 5%. But there are lenders that don't charge any origination fees.

Happy Money also doesn't accept applications with cosigners—someone who applies with you and may help you qualify for a better loan based on their creditworthiness. If you have poor credit and a creditworthy friend or relative who is willing to cosign, you might want to look for an option that accepts cosigners.

How to Qualify for a Happy Money Personal Loan

Happy Money requires you to meet the minimum requirements to qualify for a personal loan:

  • Be at least 18 years old
  • Have a Social Security number
  • Have a checking account
  • Don't live in Massachusetts or Nevada

There are also credit-related requirements to qualify:

  • At least three years of credit history
  • A credit score of 640 or higher
  • No currently delinquent accounts

Happy Money will also consider other factors when deciding if you qualify for a loan and the loan amount, rates and terms to offer. These may include your cash flow, credit history, if you have open accounts in good standing, debt-to-income ratio and credit utilization ratio.

Happy Money Personal Loan Fees

Happy Money doesn't charge many fees, and there are no:

  • Application fees
  • Prepayment fees
  • Late payment fees
  • Check processing fees
  • Returned check fees

However, the partner lender may charge you an upfront origination fee of 0% to 5%. The fee is taken out of your loan amount, so you may need to borrow more than your current balances if you want to use the loan's proceeds to completely pay off your credit cards.

How to Apply for an Happy Money Personal Loan

You can apply for a Payoff Loan via Happy Money online, and start by checking your loan offers:

  1. Get prequalified. Share some basic information about yourself and see if you prequalify for a loan offer from Happy Money. The process won't affect your credit score because Happy Money checks your credit with a soft inquiry.
  2. Compare loan offers. If approved, Happy Money may present you with several loan offers that have varying monthly payments, interest rates and repayment terms.
  3. Complete the application. Your loan offers are good for up to 30 days, and when you're ready to move forward, you can select the loan you want and complete the application. Happy Money will then match you with the funding partner that gives you the money and set up a savings account at the financial institution, although you don't have to use it. You may also need to upload documents to verify your information, such as copies of your driver's license, a recent pay stub and bank statements, and agree to a hard credit check.
  4. Receive the loan. Once Happy Money and the lender review and approve your application, the loan proceeds can be sent to your credit card issuers or accounts.

You may be able to get through the prequalification and application process quickly, but it takes Happy Money around three to seven business days to review your completed application and verify your information. Happy Money says borrowers generally see the funds in their account three to six business days after signing the final loan documents—it may take up to 30 days for payments sent directly to your credit cards.

Additional Info

Loan amount: $5,000 – $40,000 Origination fee: 0% – 5%
Estimated APR: 10.55% – 29.99% Late fee: None
Loan terms: 24 to 60 months Prepayment fee: None
Funds received: 3 to 7 business days after you sign your final documents.

Personal Loan Calculator

The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.

Compare Options for Consolidating Credit Card Balances

Happy Money's Payoff Loan could be a good option if you want to consolidate credit card balances and will save money on interest. You can check your loan offers without impacting your credit and will have 30 days to make a decision. Before accepting a loan, you may want to get several offers to see who gives you the best terms. Using Experian CreditMatch™, you can quickly compare personal loan offers from multiple providers based on your unique credit profile and a soft credit check.