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Happy Money

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LAST UPDATED: April 18th, 2023

Happy Money is a financial company that combines psychology and money to help people live happier lives. Happy Money believes in establishing long-term relationships with people, meeting them at every stage of their financial life, and maximizing their happiness along the way.

Happy Money is composed of financial services professionals, research and clinical psychologists, data scientists, neuroscientists, designers, and technology experts, all working together to provide three primary experiences: Joy, Payoff, and the Happy Money Score. Happy Money believes that personal loans can be a tool to help customers accomplish goals and offers the Payoff Loan. Happy Money has helped over 200,000 members since 2017, funding $3.7 billion in personal loans.

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The Good

  • Offers Payoff Loan
  • Personal Support
  • One Fee, One Time
  • Member Portal
  • Fast Funding
  • Help Center
  • Credit Won’t be Hurt
  • Elimination of Common Fees

Offers Payoff Loan

Happy Money offers a Payoff Loan which is a personal loan between $5,000 and $40,000 designed to help you eliminate or lower your credit card balances. This product gives customers financial control by consolidating high-interest debt into a monthly payment at a fixed rate and terms of customer choice.  It offers fixed rates between 5.99 percent APR and 24.99 percent APR.

Personal Support

Happy Money provides customers with member advocates to help customers succeed. Happy Money offers real-person support and real-time support, without relying on chat boxes or phone number systems. Happy Money’s support staff is available seven days a week. 

One Fee, One Time

Happy Money keeps fees transparent. The origination fee is charged when the loan is issued. The origination fee ranges from 0 percent to 5 percent. 

Member Portal

Happy Money’s member online portal allows customers to monitor payments, track progress, and directly contact the support team.  

Fast Funding

Happy Money loan funding usually happens within two to five business days; Direct Card Payoff can take additional time.

Help Center

If potential customers enjoying reading and researching, they can dive into the Happy Money growing library of support articles online. 

Soft Credit Check 

Potential clients can check available rates with a soft credit check. A hard inquiry will be run when a Payoff Loan is being finalized. Fortunately, many Happy Money members see an average FICO score increase of 40 points after making their first few payments. 

Elimination of Common Fees

Happy Money eliminates the following fees:

  • Application fees
  • Early or extra payment fees
  • Late fees
  • Check processing fees
  • Returned check fees
  • Annual fees

The Bad

  • Approval Requirements Vary
  • Interest Rates
  • No Joint Applications

Approval Requirements Vary

Approval requirements are based on the following:

  • FICO score 550 or higher
  • No current delinquencies
  • Debt-to-income ratio
  • Age of credit history
  • Open and satisfactory trades
  • Utilization rate

Interest Rates

Depending on the terms, customers will pay between 5.99 percent APR and 24.99 percent APR. 

No Joint Applications

Happy Money does not accept joint applications or cosigners. 


The Bottom Line

If you are trying to pay down credit card debt, Happy Money could be a great choice for you. Happy Money is a straightforward service to help consolidate debt into an easy monthly payment. It provides plenty of resources to educate customers on how to get out of debt, build credit, and prepare for the future.  

For those looking to use this service, we suggest you get the terms and shop services to see how the numbers compare. Without having those exact numbers, it would be hard to say this company is better for customers than other companies. Happy Money has a good reputation with what it offers customers, and we would recommend getting a quote from this company for debt consolidation. 

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Cindy Chism Jacksonville, FL

It was easy. They do send a lot of reminders but they don't charge late fees if you are late.

1 year ago