Payoff Personal Loans From Happy Money Review 2023

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fees

Origination fee between 0% and 5%

Regular Annual Percentage Rate (APR)

7.99% – 29.99% APR

Happy Money® Payoff Loan™

fees

Origination fee between 0% and 5%

Regular Annual Percentage Rate (APR)

7.99% – 29.99% APR

with participating lenders

Regular Annual Percentage Rate (APR)

7.99% – 29.99% APR

fees

Origination fee between 0% and 5%

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Pros and cons of Happy Money personal loans

Happy Money is a good loan company for borrowers who want to use their money to pay off their debt. You may be able to net a lower rate on your debt, reducing the overall amount you’ll pay.

However, you won’t receive your money as quickly with the company as you would with other lenders, as it takes at least two business days to have money deposited in your account. The lender will also charge an origination fee ranging from 0% to 5%, which will depend on your loan’s terms. You won’t pay any prepayment or late fees with Happy Money, though.

How Happy Money compares

Side by side snapshot

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Editor’s rating

3.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Regular Annual Percentage Rate (APR)

7.99% – 29.99% APR

Editor’s rating

4.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Regular Annual Percentage Rate (APR)

7.99% – 23.43% (with auto pay discount)

Editor’s rating

2.75/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Regular Annual Percentage Rate (APR)

5.99% to 35.99%

Happy Money has a lower credit score requirement than SoFi, but if your credit isn’t in the best of shape, the company may charge you a higher maximum APR. If you have excellent credit, you may be able to get a slightly lower APR with Happy Money than SoFi, but the difference is marginal.

You’ll pay an origination fee of between 0% and 5% of your total loan amount with Happy Money, while you won’t pay any origination fee with SoFi. The Happy Money origination fee will be deducted from your overall loan proceeds.

Both Reach Financial and Happy Money are for borrowers who are looking to consolidate their debt. Only SoFi allows borrowers to get a loan for any other purpose.

See our ratings methodology for personal loans »

How to apply for a Happy Money personal loan

1. Prequalify for a loan on Happy Money’s website. Submit an online form to find out your interest rate and APR. The company will ask you for your requested loan amount and purpose, you’ll need to input your basic contact information and income. The company will run a soft credit check, which won’t impact your credit score.

2. Review different loan offers and pick one. The company will present you with multiple loan offers with different rates and term lengths. Change the loan amount to see different offers. Choose one you can afford to make monthly payments on. Once you submit your application, the company will perform a hard credit check, which may negatively impact your score.

3. Make a plan to repay your loan. Once you receive your money, figure out how to work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.

Frequently asked questions

Happy Money is a Better Business Bureau-accredited company, and the BBB gives it an A+ rating. The BBB evaluates trustworthiness by looking over business’ replies to customer complaints, truthfulness in advertising, and transparency about business practices.

Keep in mind that a stellar BBB rating doesn’t guarantee an excellent relationship with the lender, so make sure you read customer reviews and ask friends and family about their experiences with the company.

Happey Money does not have any recent scandals. Due to its clean history and top-notch BBB rating, you might feel comfortable choosing it as your personal loan lender.

When you initially check your rates with Happy Money, your credit score won’t be affected. After you finalize your loan, the company will run a hard credit inquiry, which allows it to get a comprehensive view of your credit history but may ding your score.

Once you have your loan and begin making payments, Happy Money will report those payments (or lack thereof) to credit reporting agencies. If you make reliable, on-time payments, you may improve your credit score. If you’re consistently late or miss your payments, your credit score may be damaged.

The minimum credit score for a payoff loan is 640, so depending on your financial situation, you may not be eligible for a loan from the lender. Happy Money’s minimum credit score is similar to many other personal loan lenders, so it isn’t significantly harder to get a loan with it than with another company.

Yes, you can make early payments on your Payoff loan without paying any additional fees.

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