In-depth Analysis

Happy Money Review (Formerly Payoff)

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Written By
G. Dautovic
August 14, 2023
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Taking out loans or a credit card can often be the only way to meet your financial obligations. This solution, unfortunately, is a temporary one since loans and credit cards come with high interest rates you afterward need to repay. 

As you’ll see from our Happy Money review, one way out of this situation is debt consolidation. It involves taking out one loan to settle all liabilities and debts, including personal loan debt. Since taking out a loan is what caused your financial problems in the first place, a new loan might not sound so tempting, but there is a sound logic behind debt consolidation.

All loans and debts have time frames within which they must be offset. With a debt consolidation loan, you can clear those liabilities and afterward make monthly payments to pay off this new debt. The idea is to avoid late payments and keep credit ratings at a favorable level.

There are many providers of debt consolidation services, but judging from the numerous positive Payoff by Happy Money reviews, this company really stands out. So should you place your trust in it? We’ve conducted our own rigorous review to answer that question, and here’s what we’ve found out.

$5,000 - $40,000

Minimum credit score: 640

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

0% - 5%
$5,000 - $40,000
pros thumb up Strengths
  • Large loan amounts available
  • Flexible payments
  • Excellent customer service
  • Payments can be made directly to creditors
  • No late or prepayment fees
  • Competitive rates
pros thumb up Weaknesses
  • Charges an origination fee
  • Available to limited locations
  • Loans can typically only be used to settle credit card debt
  • APR can be rather high

Happy Money Overview

Happy Money reviews its customers’ credit card debt and provides credit loans to help them manage their finances better. Financial structuring is Happy Money’s forte, as the company’s financial specialists work to determine what loans are best for you in terms of loan amounts and repayment plans.

The service is essential because it helps users eliminate multiple payments on credit cards. With one loan, you can settle all of your debts and, according to your plan, pay monthly installments to Happy Money. Instead of multiple creditors, you get just one.

How Does Happy Money Work?

Reviews on Happy Money show the process to be quite straightforward. The ease of use is one of the pluses associated with the service. Happy Money approves your loan, and with that money, you pay off your credit card debts. You are then required to pay back this loan in the preagreed monthly installments. The payments are charged at a fixed interest rate over a specified period.

Payoff by Happy Money Loan Requirements

There are a few conditions you need to tick off the checklist before you can access Happy Money lending. Happy Money reviews these factors before offering its services:

  • A minimum credit score of 640; typically referred to as a fair FICO score
  • A good debt-to-income ratio; that is a DTI of no more than 50%. The lesser the DTI, the more likely you are to get a loan
  • A good credit history for three or more years
  • No present credit delinquencies and no failed payments on credit cards greater than 90 days in the last 12 months
  • Two open and satisfactory trades with no more than one installment loan within the last 12 months

There’s a free-of-charge online test on the company’s website you can take to determine the type of loan you need.

Loan Application Documents

Happy Money debt consolidation reviews the following documents in the course of your loan application:

  • A valid means of personal identification, such as a driver’s license or a passport
  • Up-to-date proof of personal income, most preferably pay stubs from the last two months leading to the date of your application
  • Financial documentation, preferably your most recent mortgage statement or statement of account / bank statement (your last monthly bank statement or mortgage statement)

Should there be a need for any more documentation, a Happy Money agent will get in touch with you. 

Happy Money loan reviews point out that whether your loan application is approved or not, you still get access to a member advocate. A member advocate is a person who initiates sales and service activities designed to retain existing client relationships and build new ones with potential clients. They will be in touch to update you on your application’s status and find other ways to serve you better. 

If your loan ends up not being approved, Happy Money sends a notice on the reasons for your failed application.

Loan Approval

Happy Money reviews loans in seven business days, but typically, you can get your loan approved in under a week. 

Now comes the time for payouts. Happy Money works with various lenders, including Green State Credit Union, Teachers Federal Credit Union, First Tech Federal Credit Union, US Alliance Financial, Alliant, Blue Federal Credit Union, MSUFCU, and Veridian Credit Union. They are all federally insured and will verify and forward your loan funds to your checking account in three to six business days after approval and signing the necessary documents.

Loan Terms and Additional Fees

Happy Money approves loans of $5,000 to $40,000. These loans come at an APR of 7.99% to 29.99%, and attract an origination fee of 0% to 5%, although this is a one-time payment. 

According to Happy Money loans reviews, the fee is deducted before the loan is paid out, so it would be prudent to accommodate this when applying for the loan. On the plus side, after the origination fee, there are no other application or prepayment fees charged to the loan. And when it’s time to pay off the loan, there are no late fees charged on late payments.

The only payment is the preagreed monthly installments. The length of time for repayment is also very flexible, spanning from two to five years, which means you can apply for large loans without worrying about the repayment schedule clamping down on you. However, extended repayment periods equal more interest. 

Happy Money Features

Let’s now take a look at the company’s additional services:

Customer Support

The company has a dedicated support center with many customer contact channels and hours. You can reach Happy Money Monday to Friday from 6 a.m. to 6 p.m. and on weekends from 6 a.m. to 3 p.m. (PST) via telephone or email. Outside of business hours, you can leave a message for the member experience advocates, who will get back to you as soon as possible.

Happy Money complaints are usually resolved within the next day of the report. User satisfaction is not taken lightly. Happy Money even covers general issues relating to individuals’ financial status. The goal is to ensure financial wellness for all who subscribe to its services and help them achieve all of their financial objectives. 

Happy Money App

IPhone users will be happy to hear that the Happy Money mobile app can be downloaded from the App Store. It offers a convenient way for existing owners of a Payoff/Happy Money account to pay their bill, check their balance details, and stay up to date on any important news with the help of push notifications. 

The app is secure to use (it employs fingerprint and face recognition) and features a modern, crisp design. However, it has been described as a “work in progress” by multiple users due to limited functionality and various bugs. At the time of writing, it had 2.9 out of 5 stars based on 64 user reviews.

Monthly Credit Check

For the whole duration of the loan, Happy Money helps users monitor their credit ratings through the monthly FICO score check. This way, you can see how clearing your debts has impacted your credit score and perhaps find out ways to improve it. Or, you know, start feeling motivated.

Payment Flexibility 

Happy Money doesn’t charge interest on late repayments. You can also defer payments or change the date for repayments.

Happy Money Reviews on Better Business Bureau

Happy Money has been accredited by the BBB since May 2022. Its BBB rating stands at A+. There is also an average score of 1.5 out of 5 stars from customers, but it’s based on just 64 reviews.

Who Is Happy Money Best For?

While Happy Money welcomes all potential clients, its services are best equipped for:

  • People looking to consolidate their high-interest credit card debt
  • Those with a fair credit score (640 upwards) and at least three years of credit history
  • People trying to build their credit scores

How does Happy Money fare against other companies providing debt consolidation services? Here is a quick comparison chart reviewing Happy Money’s features and terms in contrast with those of other top companies.

How Does Happy Money Compare to Other Providers?

Happy Money Logo
Happy Money


Loan amount:


Minimum credit score:


Loan term:

2-5 years

Marcus by Goldman Sachs Logo
Marcus by Goldman Sachs


Loan amount:


Minimum credit score:


Loan term:

3-6 years

Best Egg Logo
Best Egg


Loan amount:


Minimum credit score:


Loan term:

3-5 years

Happy Money Personal Loans

Most Happy Money personal-loan reviews from customers agree that the company is not a great option for refinancing because it only offers loans for covering credit card debt. However, if your goal is to eliminate multiple credit card debt payments and replace multiple creditors with just one, the service is an excellent choice. 

Numerous customer reviews have also pointed out how helpful the customer service is and how efficient the online process is regarding setting up accounts and filling out applications. Additionally, the fact that there are no hidden or extra charges is a big plus. 

In Conclusion

A simple payment structure, excellent customer service, and help in building FICO credit scores are just some of the features of Happy Money that attract customers. 

Happy Money’s team of financial specialists, research and clinical psychologists and data and neuroscientists doesn’t stop at assisting customers in debt consolidation; it also helps them better their finances. If you need help getting your credit payments on track so you can save your credit score, Happy Money may just be the right choice.


Is Happy Money a good idea?


Happy Money is an excellent choice for people who want to settle high-interest rate credit card debt. reviews show that those who have tried the service are mostly satisfied with the results, especially with eliminating multiple debts. Missed or late payments on credit cards can affect credit scores, but with Happy Money, you can avoid that.

Does Happy Money hurt your credit?


No, it doesn’t. Instead, it helps you build your credit score and avoid events that could indeed cause it to drop.

Is Happy Money legit and safe?


Yes, it is. Happy Money reports to the three credit bureaus, so while your credit is building, you can be sure information about your payments is getting to the right destinations.

What credit score do you need for Happy Money?


Happy Money reviews indicate that the minimum credit score required for your application to be approved is 640.