Happy Money Review (Formerly Payoff)

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. 

One way out of this situation is debt consolidation, which is where Happy Money comes in. 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.

Happy Money Overview

Happy Mone examines 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?

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.

Loan Requirements

There are a few conditions you need to tick off the checklist before you can get approved:

• 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

You will need 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. 

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

The company reviews loan application 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. 

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 & User Satisfaction

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 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. The company also currently has a strong 3.9/5 rating on Trustpilot from almost 400 customer reviews.

Happy Money App

IPhone users will be happy to hear that the Happy Money 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.

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.