Happy Money Personal Loans Reviewed in Depth

Traditional banks and credit unions offer loans and financing in many forms, but their lending criteria are more stringent than online lenders. Happy Money is a fintech platform that specializes in debt consolidation loans, and a company that understands prospective borrowers may have less-than-perfect credit. They’re a solid alternative to traditional lending.

Who is Happy Money?

Happy Money was formerly known as “Payoff.” They were founded in 2009 as an online fintech company specializing in debt consolidation loans. The company has a decent reputation with its customers and does business in 48 of the 50 United States. Massachusetts and Nevada are the only states where you can’t get a Happy Money personal loan. 

Pros of Happy Money Personal Loans

• Happy Money can pay your creditors directly.
• There are no late fees or prepayment penalties. 
• Happy Money has a pre-qualification process.

Cons of Happy Money Personal Loans

• Happy Money charges a loan origination fee.
• Happy Money personal loans are not available in all 50 states.
• Avant gives funds directly to borrowers, not creditors.
• There’s no discount for autopay.
• No joint applicants or co-signers are allowed.  

Services Offered by Happy Money

Happy Money is a debt consolidation loan provider. They mention that you can get other types of loans, but there’s no path on their app to get to them. Once you’re approved for a loan, Happy Money will pay your creditors directly. The funds can be transferred in three to five days, but some creditors may take longer to register payments.

Customer Qualifications or Eligibility to Work with Happy Money

Happy Money clearly states its qualification requirements on its website, which is a refreshing change from other lending apps that don’t offer that information. Their credit score requirement is 640, loan amounts range from $5,000 to $40,000, and repayment terms are two to five years. Applicants can be pre-screened without any impact on their credit score.

Happy Money clients have between $5,000 and $40,000 in outstanding debt. The company has issued $5.2 billion in debt consolidation loans since its founding in 2009. They offer competitive interest rates and multi-year payment terms with the flexibility of choosing your payment date each month. Happy Money pays your creditors directly.

What Happy Money Personal Loans Won’t Cover

How Happy Money Personal Loans Work

Happy Money has a pre-screening process where you can enter your name, date of birth, and social security number to be screened for creditworthiness. This is a “soft inquiry,” so it won’t affect your credit score. If you move forward, Happy Money will conduct a “hard inquiry” before approving you. Funds will then be sent to your creditors in three to five days.

Repayment and APR for Happy Money Personal Loans

Repayment of Happy Money debt consolidation loans is done in fixed monthly installments. Interest rates and APR are set at the beginning of the loan term and remain constant throughout the life of the loan. There are no late fees, but interest will accumulate, and late payments could be reported to the credit bureaus. There are no extra fees to pay the loan off early.   

There’s no minimum debt requirement at Happy Money, but they only offer debt consolidation loans of $5,000 or above. The maximum they’ll lend you is $40,000 and you’ll need to show that you have the outstanding debt to justify that. Unlike other lenders, Happy Money needs to know specifically how you’ll be using the money. That ensures that you’ll pay off your debt.  

Customer Timeline when Working with Avant

Happy Money is a little slower than other lending apps that can give you next-day funding. The reason? The funds need to be used for debt consolidation, not other cash needs. Happy Money can transfer funds in three to five days, but confirming direct payment to creditors can take several days longer. Repayment terms are two to five years.