Happy Money
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- Annual Percentage Rate (APR): 11.25%–24.50%
- Loan purpose: debt consolidation or refinancing
- Loan amounts range from $5,000 to $40,000
- Terms: 24 to 60 months
- Credit neededFair/average, good
- Origination fee: 0% to 5% (based on credit score and application)
- Early payoff penalty None
- Late fee5% of monthly payment amount or $15, whichever is greater (with 15-day grace period)
See our methodology, terms apply.
Pros
- Peer-to-peer lending platform make it easy to check multiple offers
- Loan approval comes with Happy Money membership and customer support
- No early payoff fees
- No late fees
- Fast and easy application
- U.S.-based customer service
Cons
- Higher loan minimums ($5,000)
- Must submit soft inquiry to see origination fees and other details
How Payoff is designed to help you stay motivated:
- Offers borrowers a dedicated “Empowerment Science” team that is available to take questions and provide encouragement
- Free personality tests, stress assessments and cash flow trackers to help borrowers understand their money management style and nail down better habits
- Free FICO tools help members track their progress.
*Based on a study of Happy Money Members between February 2020 to August 2020, members who use a Happy Money Loan to eliminate at least $5,000 of credit card balances reportedly see an average FICO Score boost of 40 points. (Results may vary and are not guaranteed.)
Who’s this for?
A Happy Money personal loan is a good choice if you’re looking to consolidate your credit card debt and pay it down over time at a lower interest rate.
Happy Money’s mission is to help consumers get out of credit card debt once and for all, which is why its loans are geared specifically toward debt consolidation. You can’t use a Happy Money loan for home renovations, major purchases, education, etc.
Borrowers can take out loan amounts between $5,000 and $40,000, and the loan terms range from 24 to 60 months. There’s a soft inquiry tool on its website, which allows you to look at possible loan options based on your credit report without impacting your credit score.
Happy Money doesn’t charge late payment fees or early payoff penalties if you decide to pay off your debt faster than you initially intended, but there is an origination fee based on your credit score and application. The higher your score, the lower your origination fee and interest rates are likely to be.
Unlike some lenders, Happy Money enables you to transfer the funds you borrow to your associated bank account or to your debtors directly. Access to various financial literacy tools is another benefit of getting a Happy Money loan, including free FICO score updates, quarterly check-ins with a team during your first year of working with Happy Money, and tools that help members strengthen their relationship with money through personality, stress, and cash flow assessments.