Happy Money’s personal loans with fixed interest rates can be helpful for borrowers who want to consolidate their credit card debt. With a “Payoff Loan,” you can combine multiple high-interest credit card payments into a single manageable one at a significantly lower APR.
Applicants may find more success with Happy Money because the company reports loan payments to the three major credit agencies and provides complimentary monthly FICO score updates.
The Payoff is a Happy Money, Inc. subsidiary founded in 2009 that offers credit card debt consolidation loans via a network of lending partners. Happy Money, unlike many other online lending businesses, is tailored toward helping clients reduce their present debt and improve their credit. Except for Massachusetts and Nevada, borrowers can apply for a Happy Money loan in any of the other states; the company’s headquarters can be found in Tustin, California.
Money, What a Happy Feeling Only credit card debt can be consolidated using payoff loans. Personal loans from Payoff are not suitable for large purchases, renovations, or emergency expenses because of this restriction. As a result of this restriction, payoff loans are much less adaptable than the typical personal loan from a bank or credit union.
Happy Money’s Payoff loan requires applicants to have a credit score of at least 550 and a history of responsible financial management for at least three years. Payoff looks at a number of factors, such as an applicant’s debt-to-income ratio, credit utilization rate, delinquencies, and more, before making a lending decision.
Loan monies are normally disbursed within three to six business days after approval and verification. One thing to bear in mind is that the time it takes to become funded could change depending on the borrower’s choice of financial institution.
An Initially Not-So-Strict Credit Check
Like many other top online lenders, Happy Money offers pre-approval loans without initially checking applicants’ credit. To do this, visit the Happy Money website and navigate to the “Check My Rate” page. If you have a prequalification letter, select “I Have an Invite Code” from the drop-down menu. Your credit will be properly checked only once you have submitted a full loan application to Happy Money.
Borrowers who are able to do so can change the date on which they pay by logging into their Payoff Happy Money account and clicking the “Change Date” button next to the date on which their next payment is due.
Happy Money’s Direct Card Payoff service makes it easy to consolidate credit card debt. If a borrower selects this option, Happy Money will send the loan proceeds directly to a third-party credit card firm rather than to the borrower’s bank account. If a borrower chooses to take financial responsibility for their credit card debt repayment, they will be given the option to have the funds deposited into their bank account.
The FICO Score Has Been Improved and Revised
A Payoff loan can increase a customer’s credit score by as much as 40 points, as reported by Happy Money, if the loan is used to pay off at least $5,000 in credit card debt. Happy Money’s Payoff not only streamlines the process of paying off credit card debt and repairing credit profiles but also makes it easier for consumers to keep an eye on their credit by delivering monthly updates to their FICO Score.
Happy Money’s Member Experience Team can be reached by phone from 6 a.m. to 6 p.m. If a borrower calls you at an inconvenient time, they can leave a message. You can also reach out to Member Advocates via email or real-time chat.
The application and lending processes are simplified by Happy Money’s extensive online resources. Although Happy Money offers a wide variety of support channels, several reviewers have complained that it is challenging to get in touch with a representative.
Happy Money has received an average of 4.5 stars out of 5 from customer reviews on Trustpilot. Some unsatisfied borrowers have griped about being misled by loan offers, charged exorbitant interest rates, and finding the application process to be cumbersome. Some candidates have complained that the online application process makes it hard for them to provide evidence of their income and identity. Applicants who contacted customer service previously voiced their frustration with the length of time it took for a response and the lack of professionalism they encountered from the staff.
