Happy Money Personal Loans

Borrowers interested in consolidating their credit card debt may take advantage of the fixed-rate personal loans offered by Happy Money. With its "Payoff Loan," you may consolidate many credit card payments with high-interest rates into a single monthly payment with a reduced annual percentage rate.

Borrowers may get more aid from Happy Money to establish good credit since the company reports loan payments to the three main credit agencies and provides free monthly FICO score updates.

An Overview of the Company

The payoff is a subsidiary of Happy Money, Inc. that was established in 2009 and works with a network of lending partners to provide loans for consolidating credit card debt. Happy Money, in contrast to many other online loan services, is designed to assist borrowers in paying down existing debt and enhancing their credit scores. Happy Money loans are offered in all states except Massachusetts and Nevada, and the company's headquarters are located in Tustin, California.

Types of Personal Loans

The Joy of Money Payoff loans is used only to consolidate existing credit card debt. As a result of this limitation, Payoff personal loans cannot be used to fund major purchases, home modifications, or cover unexpected costs. Because of this, Payoff loans are far less flexible than most personal loans offered by other lenders.

To be considered for the Payoff loan offered by Happy Money, candidates must have a credit score of at least 550 and at least three years of established credit. When deciding whether or not to lend money, Payoff considers various criteria, including an applicant's debt-to-income ratio, credit usage rate, delinquencies, and more.

Time to Receive Funds

After the loan has been approved and verification has been completed, the funds for the loan are typically disbursed within three to six business days. However, keep in mind that the amount of time it takes to be funded might vary according to the financial institution that the borrower uses.

Payoff Personal Loan Features

Initial Credit Check That Isn't Too Strict

Happy Money, like other leading online lenders, gives potential borrowers the opportunity to get a pre-approval loan without first pulling their credit report. To accomplish this, go to "Check My Rate" on the Happy Money site; if you have a prequalification letter, pick "I Have an Invite Code" from the drop-down menu. Only after submitting a complete loan application will Happy Money thoroughly check your credit history.

Flexible Due Date

Eligible borrowers may modify the date they make their payments by going into their Payoff Happy Money account and using the "Change Date" option located next to the date they are scheduled to make their next payment.

Payment Made Via Credit Card

The Direct Card Payoff service offered by Happy Money simplifies the process of consolidating credit card debt. If a borrower chooses to use this service, Happy Money will forward the proceeds from the loan not to the borrower's bank account but to a third-party credit card company. Borrowers who indicate throughout the application process that they would want to be responsible for repaying their credit card debt have the option of having the monies deposited into their chosen bank account.

Enhancements and Amendments to the FICO Score

According to Happy Money, customers who use a Payoff loan to pay off at least $5,000 in credit card bills may see a rise in their credit score that is more than 40 points. In addition to accelerating the process by which customers may pay off their credit card debt and improving their credit profiles, Happy Money's Payoff makes it simpler for customers to monitor their credit by providing monthly updates to their FICO Score.

Assistance to Customers

The Member Experience Team of Happy Money may be contacted by phone Monday through Friday between 6 a.m. and 6 p.m. PT and Saturday and Sunday between 6 a.m. and 3 p.m. PT. Any current or potential borrowers who contact you outside of regular business hours can leave a message. Email and live chat are two other ways to get in touch with Member Advocates.

Happy Money provides a library of online materials to make the application process and the loan loans easier to understand and complete. However, despite the many assistance options that Happy Money provides, several reviews have mentioned that it is difficult to contact customer care.

Satisfaction of the Customer

On Trustpilot, customers have given Happy Money an average rating of 4.5 out of five stars. Some dissatisfied consumers have complained about receiving misleading loan offers, excessive annual percentage rates (APRs), and a difficult application procedure. Some applicants claim that the internet platform makes it difficult to prove their income and identification. Other applicants complained about the lengthy response times and unprofessional employees they received from customer support.