Happy Money’s credit card debt consolidation loans provide set interest rates and can help borrowers. A “payoff loan” with a lower APR might consolidate high-interest credit card payments.
Happy Money exposes loan payments to the three major credit agencies and offers free monthly FICO score updates, so applicants may have greater luck with them.
Founded in 2009, The Payoff is a subsidiary of Happy Money, Inc. that provides a network of lending partners with credit card debt consolidation loans. Unlike most online lenders, Happy Money helps clients pay off debt and improve credit. Happy Money, a Tustin, California-based lender, accepts applications from all states except Massachusetts and Nevada.
Wealth: A Happy Time Payoff loans can only consolidate credit card debt. This constraint makes payoff personal loans unsuitable for big buys, house upgrades, or surprise bills. This limitation makes repayment loans significantly less flexible compared to the normal personal loan issued by financial organizations.
A minimum credit score of 550 and three years of consistent, responsible financial management are necessary for approval of Happy Money’s Payoff Loan. Payoff weighs many factors, like the applicant’s debt-to-income ratio, credit utilization rate, and delinquencies, before lending.
The normal processing period for a loan payout is three to six business days following verification and approval. Funding period varies on the borrower’s preferred financial institution.
A Not-So-Strict Credit Check at First
Happy Money, like other top online lenders, offers pre-approved loans without an initial credit check. To do this, visit Happy Money’s “Check My Rate” option. If you have a prequalification letter, select “I Have an Invite Code” from the drop-down selection. When you apply for a loan in its entirety with Happy Money, they will completely check your credit.
Borrowers can log into their Payoff Happy Money account and click the “Change Date” button next to the due date to modify the next payment date.
Happy Money’s Direct Card Payoff service makes it easy to combine credit card debt. Happy Money will send the funds to an independent credit card firm instead of the borrower’s bank account if the borrower chooses this option. If borrowers desire to repay their credit card debt, they can have the money wired to their bank account.
A better FICO score is out.
Happy Money says a repayment loan can increase a customer’s credit score by 40 points if they pay off $5,000 or more in credit card debt. Happy Money’s Payoff streamlines credit rehabilitation and credit card debt payment by giving monthly FICO Score updates, making it easier for users to monitor their credit.
You can call Happy Money’s Member Experience Team from 6 a.m. to 6 p.m. If the borrower phones at a bad moment, they might leave a message. Email or live chat can also reach Member Advocates.
Happy Money has many online resources that simplify the lending and application processes. Some reviews say that contacting a Happy Money staff can be hard, despite its many help methods.
According to ratings on Trustpilot, Happy Money is usually well-received by its consumers. Some unsatisfied borrowers have complained about the application process being too cumbersome, being tricked by loan offers, and paying too much in interest. Some candidates have complained about the online application process because it’s hard to prove their identity and income. Past candidates who went to customer support complained about delayed replies and disrespectful reps.
