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Happy Money personal loan review: Helpful FICO Score tools and free resources to help you get out of credit card debt

Select's review of Payoff personal loans, including information on APR, fees, perks, term lengths and loan amounts.

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When you're deep in credit card debt, sky-high interest rates can make it tough to dig yourself out. A personal loan can sometimes be helpful if you want to a lower interest rate and fixed monthly payments.

Happy Money offers a quick, easy application process for qualified borrowers looking to consolidate their credit card debt and pay it down over time at a lower interest rate. While every application is different, eligible borrowers can typically get rates between 11.25% and 24.50% APR, which can feel like a life-saver if you've got too much debt to see a clear path forward.

Select recommends Happy Money on our best debt consolidation loan list in part because of the helpful ways the Happy Money online portal uses "Empowerment Science" to keep borrowers motivated as they tackle their debt. In fact, the company's name, Happy Money, is precisely because the lender built its offerings around helping consumers get out of credit card debt once and for all, compared to other banks that specialize in general personal loans for home renovations, major purchases, education, etc.

Happy Money gives users access to free tools to improve their FICO scores, and it offers free personality tests and stress assessments so borrowers can better understand how their financial and lifestyle choices are truly impacting their wallet.

Ahead, here is Select's full review of Happy Money , looking at perks, fees, loan amounts and term lengths.

Happy Money personal loan review

Happy Money

  • Annual Percentage Rate (APR)

    11.25% - 24.50%

  • Loan purpose

    Debt consolidation/refinancing

  • Loan amounts

    $5,000 to $40,000

  • Terms

    24 to 60 months

  • Credit needed

    Fair/average, good

  • Origination fee

    0% to 5% (based on credit score and application)

  • Early payoff penalty


  • Late fee

    5% of monthly payment amount or $15, whichever is greater (with 15-day grace period)

See our methodology, terms apply.


  • Peer-to-peer lending platform makes 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


  • 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.)


Happy Money APRs range from 11.25% to 24.50%. Interest rates are determined based on factors including your credit score and income. The total amount borrowed and term length also affect the APR you're offered.


Perhaps the biggest perk you get from taking out a Happy Money loan is access to financial literacy tools. Accepting a Happy Money loan comes with a membership to an online portal with the following resources:

  • Free FICO® Score updates every month so you can see your progress and monitor any changes.
  • Dedicated Member Experience Team that proactively supports borrowers with welcome calls and quarterly check-ins during the first year.
  • Empowerment Science to help members better understand themselves and improve their relationship with money through Happy Money's scientific personality, stress and cash flow assessments.


Happy Money loans do come with origination fees based on your credit score and application.

There are no late payment fees, or early payoff penalties if you decide to pay off your debt out faster than you expected.

Loan amount

Qualified borrowers can take out loans between $5,000 and $40,000. It generally takes three to seven business days to get approved. After you're approved, you'll receive the funds as a direct deposit to the checking account you provided in your application.

Term lengths

Happy Money loan terms range from 24 to 60 months.

Bottom line

Happy Money is designed with the motivated debtor in mind. If you're ready to tackle your credit card debt once and for all, Happy Money offers a suite of tools, low interest rates for qualified borrowers and FICO Score monitoring to keep you on track.

The average Happy Money borrower sees a FICO Score boost of 40 points, based on a 2020 study of Happy Money Members who used a Happy Money loan to eliminate at least $5,000 of credit card balances.

Of course, results vary and aren't guaranteed. That's why it's important to compare offers with a personal loan comparison tool, so you can make the best decision for your financial future.

Learn more about what to ask yourself before taking out a personal loan.

Our methodology

To determine which personal loans are the best for refinancing debt, Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions. When possible we chose loans with no origination or sign-up fees, but loans for debt payoff and/or debt consolidation might charge fees typically ranging from 0% to 12% APR.

When narrowing down and ranking the best personal loans, we focused on the following features:

  • Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
  • Flexible minimum and maximum loan amounts/terms: Each lender provides more than one financing option that you can customize based on your monthly budget and how long you need to pay back your loan.
  • No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
  • Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
  • Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
  • Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
  • Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
  • Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $1,000 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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