Payoff by Happy Money

Payoff by Happy Money represents a unique approach to personal lending, operating under the parent company Happy Money (formerly known as Happy Finance) which was founded in 2009. Unlike traditional lenders that offer multi-purpose loans, Payoff focuses exclusively on helping consumers eliminate high-interest credit card debt through consolidation. This specialized focus allows them to design their entire lending experience around the specific challenges and needs of credit card debt consolidation. Their approach is further distinguished by a strong emphasis on the psychological and emotional aspects of financial management, incorporating behavioral science principles into their product design and customer experience. This philosophy is reflected in their rebranding to Happy Money, which underscores their mission to help people develop a healthier relationship with money beyond just providing financial products.

What sets Payoff by Happy Money apart in the personal lending landscape is their integration of financial products with wellness tools and resources. Their loan offering, called the Payoff Loan, is specifically engineered for credit card consolidation, with features like no prepayment penalties, no late fees, and transparent, fixed rates. Beyond the loan itself, they provide borrowers with access to their FICO® score, personalized financial insights, and educational content designed to improve financial behaviors. They've also invested in research around "financial personality types" and the emotional aspects of money management, creating tools that help users understand their unique relationship with money. Additionally, Payoff has conducted studies demonstrating that their approach can help reduce financial stress and even improve credit scores for many users.

Payoff by Happy Money offers personal loans ranging from $5,000 to $40,000 with terms between 24 and 60 months, specifically for credit card debt consolidation. Their application process is entirely online and designed to be user-friendly, with pre-qualification available using a soft credit pull that doesn't affect the applicant's credit score. Approval decisions typically take 2-5 business days, reflecting their thorough but focused evaluation process. While their loans may not offer the quickest funding compared to some competitors, their specialized approach to credit card debt consolidation, combined with their emphasis on financial wellness and absence of common fees (like late payment fees), makes them a compelling option for consumers specifically looking to eliminate credit card debt and improve their overall financial health.