Important disclosure

Payoff Personal Loans Calculator & Overview

Carla Soto
Updated 10 Aug 2023
Fact checked

Payoff logo

Payoff, which now goes by Happy Money, was formed in 2009 and is headquartered in Costa Mesa, California. Happy Money is an online personal loan lender that can make payments directly to creditors for paying off debt. In other words, Payoff Loans by Happy Money are funds used solely for the purpose of refinancing credit card debt.

There are many people from all income levels who carry large balances on credit cards that charge very high interest rates. It’s a great idea to try to tackle outstanding credit card debt, if you have it, to avoid paying more on that balance as those interest rates rise. Payoff Loans by Happy Money is one option you can consider. Using the Payoff personal loans calculator, you can estimate your monthly and annual payments.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

A quick guide to personal loans from Happy Money (Payoff Loans)

Happy Money works with credit unions, banks, and other lending partners who originate loans. Payoff Loans by Happy Money are used by individuals who want to quickly pay off their credit card debts while improving their credit score.

Look at the features and benefits of Payoff Loans so you can figure out if they fit your personal expectations and payment preferences:

  • Loan amounts: between $5,000 and $40,000
  • Loan terms: from 24 to 60 months
  • Interest rates: from 7.99% to 29.99% APR
  • Origination fee: 0% to 5%
  • Application fee: $0
  • Prepayment penalty: $0
  • Late payment fee: $0
  • Annual fee: $0

Requirements for Happy Money (Payoff Loans) personal loans

If you’re applying for a Payoff Loan from Happy Money, you need to be able to prove the following:

  • You must be at least 18 years old
  • You have a valid social security number
  • You have a valid checking account
  • You agree to credit check and income verification process
  • You are not a resident of MA and NV

These are the minimum requirements from the lender. However, meeting these qualifications doesn’t guarantee approval for a Payoff Loan.

Minimum credit score: 640
Minimum credit history: Three years and two accounts
Maximum debt-to-income ratio: 55%


 

Payoff personal loan calculator

Loan Amount

$20,000

Term

3 months

Payoff

Payoff personal loans

Estimated Month Repayments
Interest Rate
5.99%
APR
Repayment Period
24 months
to 60 months
Loan Amounts
$5,000
to $40,000
No matter what part of the process you're in, our Member Experience Team is here, ready to help you along your journey of paying off your credit cards.

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

 

Pros and cons of Happy Money (Payoff Loans) personal loans

Pros

  • Fast online application
  • Borrower qualifications are clearly identified
  • Best for individuals with low credit
  • Direct payment to creditors
  • Soft credit check won’t affect your credit score
  • Instant approval to qualified borrowers

Cons

  • Low borrowing limits
  • Limited loan usage
  • Origination fee can be up to 5% of the approved loan amount
  • Not available to MA and NV residents
  • Not available to individuals without a social security number
  • Loan disbursement can take up to five days

Frequently asked questions

What is Happy Money?

Happy Money is a financial wellness company that offers an unsecured, fixed-rate personal loan called Payoff Loans. The lender aims to help qualified borrowers to consolidate high-interest credit card debts.

What are the minimum and maximum loan amounts from Happy Money?

For most states, Payoff Loans range between $5,000 and $40,000. However, the minimum loan amounts vary in New Mexico ($5,100) and Maryland ($6,100).

What is the maximum period to repay a Payoff/Happy Money personal loan?

Repayment terms for a Payoff Loan are between 24 and 60 months.

Is there an application or origination fee?

Happy Money personal loans charge origination fees ranging from 0% to 5% based on your credit score, state of residence, and application.

What is the interest rate on a personal loan from Happy Money?

Payoff Loans have interest rates ranging from 7.99% to 29.99% APR.

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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