Yes, it’s possible for a loan to work on your terms
One fee, one time
We keep it transparent: an origination fee is charged by our lending partners when your loan is issued, and that’s it.† If that sounds intimidating, don’t stress: the origination fees range from 0% and 5%, and there are no hidden charges.
Track your journey
Our online Member Portal allows you to monitor payments, track your progress, and directly contact our support team. Think of it like a one-stop-shop for all of your Payoff Loan™ needs.
We’re excited to help you fund your happiness, but please note you’ll get your funds after your information is verified as part of the approval process.
See what our members have to say about their Payoff Loan™ experience.
“Getting a loan from Payoff was the best decision I made. My credit score went up and I am paying off the loan much faster than paying off my credit card.”
“It was just so easy to use and just really transparent.”
“There’s a little weight off of my shoulders. I am so happy that this company understands that punishment is not the key to financial prosperity.”
“It is amazing to see just one bill from Payoff rather than 4-5 bills from various credit card companies.”
We’re here to support you
If you prefer to read, dive into our always-growing library of support articles. When you need to talk to someone, we have a world-class support team at your fingertips. They keep it helpful, friendly, and confidential seven days a week.
The Payoff Loan™ is a personal loan between $5,000 and $40,000‡ designed to help you eliminate or lower your credit card balances. We’ve built The Payoff Loan™ to give you control of your finances and pay your credit cards off faster by consolidating your high-interest card balances into one monthly payment at a fixed rate and term of your choosing.
Will checking my rate hurt my credit?
Don’t worry, checking your rate will not hurt your credit*. However, before you finalize your Payoff Loan™, we will run a hard inquiry, which can impact your credit score. Luckily, our Members see an average FICO Score increase of 40 points after making their first few payments!††
What do I need to apply?
We’re proud to be transparent about our approval process, and we encourage you to review the main requirements here before you submit your application.
Happy Money works withLending Partnerswho originate loans. Individual borrowers must be at least 18 years old and have a valid social security number and a valid checking account. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage, credit history, and state of residence. Currently, loans are not offered in MA and NV. Our mailing address is Happy Money (Payoff), 21515 Hawthorne Blvd, Suite 200, Torrance, CA 90503.
‡ Happy Money offers fixed rates between 11.72% APR and 24.67% APR for loan amounts from $5,000 to $40,000. The minimum rate for loan amounts above $15,000 is 12.45% APR. The minimum loan amount in NM is $5,100 and in MD is $6,100. The minimum loan amount and APR may vary in certain states. Rates depicted are accurate as of November 20, 2023. Please see https://happymoney.com/rates-and-terms/ for specific details.
†† Based on a study of Payoff Members between August 2020 and February 2021. Payoff Members, who paid off at least $5,000 in credit card balances, saw an average increase in their credit score of 40 points within four months of receiving a Payoff Loan. Results may vary and are not guaranteed.
† An origination fee is charged by the lender who funds and issues your loan through our platform. Lenders do not charge any late, bounced check, failed ACH, or other fees. The origination fee is based on your loan amount, term, and credit quality. This one-time fee is deducted from your loan proceeds when your loan is issued.
** Your repayment terms will depend on your interest rate, origination fee, loan amount, and loan term. Example — A loan of $16,000 at 13.64% APR will have a $480 origination fee and a monthly payment of $421 for 48 months.
* Checking your rate generates a soft credit inquiry that is only visible to you. A hard credit inquiry that can affect your credit score appears when your loan is issued.