Payoff Review

This article is dedicated to Payoff app review. It’s an application that may be useful for those who need money quickly. Payoff provides personal loans for credit card debt consolidation. It gives the loan after an online application.The company is active in all states with the exception of two. During the research that was done for this Payoff review, we found out that the service collaborates with lending partners who originate the loans. It isn’t a bank.

It is an independent loan service provider registered in the USA. The parent firm of the California-based financial wellness business is Happy Money, which will also be discussed in this review of Payoff.

Payoff by HappyMoney Review

Pros and Cons of Payoff

To begin with, we offer a short list where we will present the main advantages and disadvantages of the system.


  • Possibility to change the payment date option
  • No advance payment or late charges
  • Direct money payment proposal to creditors
  • The company reports three main credit bureaus about customer payments
  • Provides a free email newsletter to the subscribers to aid in reducing financial stress
  • The last but not least benefit: some debtors with poor credit could be qualified


  • An origination fee up to 5% is possible
  • There is no discount for choosing the autopay function
  • The company doesn’t offer joint, secured, or co-signed loans

What is Payoff?

Happy Money is formerly known as Payoff service. The provider gives customers personal loans with fixed interest rates. They are only intended for clearing the existing credit card debt.

The lender has a sufficient maximum loan amount and may impose origination costs. With its practical loans, you may combine your high-interest payments into a convenient and cheap monthly payment.

After reporting payments to major credit agencies and providing monthly score updates, the service assists customers in concentrating on establishing credit through their financial aid. Through a thorough approval procedure and continuing credit support, the platform can enable borrowers to raise their credit ratings.

How Does Payoff Work?

Applications for personal loans on your bank accounts may be accepted or rejected depending on a variety of factors. While each service provider has its own distinct underwriting standards, they frequently include details from an applicant’s credit history and other elements.

Happy Money’s assessment method presupposes a checking account. Later it considers psychology, income, assets and liabilities, and potential costly overdraft fees. Although fulfilling the criteria listed below won’t ensure instant direct deposit, doing so might help you determine whether a personal loan is the best option for you.

Criteria to receive a Payoff direct deposit:

  • Fulfill requirements for credit scores. A FICO score of at least 640 is required for applicants to be approved for a Happy Money personal loan.
  • Credit history’s age. A minimum of three-year credit history is required for a qualified minimum deposit.
  • Utilization. Although Happy Money considers a candidate’s credit use rate, there is no set usage minimum.
  • Open and satisfactory trades. In order to assess the risk that each application poses, Happy Money evaluates these deals.

Payoff loans are only used to consolidate debts for credit cards with average interest charges. As a result, Payoff personal loans on your linked bank account can’t be utilized to finance major purchases, home renovations, or unexpected costs.

Payoff loans are far less flexible than many debit card loans from other lenders. As soon as three to six business days following loan acceptance and verification, Payoff distributes loan cash to your existing bank account.

Features & Services of Payoff

Owned by Happy Money, Payoff provides unsecured personal loans via one of its seven lending partners. According to the company’s terms and conditions, a collateral deposit, such as a house or a car, is not required to get an unsecured personal loan.

The majority of lenders let you get a personal loan for a variety of reasons, but Payoff financial solutions are made particularly to help you pay off high-interest credit card debt. You can’t receive funds in Maine, Massachusetts, Nebraska, or Nevada right now since Payoff doesn’t currently serve borrowers in those states.

Payoff takes longer than other lenders to deposit money into your account. It usually takes at least two business days. As a result, you won’t get your money quickly through Payoff. Depending on the loan terms, the lender may impose an origination fee that ranges from 0% to 5%. But with Payoff, you won’t have to pay any additional fees for prepayment or late payment penalties.

Payoff offers its customers an advanced feature to pre-qualify for a loan without doing a credit search. This is an advantage of Payoff products and services compared with many other leading online lenders. To accomplish this, go to Payoff’s site and click “Check My Rate.” Choose “I Have an Invite Code” if you have a prequalification letter in place of this option.

Until you submit a complete loan application, Payoff does not do a hard credit check. By going onto the Payoff Happy Money account and selecting the “Adjust Date” option next to their next payment date, qualified borrowers can change the date of their next payment.

Credit card consolidation is streamlined through Direct Card Payoff budgeting service. If a borrower chooses to use these financial products, Payoff will transfer loan amounts to external credit card issuers rather than the borrower’s bank account.

Borrowers can opt to receive payments in the bank account they specify throughout the application procedure if they would rather track and pay down their credit card debt independently.

Payoff claims that customers may see a 40+ point gain in their credit score if they use this loan to pay off at least the amount of $5,000 in credit card bills. Payoff’s monthly FICO Score updates not only assist clients in paying off credit card debt more quickly but also help them build better credit profiles.

Payoff Fees & Rates

Credit card consolidation loans are available through Payoff, a firm that promotes financial wellness, to qualified customers without a membership fee. Borrowing amounts range from $5,000 to $40,000. Please mind that certain states have different minimum loan limits.

For instance, Maryland has a minimum loan amount of $6,100, whereas New Mexico requires a minimum loan amount of $5,100. You will need to pay the loan in 24 to 60 months.

Annual percentage rates for Payoff personal loans range from 5.99 percent to 24.99 percent and depend on a number of factors. They include state, loan amount, loan period, credit score, and use. Payoff does not impose additional fees for prepayment penalties on customers who pay off their loans early, in contrast to certain lenders.

Prepayment, late payment, and returned check costs are not assessed to Payoff borrowers. Origination fees, which range from 0% to 5%, are deducted from the total loan amount upon funding. Make sure your account is not charging overdraft fees. Opt out of it, if you want to eliminate an additional monthly fee from your bank.

Pre-qualification from Payoff often involves a soft credit check. It lets you view the monthly expenses and terms you qualify for without having your credit score affected. If you accept the loan offer, the lender will verify your details by doing a hard check.

According to Payoff, borrowers’ FICO scores increase by an average of 40 points. This happens when they have paid off at least $5,000 in credit card debt, including interest rates, within the first four months of getting their loan.

Safety and Security of Payoff

The company uses the highest levels of security and privacy standards available in the industry to protect your data. Since Happy Money employs the industry-recognized McAfee Secure, its website is continually examined for risks such as malware, viruses, and identity theft.

Happy Money upholds cutting-edge security procedures and has earned McAfee certification. To perform recurring safety evaluations and vulnerability assessments, they recruit top security professionals. The website uses 256-bit encryption to keep all of your sensitive financial information, including your Social Security and bank account numbers, in a secure setting.

The service has put in place security procedures through which you can recover access to your account. They can be used if you forget your password, in addition to high password strength requirements. Payoff never asks for your password as a way of identifying yourself over the phone or email, and neither do any of their employees nor accredited business partners.

Is Payoff Legit?

Happy Money, the parent company of Payoff, has earned an A+ rating from the Better Business Bureau and is an approved business. The BBB assesses a company’s trustworthiness by examining its responses to consumer complaints, the veracity of its advertising, and its openness regarding its business processes.

Five complaints were filed against Happy Money, the parent business of Payoff, with the Consumer Financial Protection Bureau in 2019. Two out of five requests received a response promptly. They were closed with reasonable justification.

A good BBB rating does not necessarily imply a positive experience with Payoff. That’s why please make sure you read customer reviews and question your friends and family about their interactions with the business.

There aren’t any current drastic controversies involving Payoff. You could feel confident picking Payoff as your personal loan lender, given its spotless background and excellent BBB rating.

Payoff Platform Supported

The primary goal of Happy Money, which is supported by the patented Happy Money Score and has a scientific basis, is to assist individuals with financing their happiness. The business has just discovered a way to make your desktop use a bit simpler.

They began by launching the smartphone application. The method you may now manage your debt with a tablet or a mobile device has become more practical.

You can check your account, pay your bills, celebrate accomplishments, and more on your iPhone with the help of the Happy Money mobile app. You can do this whenever and anywhere you need to. It doesn’t matter whether you use Android or iOS. It works well on both operational systems.

Use a face or fingerprint recognition to swiftly and securely log in. Additionally, you may configure push alerts to ensure that you never miss a thing. It’s the greatest method to manage your loan while on the go.

Customer Service at Payoff

The Member Experience Team at Payoff may be reached by phone from 6 a.m. to 6 p.m. PT on Monday through Friday. If you need to contact the service center on Saturday or Sunday, please mind that they are available from 6 a.m. to 3 p.m. PT.

If you have called Payoff outside these hours and couldn’t reach anybody, please leave your message and wait for further contact. Mail and online chat are other ways to reach Member Advocates.

The company offers a collection of online tools targeted at streamlining the application and debt payoff process, in addition to its Member Experience Team and Advocates. In spite of Payoff’s numerous help alternatives, some reviews complain about having trouble reaching the customer service team.

For Which Needs Payoff Fits the Best?

Borrowers with fair to good credit score who wish to pay off current credit card debt can use Happy Money. Happy Money is not a good alternative for customers who need to refinance significant purchases or otherwise cover unexpected costs.

The reason is that the company offers paycheck exclusively for credit card consolidation. If you need to finance your rent and utility or college education, you have to find an alternative lender. Nevada and Massachusetts citizens should go elsewhere if they consider Happy Money as an income source. The service is currently not working there.

Despite this, the site does include a variety of credit score improvement options. This makes it an excellent choice if your priority is short term strengthening your credit profile rather than obtaining a more flexible loan due to your credit score. Additionally, combining many credit card bills simplifies monthly payments and may lower total interest payments.

What are Apps Like Payoff?

The top personal loans include affordable rates, adjustable loan amounts, and a variety of terms. Here is the overview of how personal loans from Happy Money compare to similar alternatives.

Happy Money (Payoff) Sofi Lightstream Upgrade
Loan amounts $5,000 to $40,000 $5,000 to $100,000 $5,000 to $100,000 $1,000 to $35,000
APR range 5.99% to 24.99% 6.99% to 22.28% with autopay 3.99% to 19.99% with autopay 5.94% to 35.97%
Minimum credit score required 640 650 660 560

The minimum loan amount belongs to the same features of Happy Money and SoFi. However, SoFi provides loans up to $100,000, which is twice what is offered by Happy Money. Personal loans from LightStream are very adaptable.

Payoff loans, on the other hand, have a smaller range of applications. Upgrade provides a somewhat wider lending selection. While Happy Money and Upgrade have identical base APRs, Upgrade’s maximum APR is 10 points higher than Happy Money’s highest rate.

The Review Process

Everybody may get the finance they require for life’s tiny moments, emergencies, projects, or goals thanks to our personal loan evaluations. When we compose the review, we take into account the availability of mobile applications, online application options, reviews, complaints, fees, contact information, and even loan use cases.

With the help of this knowledge, you can pick the finest personal loans for your family, which will improve your financial condition and give you the confidence to have great dreams for the future.

We work hard to deliver research that is both accurate and useful. The review process is based on a number of data elements. We make big efforts to analyze a variety of things, including minimum credit scores, loan terms, pricing structures, and internet ratings.

To create a personal loan evaluation, we often rely on credible and accurate information and recent proof. This will enable you to identify the service provider’s strong points and weaknesses.

You are not only provided a summary that directs you to a reliable lender, but you can also discover what areas the business specializes in. Consequently, you will have the choice to select a lender based on your requirements and the circumstances.

Is Payoff Worth it?

Payoff provides credit card debt consolidation with a staff of proactive customer care representatives, cheap rates, and flexible payment options. Payoff is a loan service provider that was introduced in 2015. It is intended solely for use in paying off credit cards.

A marketplace that links borrowers and credit union lenders is run by Happy Money, a Parent business of Payoff. Personal loans are paid off entirely online. For borrowers, it results in a quick and easy process.

Payoff provides free credit checks every month, flexible payment plans, and the choice to pay creditors directly. Except for a one-time origination fee, Payoff does not charge any fees. Payoff provides APRs ranging from 5.99 to 24.99 percent, and a mild credit check might help you prequalify. Through a thorough approval procedure and continuing credit support, the platform can enable borrowers to raise their credit ratings.

To ensure the highest level of transparency and to help you understand the basis of our evaluations, we invite you to explore our detailed review methodology


Payoff does not function with Chime. This indicates that users of the Happy Money app are unable to connect their Chime bank account to the lending service at this time. Despite not working with Chime, users may still benefit from the multiple perks of the app.

The Payoff Loan is declared as an unsecured installment loan. The three major credit bureaus (Experian, Equifax, and Transunion) get a monthly report on your payment history or balances on your statement.

One Payoff Loan may only be held by a Happy Money Member at the given time. You would have to pay off the remaining loan sum and then submit an application for a new loan if you need the next deposit.

No, it doesn’t. Payoff makes it possible to qualify for the loan without any hard credit check.

When you apply online to get preapproved for a rate, your credit is softly pulled. Your score won’t be impacted by this procedure step. Payoff’s lending partners will conduct a hard pull after you decide to actually apply.

Scott Saunders is the Founder of Payoff loan services. Payoff, a division of Happy Money, Inc. that was established in 2009 in Costa Mesa, California. It collaborates with lending partners to offer credit card consolidation loans. Initially, it was a startup that has now grown to a larger scale.


Payoff, a division of Happy Money, Inc. collaborates with lending partners to offer credit card consolidation loans. There is no stated information on their website about the banks that the company is cooperating with.

Yes, if you manage to pay off the existing loan and meet all the requirements, you may apply for the next loan. The procedure remains the same as it was with your initial application.

After approval and verification, the funding procedure for Payoff normally takes three to six days. Don’t forget that the company imposes origination charges.

The process of approval includes the verification of your personal documents. This means that the procedure may last up to 6 days.

Happy Money deposits usually take place in three days. Sometimes it can happen a bit earlier. It depends on your exact case.

Different minimum and maximum amounts are offered by each lender. The Happy Money company allows the borrowers to get up to $40,000 in every loan application.

If you cease making payments on that debt, you’ll ultimately go into default. Penalties, fines, and interest charges will accumulate on your account, increasing the amount you owe. Additionally, your credit ratings will drop, and you may be sued.

They can be reached from Monday till Friday from 6 a.m. to 6 p.m. PT. On Saturday and Sunday, the working hours are 6 a.m. till 3 p.m. PT.