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Getting Approved

What it takes to get approved

Get a clear look at the factors we review and how approval works, so you know what to expect before you apply.

Check my rate

Checking your rate is free and won't affect your credit score.*

The Payoff Loan™

What the loan looks like

A fixed-rate personal loan built to consolidate high-interest debt into one predictable monthly payment.

$5,000–$50,000

Loan amounts

8.95%–35.99%‡

Fixed APR range

2-5 years

Terms: 24-60 months

2–12%†

Origination fee

Basic requirements to get started

Credit score

A FICO Score of 620 or higher.

Individual income

A steady source of income we can verify.

18 years or older

You're of legal age to sign a loan agreement in your state.

U.S. resident

You live in one of the states where we lend.

What we look at

Here's the factors we look at and what they mean.

Credit score

620 or higher

A summary of how you've managed credit over time. 620 is our minimum.

Current delinquencies

Ideally zero

Missed payments or payments you currently owe but haven't made. Resolving these first strengthens your application.

Debt-to-income ratio

Lower is better

How much of your monthly income goes toward debt. Lower means more room for a new payment.

Age of credit

Longer helps

How long you've been using credit, from your first account to your most recent.

On-time history

In good standing

Credit accounts in good standing, with payments made on time.

Utilization

Lower is better

The ratio between the credit available to you and the balances you're currently carrying on your credit cards. 30% or lower is ideal.

How approval works

Approval happens in five steps, from checking your rate to getting funded.

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Check your rate

Answer a few quick questions and see the offers you qualify for. It's a soft credit check, so it won't impact your credit score.

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Choose your offer

Pick the loan amount and term that fit your budget. Your rate is fixed, so your monthly payment never changes.

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Verify your info

We confirm your income and identity. For most people this happens automatically through secure payroll and bank connections. We'll only ask for a document if we need one.

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Sign your agreement

Review your final terms and sign your agreement, all online. The Payoff Loan™ is issued by one of our partner banks or credit unions.

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Get funded

We send your funds, either to your bank account or straight to your creditors, usually within a few business days.

Frequently Asked Questions

We look at your full credit picture, including your credit score (620 or higher), current delinquencies, debt-to-income ratio, age of credit, on-time payment history, and credit utilization. No single factor decides your eligibility and the rates and terms you can qualify for.

No. Checking your rate is a soft inquiry, so it won't impact your credit score. You'll only see a hard inquiry if you choose to move forward with a funding.

Typically proof of income (like recent pay stubs or bank statements) and a government-issued ID. Depending on your situation we may ask for a little more. We'll tell you exactly what's needed as you go.

Paying down existing balances, resolving any current delinquencies, and making on-time payments can all strengthen your application before you apply.

They can. Recent late payments may weigh on your application, but they're one of several factors we consider. Bringing accounts current prior to applying can help.

Want to learn more about The Payoff Loan™?

See how a fixed-rate personal loan from Happy Money can turn multiple high-interest balances into one payment you can plan around.

Learn more