Happy Money
Tap a star to rate
Happy Money belongs in a different bucket from the snowball and avalanche apps in this category. Rather than helping you plan how to pay down several credit cards over time, it lends you the money to pay them all off at once, a personal loan, ranging from $5,000 to $50,000, used specifically to consolidate high-interest credit card debt into a single fixed payment. The company, formerly known as Payoff, has been making this kind of loan since 2009 and has funded more than $5.2 billion of it.
Approval requires a FICO score of at least 640, and rates run roughly 7.95% to 29.99% APR over terms of two to five years depending on credit profile and loan amount, so the actual savings versus carrying the original cards depends heavily on what rate you qualify for. This is a fit for someone with real credit card debt at a high rate and decent enough credit to land a meaningfully lower fixed rate by consolidating, not for someone earlier in the process who just wants a free tool to plan a snowball or avalanche payoff on debt they can manage without taking out a new loan.