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A Happy Money Payoff Loan personal loan is a great option for those with good credit scores who are eligible for the lender's lowest APR. However, borrowers can only use the funds to consolidate credit card debt.
Details
Regular Annual Percentage Rate (APR)
11.52% - 24.81% APR
Loan Amount Range
$5,000 to $40,000
Minimum Credit Score
640
Editor's Rating
3.5/5
3.5 out of
5 Stars
Pros & Cons
Pros
Competitive interest rates
No prepayment or late fees
Low minimum credit score requirement
Cons
Origination fees
Slow access to funds
Limited loan purpose
Not available in all states
Highlights
More Information
Loan amounts range from $5,000 to $40,000
Loan term lengths range between 2 to 5 years
Origination fee anywhere between 0% and 5%
Won't be able to get a loan from Happy Money if you live in Maine, Massachusetts, Nebraska, or Nevada
Happy Money is a good loan company for borrowers who have multiple credit card balances and want to combine them into a single account with a fixed monthly payment. You may also be able to net a lower rate on your debt, reducing the overall amount you'll pay.
However, you won't receive your money as quickly with the company as you would with other lenders, as it takes at least two business days to get your loan funded. The lender will also charge an origination fee of as much as 5%, depending on your loan's terms. You won't pay any prepayment or late fees with Happy Money, though.
Availability: Unavailable in Maine, Massachusetts, Nebraska, or Nevada
Happy Money Personal Loans Pros & Cons
How to Apply for a Happy Money Personal Loan
1. Prequalify for a loan on Happy Money's website. Submit an online form to find out your interest rate and terms. The company will ask you for your requested loan amount and purpose, you'll need to input your basic contact information and income. The company will run a soft credit check, which won't impact your credit score.
2. Review different loan offers and pick one. The company will present you with multiple loan offers with different rates and term lengths. Change the loan amount to see different offers. Choose one you can afford to make monthly payments on. Once, you submit your application, the company will perform a hard credit check, which may negatively impact your score.
3. Make a plan to repay your loan. Once you receive your money, figure out how to work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
A Happy Money Payoff Loan personal loan is a great option for those with good credit scores who are eligible for the lender's lowest APR. However, borrowers can only use the funds to consolidate credit card debt.
Details
Regular Annual Percentage Rate (APR)
11.52% - 24.81% APR
Loan Amount Range
$5,000 to $40,000
Minimum Credit Score
640
Editor's Rating
3.5/5
3.5 out of
5 Stars
Pros & Cons
Pros
Competitive interest rates
No prepayment or late fees
Low minimum credit score requirement
Cons
Origination fees
Slow access to funds
Limited loan purpose
Not available in all states
Highlights
More Information
Loan amounts range from $5,000 to $40,000
Loan term lengths range between 2 to 5 years
Origination fee anywhere between 0% and 5%
Won't be able to get a loan from Happy Money if you live in Maine, Massachusetts, Nebraska, or Nevada
Happy Money is a Better Business Bureau-accredited company, and the BBB gives it an A+ rating. The BBB evaluates trustworthiness by looking over business' replies to customer complaints, truthfulness in advertising, and transparency about business practices.
Does applying for a Happy Money loan hurt your credit score?
When you initially check your rates with Happy Money, your credit score won't be affected. After you finalize your loan, the company will run a hard credit inquiry, which allows it to get a comprehensive view of your credit history but may ding your score.
What credit score is needed for Happy Money?
The minimum credit score for a loan from Happy Money loan is 640, so depending on your financial situation, you may not be eligible for a loan from the lender. Happy Money's minimum credit score is similar to many other personal loan lenders, so it isn't significantly harder to get a loan with it than with another company.
What's the max loan Happy Money offers?
Happy Money makes personal loans of as much as $40,000. However, you may not qualify to borrow that much, depending on your credit score, income, and factors.
Does Happy Money do a hard credit pull?
You can prequalify for a Happy Money loan to find out what rates and terms you might get with no impact on your credit score. If you complete a full application for a loan, Happy Money will do a hard credit pull, which is likely to result in a temporary drop in your credit score.
Can a Happy Money loan be paid off early?
Yes, you can make early payments on your Happy Money loan without paying any additional fees.
Happy Money Competitors
Happy Money vs. SoFi
Happy Money has a lower credit score requirement than SoFi Personal Loan, but if your credit isn't in the best of shape, the company may charge you a higher maximum APR. If you have excellent credit, you may be able to get a slightly lower APR with Happy Money than SoFi, but the difference is marginal.
You'll pay an of your total loan amount with Happy Money, while you aren't required to pay any origination fee with SoFi. The Happy Money origination fee will be deducted from your overall loan proceeds.
Happy Money vs. Reach Financial
Both Reach Financial Personal Loan and Happy Money are for borrowers who are looking to consolidate their debt. Only SoFi allows borrowers to get a loan for any other purpose.
How We Rated Happy Money
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)
Fees (20% of rating)
Term lengths and loan amounts (15% of rating)
Funding speed (15% of rating)
Borrower accessibility (15% of rating)
Customer support (7.5% of rating)
Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
A Happy Money Payoff Loan personal loan is a great option for those with good credit scores who are eligible for the lender's lowest APR. However, borrowers can only use the funds to consolidate credit card debt.
Details
Regular Annual Percentage Rate (APR)
11.52% - 24.81% APR
Loan Amount Range
$5,000 to $40,000
Minimum Credit Score
640
Editor's Rating
3.5/5
3.5 out of
5 Stars
Pros & Cons
Pros
Competitive interest rates
No prepayment or late fees
Low minimum credit score requirement
Cons
Origination fees
Slow access to funds
Limited loan purpose
Not available in all states
Highlights
More Information
Loan amounts range from $5,000 to $40,000
Loan term lengths range between 2 to 5 years
Origination fee anywhere between 0% and 5%
Won't be able to get a loan from Happy Money if you live in Maine, Massachusetts, Nebraska, or Nevada
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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