Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.

Happy Money Personal Loans 2024 Review

Stephanie Colestock

Stephanie is a freelance writer and contributor with over a decade of experience in the personal finance field. While she covers a variety of topics, her expertise centers around loans, insurance, real estate, travel and retirement. Her work can be found on sites like Newsweek, TIME, MSN, Market Watch and USA Today, to name a few. She graduated from Baylor University and currently splits her time between Texas and the DC area.

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Reviewed By

Robert Thorpe

Robert Thorpe

Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking. Prior to Newsweek, he worked at Bankrate as the lead editor for small business loans and as a credit cards writer and editor. He has also written and edited for CreditCards.com, The Points Guy and The Motley Fool Ascent.

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Our Methodology

Newsweek Vault’s loan experts evaluated multiple data points to help our readers make sense of their borrowing options across student loans and personal loans. To narrow down the best available offers, we weigh the product pros and cons across five core categories, including:

Application process
Eligibility requirements
Interest rates
Loan amounts (minimum and maximum)
Repayment flexibility

Happy Money Personal Loans

Check Rates

on Credible’s website

Unsecured loans to help borrowers pay off existing debt, such as credit cards, with up to $40,000 in available funding.

Minimum Credit Score

640

APR Range

11.72% to 17.99%

Loan Amounts

$3,000 – $40,000

Term Length

2 – 5 years

Expert take

Loans from Happy Money partner lenders are designed for borrowers who have outstanding debt and a 640 credit score and want to consolidate balances to save money on interest. These loans can only be used for debt consolidation purposes, unlike other personal loans, which have less restrictions.

Pros

Apply online with no impact to your credit score
No late fees
Borrow up to $40,000

Cons

Loans can only be used for debt consolidation
No co-signed or joint loans available
Funding can take up to seven business days

Vault’s Viewpoint On Happy Money Personal Loans

Happy Money offers the Payoff Loan, a fixed-rate, unsecured personal loan to borrowers in 48 states as well as the District of Columbia. While other personal loans can be used for many different purposes, Happy Money lenders only offer loans for debt payoff purposes, disbursing funds directly to credit card issuers and potentially other debtors.

Because Happy Money has a network of lenders, you may have a better chance at finding a low interest rate loan with competitive terms. Origination fees can vary by loan amount and the repayment term chosen, though late fees are not charged. Funding may also take longer than with some other lenders.

About Happy Money Personal Loans

Happy Money loans are available in amounts ranging from $3,000 to $40,000 with repayment terms from two to five years. The maximum interest rate is competitive with many other lenders. But starting interest rates are a bit higher than with some other competitor lenders and origination fees are charged on issued loans. Plus, Happy Money requires a minimum credit score of 640 to qualify, so this isn’t the best loan for borrowers with bad credit or no credit.

Loan amount	$3,000 to $40,000
Fees	Origination fee: 1.5% to 5.5%
Minimum credit score	640
Repayment schedule	2 to 5 years
Funding speed	Three to seven business days
APR	11.72% to 17.99%
Loan availability	48 states and Washington, D.C.

*Excluding Massachusetts and Nevada

Who Should Get a Personal Loan With Happy Money?

A Happy Money personal loan may be a great option if you are looking to reduce your high-interest charges on existing credit cards. If you meet Happy Money’s eligibility requirements, like having a 640 credit score or higher, you may be able to lock in a competitive interest rate and get your debt repaid quickly and hassle-free.

Who Should Consider an Alternative Personal Loan to Happy Money?

Happy Money loans can only be used for debt consolidation purposes. So you’ll need to find an alternative personal loan if your goal is to use the funds for other reasons, such as emergency expenses, large purchases, home renovation projects or other big costs. You may also want to find another personal loan lender if you’re hoping to avoid origination fees or need a loan in one of the states that Happy Money currently doesn’t service.

Additionally, if you’re hoping to take out a personal loan with a co-signer or have a credit score below 640, you’ll need to keep looking for an alternative lender.

Getting a Personal Loan Through Happy Money

If you think that a Happy Money personal loan is right for you, here’s what to expect from the application and approval process.

How to Qualify for a Personal Loan With Happy Money

There are a few specific eligibility requirements you’ll need to meet in order to qualify for a personal loan from Happy Money. These include:

Being 18 or older
Having a credit score of 640 or higher
Being a U.S. citizen
Having no current delinquencies on your credit
Meeting certain credit utilization, debt-to-income ratio (DTI) and payment history limits (Your specific credit history and personal factors will determine the interest rate, loan amount, and repayment terms that you are offered.)

How to Apply for a Personal Loan With Happy Money

Applying for a debt consolidation personal loan from Happy Money is easy and quick, and can be completed in about two minutes online. You’ll be provided with a pre-qualified interest rate with no impact to your credit score, after which you can decide to proceed with the loan if you want.

The process involves providing Happy Money with your:

Name
Date of birth
Mailing address
Phone number
Annual income
Monthly housing payment
Email address

After submitting this information, a soft credit pull will be initiated and, if eligible, Happy Money will provide you with loan offers from partner lenders.

How Do Happy Money Personal Loans Stack Up to Competitors?

Happy Money loans are competitive options for borrowers looking to consolidate existing debt, but there are some limitations. Let’s see how the lender network stacks up next to other competitors.

Happy Money vs. SoFi

Both Happy Money and SoFi allow you to pay off existing debt with a personal loan. But this is where the similarities end.

SoFi loans max out at $100,000 while Happy Money only allows for up to $40,000. SoFi doesn’t charge any fees, but Happy Money charges an origination fee based on the loan and terms you choose. Depending on where you’re located, you also might not be able to take out a Happy Money loan, as they aren’t available in all states.

SoFi personal loans can be used for nearly any purpose, including making a large purchase, covering emergency expenses, or even planning a family vacation. Happy Money personal loans are only offered for debt consolidation purposes.

Happy Money vs. Best Egg

Another potential lender to consider is Best Egg. Like Happy Money, this lender has an easy online application and rate check process. Both lenders charge an origination fee when the loan is disbursed, and both have similar loan limits: Best Egg offers between $2,000 and $50,000; Happy Money ranges from $3,000 to $40,000.

If you’re looking for a fast perso n al loan, Best Egg comes out ahead here with funding in as little as 24 hours, compared to Happy Money’s three to seven business days. Both have similar credit score requirements, as well, with Best Egg recommending between 620 and 700; Happy Money requires a score of 640 or higher.

Happy Money vs. Upstart

If you’re looking for a personal loan for bad credit, Upstart may be the answer. Borrowers with a credit score as low as 300 may qualify for an Upstart personal loan. Loan amounts range from $1,000 to $50,000, which is more flexible than Happy Money. And Upstart loans are fast: the lender states 99 percent of loan funds are sent just one business day after signing the loan agreement. And loans can be used for just about anything.

There are a few areas where Happy Money may be a better fit. Maximum interest rates for Upstart are far higher, currently at 35.99%. And repayment terms are less flexible. Upstart only offers three or five-year terms. Upstart also has a minimum income requirement of at least $12,000 annually. While this is low, Happy Money doesn’t have a specific income requirement.

Frequently Asked Questions

What Credit Score Do You Need To Get A Happy Money Loan?

In order to get approved for a Happy Money personal loan, you’ll need a credit score of at least 640.

What Can a Happy Money Personal Loan Be Used For?

At this time, Happy Money personal loans can be used to consolidate and pay off credit card debt. The lender also states it may help with unsecured installment loans as well. You can’t use a Happy Money loan for other types of situations like emergency expenses, unexpected bills, large purchases or renovations.

Where Are Happy Money Personal Loans Available?

Happy Money currently offers personal loans throughout 48 states as well as Washington, D.C. Loans are not available in Massachusetts or Nevada.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.

Stephanie Colestock

Banking Expert

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