Pros Explained

• Can pay creditors directly: Unlike some lenders that only disburse loans straight to your bank account, Happy Money can save you time by paying your creditors directly.
• Charges no late fees or prepayment penalties: Borrowers won’t pay any late fees or prepayment penalties with a personal loan from Happy Money.
• Pre-qualification available: You can pre-qualify to get a sense of rates and loan amounts without impacting your credit. Although this is fairly common, some lenders don’t offer this option.

Cons Explained

• Origination fees may apply: Origination fees with Happy Money range from 0% to 5%, which is something to be aware of if you apply. Borrowers with poor credit tend to get higher origination fees.
• No joint applicants or co-signers permitted: Those seeking loans that allow co-borrowers or co-signers will need to look elsewhere, as Happy Money doesn’t offer these options.
• No autopay discount available: While some competitors offer a discounted APR for setting up autopay, Happy Money does not.

Types of Personal Loans Offered by Happy Money

Many personal loan lenders let you use loan funds for several purposes. But Happy Money specializes in unsecured personal loans for debt consolidation.

A debt consolidation loan can be useful if managing multiple credit card payments has become challenging. Personal loans from Happy Money offer terms of two to five years and fairly competitive APRs, ranging from 11.72% to 17.99%. While its maximum APR is slightly higher than other lenders, the minimum APR aligns with many competitor offerings.

Time to Receive Funds

The timeframe for getting approved for a Happy Money loan can vary. The company indicates its team may reach out for additional documentation within seven business days of your application submission.

Once your loan is approved, Happy Money can disburse funds to your bank account in as few as two business days. But, disbursement may take longer if you opt to pay your creditors directly.

Borrower Requirements

Borrowers seeking a Happy Money personal loan will need a credit score of 660 or above, at least three years of credit history, and no current delinquent payments. The company will also consider your debt-to-income (DTI) ratio, the amount of available credit you’re using, the age of your credit history, and other factors as part of the loan decision process.

Happy Money Personal Loan Features

Apart from the options to pay creditors directly and to pre-qualify for a loan, Happy Money offers some other features that may appeal to potential borrowers.

• Ability to change payment due date: Borrowers may have the option to change their payment due date every 12 months.
• Online portal access: Happy Money provides access to an online portal that allows you to track payments and view your progress. 
• Natural disaster support and potential hardship compromises: If you're impacted by a natural disaster, you could potentially qualify for hardship assistance through Happy Money. Additionally, if you're having difficulty making your payment, they encourage you to reach out and discuss adjusting your repayment options.

Co-Signers and Co-Applicants

Happy Money does not offer the option to apply for a loan with a co-borrower or co-signer. If you’re interested in getting a loan with a joint applicant or co-signer, you’ll want to consider other lenders. Start by browsing our selections for the best personal loans with a co-signer.

Refinancing a Personal Loan With Happy Money

You cannot refinance an existing Happy Money personal loan with a new Happy Money loan. Borrowers interested in refinancing their existing loan to get a lower interest rate would need to do so with another lender.

Customer Service

Borrowers seeking support with their loans can reach customer service in a few different ways.

Medium	Contact	When
Telephone	(800) 878-0901	M-F: 6:00 a.m. to 6:00 p.m. PT Sat.: 6:00 a.m.–2:30 p.m. PT
Email	success@happymoney.com	24/7

Customer Satisfaction

Happy Money customers have positive things to say overall on third-party review sites. Satisfied customers mention positive experiences with the lending process and the customer service team.

But there is some criticism of the company. Some reviewers mentioned high interest rates, costly origination fees, and issues paying more than the minimum monthly payments via the online portal.

How to Qualify for and Apply for a Happy Money Personal Loan

1. Get pre-qualified: Find out the rates and terms you qualify for, without impacting your credit score. To pre-qualify, simply click the “Check My Rate” button on the upper-right corner of the Happy Money homepage.
2. Review your offers: Happy money will present you with several term and rate options/
3. Complete an application: You won’t undergo a hard credit check as part of the pre-qualification process, but you will once you formally apply for a loan. At this stage, Happy Money will request some basic personal information when you apply, and you may need to provide proof of income, identity verification, and recent bank statements.

Alternative Personal Loan Lenders

	Happy Money	Achieve
APR Range	11.72%–17.99%	8.99%–29.99%	8.49%–35.99%
Loan Amounts	$5,000–$40,000	$5,000–$50,000	$1,000–$50,000
Loan Terms	24–60 months	24–60 months	24–84 months
Recommended Minimum Credit Score	660	620	620
Origination Fee	Up to 5.00%	Up to 6.99%	Up to 9.99%
Time to Receive Funds	2 days	1 day	1 day

The Bottom Line

Borrowers interested in debt consolidation loans might find what they’re looking for with Happy Money. This fintech company offers loans up to $40,000 with fairly competitive rates, and fair-credit borrowers may be eligible. Borrower requirements are clearly stated on the Happy Money website, and customer feedback is mostly positive. Overall, a loan from Happy Money is worth considering if your goal is to repay your credit cards and consolidate payments.

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

The minimum credit score for Happy Money is 660. This means you would need at least fair to good credit to qualify for one of the company's personal loans.

How Long Does It Take To Get Money From Happy Money?

Approval time varies, depending on whether additional documentation is necessary. However, funds typically appear within three to six business days once approved.

Does Happy Money Do a Hard Pull?

For the pre-approval process, Happy Money doesn't do a hard credit inquiry. However, once you start the official application, you will be subject to a hard credit check.

Does Happy Money Charge a Fee?

Happy Money charges a 0% to 5% origination fee. The company does not charge any late fees or prepayment penalties.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.