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Happy Money Personal Loan Review in 2025
Happy Money personal loans may be a good choice for people with fair and good credit who are looking for a smart way to reduce their interest rate on current debts. The company only offers loan options for consolidating debt. So, if you have other plans for the personal loan, unfortunately, it isn’t suitable for you. Let’s take a look at what the company can offer.
Happy Money Loan Features
Pros
- Low maximum annual percentage rates;
- Monthly payments to lenders;
- Free checking of credit score;
- Partnership with all three credit bureaus.
Cons
- Funding in 3 to 6 days;
- Potential origination fee;
- Co-borrowers and co-signer options not available;
- No discounts on interest rates.
All You Should Know about Happy Money Personal Loans
Happy Money provides personal loans to help borrowers consolidate high-interest credit card debts. They are available to applicants with credit scores of 640 and above. Here is what you need to know about Happy Money:
- Low maximum APR: Unlike some companies that have annual percentage rates (APRs) of up to 36%, Happy Money maintains a lower ceiling with a maximum APR of 17.48%.
- Direct payment to creditors: To smooth the debt repayment process, Happy Money can transfer the loan amount directly to creditors. Alternatively, they can deposit the sum into your bank account.
- Complimentary monthly credit score updates: As an add-on, Happy Money users receive free monthly updates on their FICO score to help them monitor their credit.
- Restricted loan usage: Unlike many lenders who allow you to use the funds for any personal needs, Happy Money only offers loans for credit card debt consolidation.
- Origination fees: Customers are subject to an origination fee ranging from 1.50% – 6.25%. This one-time administrative fee is deducted from your loan at the time of disbursement.
- Joint loans are not allowed: Happy Money doesn’t allow you to add a co-signer to your application. You’ll need at least fair credit to get a loan.
- Flexible loan amounts and repayment options: You can borrow between $5,000 and $40,000 and choose a convenient repayment period from 24 to 60 months to cover your debt.
- Loans are not offered in IA, MA, and NV: The company doesn’t provide loans in Iowa, Massachusetts, and Nevada, because of lending restrictions.
Happy Money Personal Loan Requirements
To qualify for debt consolidation loans from Happy Money, you must meet the following eligibility criteria:
Additionally, the company may pay attention to your debt-to-income ratio, credit utilization, and length of credit.
How to Apply for a Happy Money Personal Loan?
Follow these steps to apply for Happy Money and consolidate your credit card debt:
- Go to Happy Money’s website for pre-qualification. Choose the amount you need and provide some basic personal and financial information. At this stage, they don’t perform any hard credit pull.
- Look at the loan offer. Check out whether the potential terms suit you, and complete the final application by providing supporting documents.
- Wait for approval. The company will perform a hard credit check before making a final decision. The approval process typically takes about a few hours.
- Get the funds. If approved, read and sign the loan agreement to receive the money. You may either ask for a direct deposit to creditors or receive the money in your bank account within 3 to 6 days. Still, you will be asked to provide proof of paying off your debts.
- Make your loan payments. Happy Money reports all the procedures to major credit bureaus: Equifax, Experian, TransUnion. If you pay on time, your score goes up. Automatic payments and budget checks can help keep you stay on track.
Happy Money Personal Loans vs. Other Companies
Before getting a payoff loan to consolidate credit card debt, compare Happy Money with other lenders:
| Happy Money | SoFi | Net Credit | Upgrade | |
|---|---|---|---|---|
| Our Rating | 4.5 | 4.5 | 4.0 | 4.5 |
| APRs | 8.95% – 17.48% | 8.99% – 29.49% | 34.00% – 99.99% | 9.99% – 35.99% |
| Fees | Origination feed of 1.5% to 6.25% | Optional 6% fees | Origination feed of 1% to 5%Cash advance fees of up to 10% | Origination fees of 1.85% to 9.99%Late and NSF fees of $10 |
| Minimum Credit Score | 640 | Not Specified | None | Not Specified |
| Loan Amounts | $5,000 – $40,000 | $5,000 – $100,000 | $1,000 – $10,000 | $1,000 – $50,000 |
| Repayment Terms | 24 to 84 months | 24 to 84 months | 6 to 60 months | 24 to 84 months |
| Funding Times | 3 to 6 business days | 1 business day | Next business day | One business day after clearing verification |
| Who It Suits for? | Fair or good credit borrowers who want to make a debt consolidation on favorable terms | Applicants with good to excellent scores who want to consolidate debt, make major purchases, or cover their long-term needs | Borrowers with bad credit in need of fast cash | Fair-credit borrowers who need the money quickly |
Methodology
BadCredify uses a specific process to rate personal loan companies. It considered 23 different factors in three areas:
- Accessibility. We examined whether lenders offer loans to borrowers with lower credit scores. We also checked if they perform hard or soft credit checks and look at factors beyond the credit score.
- Rates and terms: We checked if the lender’s rates, terms, loan amounts, and fees were clear and competitive.
- Borrowing experience: We evaluate lenders’ reputations, customer service availability, and other unique advantages they offer by reviewing customer reviews and contacting company’s representatives.
We use the information lenders provide and undergo their prequalification processes to ensure they are clear and safe. Based on the factors mentioned, we rate the company from 1 to 5.At BadCredify, we don’t get paid for reviewing personal loan lenders and don’t make any changes at the company’s request. Our reviews and ratings aim to give users fair and unbiased information about the service to help them make informed decisions.
Frequently Asked Questions
Is Happy Money a reputable company?
Happy Money is a trusted lender for debt consolidation loans with an A+ rating at Better Business Bureau.
When will I receive my personal loan from Happy Money?
Happy Money personal loans are usually deposited in three to six business days.
What income should I have to qualify for a Happy Money personal loan?
Happy Money does not set minimum income requirements. Still, your income should be high enough to cover your loan payments, The service may also look at your DTI.
How to contact Happy Money?
There are several ways to contact Happy Money. Dial 800-878-0901 to talk directly with a company’s representative or use an online live chat. The service runs from 6 AM to 6 PM, Monday to Friday, and 6 AM to 2:30 PM on Saturdays.
Where does Happy Money operate?
Happy Money operates across the US, except for Iowa, Massachusetts, and Nevada.
Does applying with Happy Money affect your credit score?
If you prequalify to check your potential loan terms, Happy Money only runs a soft credit check that doesn’t affect your credit score. If you decide to move forward and complete the final application, it will affect your credit score by a few points due to a hard credit check performed.
