Does Happy Money verify income for personal loan applications?

Yes, a Happy Money personal loan does affect your credit score, both when you submit the application and when you are paying the loan off. Checking your rate on Happy Money will not hurt your credit, but they run a hard inquiry before finalizing your loan application, which might decrease your credit score.... read full answer

How a Happy Money Personal Loan Affects Your Credit Score

Hard pull: When you apply for a Happy Money personal loan, Happy Money will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.

Increased debt level: Taking out a Happy Money personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.

Account diversity: One positive way that getting a Happy Money personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.

Payments: The biggest factor in how a Happy Money personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.

The bottom line is that while a Happy Money personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.

No, Happy Money does not allow cosigners on personal loans, unlike some personal loan providers. A cosigner is a second person who serves as a guarantor on the loan, and thus promises to pay the loan back if the primary applicant cannot.

Although Happy Money does not accept cosigners on personal loans, there are quite a few lenders out there that do. You can check out WalletHub's picks for the ... read full answerbest personal loans that allow cosigners to find some good offers.

You can also use WalletHub's free personal loan pre-qualification tool to see which loans you might be able to qualify for even without a cosigner.

Yes, Happy Money does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

Happy Money's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the ... read full answercredit score simulator on WalletHub.

It's worth noting that some people may be uncertain about whether Happy Money does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.

If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include Opploans, Integra Credit and NetCredit.