Is Happy Money a secured loan provider? This question is about Happy Money

Is Happy Money a secured loan provider?

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This question is about Happy Money

Gino Rodriguez, Writer

@gino_rodriguez • 02/24/23 This answer was first published on 02/24/23 and it was last updated on 02/24/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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No, Happy Money does not offer secured loans. Happy Money only offers unsecured loans, which do not require you to put something up as collateral, such as a car, home or money in a savings account. Since unsecured loans are riskier for Happy Money, rates tend to be higher compared to secured loans.

The upside to an unsecured loan is that you don’t run the risk of losing an asset if you fail to make the payments. However, Happy Money reports payment information to the major credit bureaus every month, so if you fail to pay the bills on time, it can damage your credit score.

For more information, visit WalletHub’s Happy Money personal loan review page.

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Does Happy Money verify income for personal loan applications?

Happy Money does verify income for personal loan applicants to confirm that people can repay what they borrow, but it does not disclose a minimum income requirement. You also have to meet other Happy Money requirements to be considered, such as being at least 18 years old and being a U.S. citizen, permanent resident, or long-term visa holder living in the U.S. You have a good chance of getting approved if you meet all of these...

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Is it difficult to get a Happy Money personal loan?

It is not very difficult to get a personal loan from Happy Money because they offer personal loans for people with credit scores as low as 640. Other Happy Money personal loan requirements include being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.

Happy Money Personal Loan Requirements

Minimum Credit Score: 640 credit score
Minimum Income: Not disclosed, but require a debt-to-income ratio...

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Does Happy Money do a hard inquiry?

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...

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