Pros
- APRs as low as 7.99%
- Loans as high as $40,000
- No prepayment fees
- No late fees
- High BBB rating
- Fairly low credit score needed: 640
Cons
- For credit card debt consolidation only
- Not available without SSN
- No joint applications
- 0% - 5% origination fee
Happy Money Review Summary
Happy Money personal loans are best for people who want to consolidate credit card debt as Happy Money does not offer loans for any other purpose. Happy Money does offer very competitive terms for credit card debt consolidation, though, with APRs starting at 11.25% and loan amounts of up to $40,000.
Aside from the fact that they only offer loans for one purpose, Happy Money has one big downside. They may charge an origination fee to process the loan. This fee can be between 0% - 5%, and depends on things like your credit history and the loan amount.
One other important thing to note is that while Happy Money processes loans, they work with five different lenders to fund loans. But even though the funds come from one of these lenders, the loan shows up under the name “Happy Money” on your credit report, and you make payments to and communicate with Happy Money, Inc.
Happy Money Personal Loan Terms
 | |
| APRs | 11.25% - 24.5% |
| Loan Amount | $5,000 - $40,000 |
| Loan Terms | 24 - 60 months |
| Origination Fee | 0% - 5% |
| Prepayment Fee | $0 |
| Late Fee | $0 |
| Minimum Credit Score | Fair* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Refinance |
| Time to Receive Loan Money | 3 - 6 business days |
| Other Requirements |
|
According to multiple third-party sources | |
Happy Money Personal Loan Rates, Fees & Other Terms
Category Rating: 4
- Overall APR range: Happy Money offers fixed-rate personal loans with APRs ranging from 11.25% - 24.5%. This is one of the lowest starting APRs available. And the maximum, while higher than what some other lenders offer, is definitely not the most expensive around.
- How rates are determined: The precise rate you will get depends on multiple factors such as your credit score, loan amount, loan term, and state of residence.
- Fees: Happy Money personal loans come with an origination fee of 0% - 5% of the loan amount. This fee is subtracted from the amount you get at the beginning. The prepayment fee is $0 and the late fee is $0.
- Loan amounts & timelines: Happy Money loan amounts range from $5,000 - $40,000. Repayment terms of 24 - 60 months are available.
Happy Money Personal Loan Requirements & Application Info
Category Rating: 3.5/5
- Credit score: Happy Money personal loans require a minimum credit score of atleast 640, according to the company. Additionally, you must have at least three years of credit history to be considered for a Happy Money loan.
- Income: Happy Money does not have a specific income requirement, but they do require a debt-to-income ratio of 50% or less before taking out a loan.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen, permanent resident, or immigration visa holder.
- Residence: Happy Money personal loans are currently available in all states except for Massachusetts and Nevada.
- Identification: You can use either a Social Security number or a passport to apply.
- Checking account: You must have a valid checking account.
- Pre-qualification: Happy Money lets you pre-qualify for a personal loan online in order to estimate your approval odds and potential rates. This will not affect your credit score.
- Ways to apply: If you decide to apply, the only way to do so is online.
- No joint loans: Happy Money only allows individual applications; they do not accept joint borrowers or co-signers.
Happy Money Personal Loan Reviews & Transparency
Category Rating: 4/5
- Better Business Bureau: Happy Money, Inc.’s score is A+. They are BBB accredited and have been since 2015.
- Consumer Financial Protection Bureau: Happy Money has around 42 complaints against them in the CFPB’s archive. Some complaints include glitches when trying to pay and denial after receiving a preliminary offer.
- WalletHub: Happy Money has an average user rating of 3.7/5, though there is currently only a small number of reviews contributing to that rating.
- Transparency: Happy Money clearly discloses the rates, fees and other details of their personal loans. They also give potential customers an idea of what to expect since they offer pre-qualification. They are clear about what credit score they require and disclose the necessary debt-to-income ratio on top of that.
Happy Money is more transparent than most other personal loan providers when it comes to requirements, and they have a pristine reputation from the BBB, along with a lack of CFPB complaints. Those factors mean they score very well in this category.
Summary: Happy Money Personal Loans Scores by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 4/5 |
| Requirements & Application Info | 3.5/5 |
| Reviews & Transparency | 4/5 |
| OVERALL | 11.5/15 |
Happy Money Personal Loans vs. Popular Competitors
| Info | Happy Money | Best Egg | SoFi |
|---|---|---|---|
| Reviews | |||
| APRs | 11.25% - 24.5% | 8.99% - 35.99% | 8.99% - 25.81% |
| Loan Amounts | $5,000 - $40,000 | $2,000 - $50,000 | $5,000 - $100,000 |
| Loan Terms | 24 - 60 months | Up to 60 months | 24 - 84 months |
| Minimum Credit Score | Fair* | Fair* | Fair* |
Methodology
In order to provide the most accurate review of Happy Money, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Happy Money terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
