Pros
- APRs as low as 7.95%
- Loans as high as $40,000
- No prepayment fees
- High BBB rating
- Fairly low credit score needed: 640
Cons
- For credit card debt consolidation only
- Not available without SSN
- No joint applications
- 0.25% - 10% origination fee
- $25 - $35 late 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 7.95% and loan amounts of up to $50,000.
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 0.25% - 10%, 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.
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2025's Personal Loan Offers
Happy Money Personal Loan Terms
 | |
| APRs | 7.95% - 29.99% |
| Loan Amount | $5,000 - $50,000 |
| Loan Terms | 24 - 60 months |
| Origination Fee | 0.25% - 10% |
| Prepayment Fee | $0 |
| Late Fee | $25 - $35 |
| 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: 88% (4.4 out of 5)
- Overall APR range: Happy Money offers fixed-rate personal loans with APRs ranging from 7.95% - 29.99%. 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 0.25% - 10% of the loan amount. This fee is subtracted from the amount you get at the beginning.
- Loan amounts & timelines: Happy Money loan amounts range from $5,000 - $50,000. Repayment terms of 24 - 60 months are available.
Happy Money Personal Loan Requirements & Application Info
Category Rating: 70% (3.5 out of 5)
- Credit score: Happy Money personal loans require a minimum credit score of at least 640, according to the company. Additionally, you must have at least three years of credit history to be considered for a Happy Money loan.
- Citizenship: You must be a U.S. citizen, permanent resident, or immigration visa holder.
- Identification: You can use either a Social Security number or a passport to apply.
- 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: 80% (4 out of 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 49 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 3.8/5, 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 | 4.4/5 |
| Requirements & Application Info | 3.5/5 |
| Reviews & Transparency | 4/5 |
| OVERALL | 11.9/15 |
Other Key Things to Know
- Age: You must be at least 18 years old.
- Bank Verification: You must have a valid checking account.
- Minimum Income: Happy Money does not have a specific income requirement.
- Late Fee: Happy Money charges a late fee of $25 - $35 (depending on the credit union funding the loan).
- Prepayment Fee: Happy Money charges $0 prepayment fee.
- Residence: Happy Money personal loans are currently available in all states except for Iowa, Massachusetts and Nevada.
Happy Money Personal Loans vs. Popular Competitors
| Info | Happy Money | Best Egg | SoFi® |
|---|---|---|---|
| Reviews | |||
| APRs | 7.95% - 29.99% | 6.99% - 35.99% | 8.99% - 35.49% Fixed APR with all discounts |
| Loan Amounts | $5,000 - $50,000 | $2,000 - $50,000 | $5,000 - $100,000 |
| Loan Terms | 24 - 60 months | 36 - 60 months | 24 - 84 months |
| Minimum Credit Score | Fair* | Fair* | Fair* |
According to multiple third-party sources
**SoFi Personal Loan Disclosure
Fixed rates from 8.99% APR to 35.49% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.
SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 04/24/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Direct Pay: Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 04/24/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Direct Pay: Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.
To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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.
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