Happy Money

Yes, Happy Money personal loans are legitimate because Happy Money is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Happy Money personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau. The company also is accredited with the Bureau.

Why Happy Money Personal Loans Are Legit

• Happy Money is registered as a business in the states it services.
• Happy Money has a Better Business Bureau rating of A+.
• Happy Money has an average user rating of 4/5 on WalletHub.
• Happy Money personal loans have a rating of 3.9/5 from WalletHub's editors.
• Happy Money has a secure website, which you can tell by the fact that the URL has "https" in front of it.

While Happy Money personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of Happy Money personal loans against your other options before submitting an application.

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 credit 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.

Happy Money has a 0% - 5% origination fee and a $0 late payment fee associated with its personal loans, but does not have a prepayment fee. In addition to this fee, Happy Money has a minimum APR of 11.25%, which is lower compared to the typical minimum APR for a personal loan. For your convenience, you can see Happy Money's personal loan fees and other key terms below.

Happy Money Personal Loan Fees and Other Terms

• Origination Fee: 0% - 5%
• Late Payment Fee: $0
• Prepayment Fee: $0
• APRs: 11.25% - 24.5%
• Loan Amounts: $5,000 - $40,000
• Repayment Periods: 24 - 60 months
• Credit Score Requirement: 640
• Funding Timeline: 5 - 13 business days

Before applying for any personal loan, it's a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub's free pre-qualification tool.

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 requirements.

Happy Money Personal Loan Requirements

• Be at least 18 years old
• Be a U.S. citizen, permanent resident, or long-term visa holder living in the U.S.
• Have a Social Security number or passport
• Have a credit score of 640 or higher
• Must have at least 3 years of credit history

If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.

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.

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.