About Bankrate Score
Bankrate's take: Happy Money personal loans come with a low maximum APR — but they can only be used to consolidate credit card debt.
About Bankrate Score
Bankrate's take: Happy Money personal loans come with a low maximum APR — but they can only be used to consolidate credit card debt.
Bankrate users taking out personal loans from Happy Money have followed the below trends and stats:
Happy Money offers a specialized debt consolidation product called The Payoff Loan for borrowers with at least a 640 credit score that can be used to pay off credit card debt. The highest interest rate you’ll pay is 17.99 percent — much lower than the 36 percent cap at other debt consolidation lenders.
Happy Money is also a good pick if you prefer the added security of only dealing with the federally insured credit unions and community lenders it partners with for its loan offerings. Other personal loan lenders aren’t as transparent about the funding source for their loan products.
Happy Money also provides encouraging data about how their debt consolidation product has helped customers. A study of loans funded from March 2021 to August 2021 showed an average 40 point increase in the credit scores of Happy Money Members who paid off at least $5,000 worth of credit card debt.
A unique feature — and limitation — of Happy Money is that its loan product can only be used to consolidate credit card debt. While other lenders allow the funds to be used for any purpose, you must use the funds from a Happy Money loan to pay off credit card debt.
While this may seem limiting, it can also be a useful tool. Because the APR is capped at 17.99, you aren't likely to get a rate that is over your current credit card rate. And it will send funds straight to your creditors, which lightens the amount of work you have to do post funding to just making your loan payments on time.
Happy Money offers phone and email support from member advocates Monday through Friday from 6 a.m. to 6 p.m. PT and Saturday from 6. a.m. to 2:30 p.m. PT. The company is closed on Sundays.
General answers may be found by looking in the frequently asked questions section of the Happy Money website.
Happy Money offers an app for users to make monthly payments and set up reminders for future payments. Features of the app include fingerprint and face recognition. The app is only for members with a Payoff consolidation loan, and the average App Store user rating is low, but has less than 100 reviews as of Feb. 29, 2024.
Positive customer reviews about Happy Money across Trustpilot and Better Business Bureau consistently cite the speed of receiving their funds and the benefits of consolidating their credit card debt. Many reviewers express satisfaction with the rates and terms.
Negative reviews mainly were from users with financial hardships, or who appeared to have difficulty documenting their income to qualify. Happy Money posted responses to complaints with proactive messages to discuss the issue with the users.
Happy Money offers a lower rate cap of 17.99 percent compared to 35.99 percent at Achieve, which means your monthly payment will be significantly lower if your credit isn't in the best shape. With a max origination fee of 5 percent, Happy Money’s fees are also much lower than the 9.99 percent fee you’ll pay for a loan with Achieve.
Achieve is Bankrate’s 2024 awards winner for best debt consolidation loan, with 75 percent of Bankrate users using Achieve’s personal loans to consolidate debt. One major perk of Achieve personal loans is being allowed to add the income of a co-borrower to help you qualify. That’s something Happy Money doesn’t permit.
Happy Money is a better fit if you can’t meet the 700 minimum credit score required by Axos Bank — one of the highest minimum scores of the lenders we’ve reviewed. You’re also stuck with at least a 36-month term with Axos, while you can choose a shorter, 24-month term if you want to pay off debt more quickly at Happy Money.
Axos Bank may be your best bet if you need a lower payment since it offers terms as long as 72 months, compared to Happy Money’s 60-month max. Axos Bank also tops Happy Money when it comes to rates and fees. It offers rates as low as 9.29 percent compared to Happy Money’s double-digit minimum APRs. Axos Bank’s fees cap out at 2 percent, much less than the 5 percent you could pay for a Happy Money loan.
You’ll need to meet the same basic requirements as any other lender, including proof you’re at least 18 years old, and have a valid Social Security number and checking account. To qualify for a Happy Money personal loan, you’ll also need the following:
Overall score | 4.6 | Explanation |
---|---|---|
Availability | 4.5 | 640 minimum score and 3- to 6-day funding timeline. |
Affordability | 4.3 | 17.99 percent maximum rate and 5 percent maximum origination fee. |
Customer experience | 4.7 | Support is available 6 days a week and an app is available to manage the loan. |
Transparency | 5.0 | All fees clearly disclosed with qualifying guidelines and rate and loan amount ranges. |
57
years in business
30
lenders reviewed
20
loan features weighed
665
data points collected
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.