Axos vs. Happy Money: Which offers better personal loans?

Personal Loans

Happy, young and man and woman learning about online investment

2 min read Published January 29, 2024

Written by

Hanneh Bareham

Edited by

Hannah Smith

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

Axos Bank is an online lender with a wide range of products and financial services. With roughly 24 years in the business, Axos offers a personal loan with one of the lowest maximum APRs on the market. Happy Money is an online fintech company that is dedicated to debt consolidation. Offering one personal loan, called the Payoff Loan, borrowers can use the loan funds to consolidate existing high-interest credit card debt.

While both lenders offer competitive personal loans, they’re used for fairly different purposes. However, both require good credit and an established credit history for approval.

Axos vs. Happy Money at a glance

Both Axos and Happy Money offer competitive personal loan options. However, Axos has slightly stricter credit requirements for approval.

	Axos	Happy Money
Bankrate Score	4.6	4.5
Better for	Borrowing costs	Consolidating credit card debt
Loan amounts	$7,000-$50,000	$5,000-$40,000
APRs	11.79%-20.84%	11.72%-17.99
Loan term lengths	36-72 months	24-60 months
Fees	1%-2% of the loan amount (depending on your credit score)	Origination fee (amount varies by lender)
Minimum credit score	700	640
Time to funding	Within 2 days of accepting the loan	3-6 business days

Axos personal loans

4.5

Learn more in our Bankrate review

Pros

Prequalification option.

No prepayment penalty.

Fast funding.
Cons

Must have at least four years of credit history.

No physical locations.

Co-signers not accepted.
Axos Bank is a digital bank that has been around since 2000. The lender operates like most online lenders and offers a completely online experience. It provides unsecured personal loans that can be used for a wide range of expenses, including debt consolidation, home improvements or other approved costs.

While you can use an Axos personal loan for nearly every legal expense, it does prohibit using the funds for stock or security investments, cryptocurrency, post-secondary education or short-term real estate investments.

The lender also offers fast funding and a fast application process. If you have any questions throughout the process, you can reach the Axos customer service team Monday through Friday between 8 A.M. and 4:30 P.M. PST.

Happy Money personal loans

4.5

Learn more in our Bankrate review

Pros

Minimal fees.

Flexible payment terms.

Helpful money management tools.
Cons

Only available for debt consolidation.

Slow funding timeline.

Not available in all states.
Happy Money works with lending partners to connect customers with personal loans to pay off credit card debt. Its user-friendly mobile app and online member portal make the application and repayment process organized and easy to manage. Through the portal, members can see upcoming payments, track loan repayment progress and connect with the customer support team.

However, there are some downsides to consider. For example, a Payoff Loan may be more expensive than an Axos Bank personal loan. While both do charge an origination fee, Happy Money’s fee will differ based on your loan amount and lender.

Each lender has a different fee structure, so you won’t know what fees you’re on the hook for until you at least prequalify. Additionally, Happy Money’s loans aren’t offered in Massachusetts or Nevada.

How to choose between Axos and Happy Money

Both Axos and Happy Money offer convenient digital lending solutions for personal loans. The lending companies give customers personal loan options with minimal fees and flexible repayment options.

Axos is best for borrowers with established credit history

Axos has stricter credit requirements than Happy Money for its applicants. The lender requires at least four years of established credit history and a credit score of at least 700. Happy Money has a slightly lower credit score requirement of 640. With no option for a co-signer and a prequalification option, Axos is best for applicants with a strong credit history.

Happy Money is best for consolidating credit card debt

The Payoff Loan from Happy Money is built for consolidating credit card debt. When you apply for the loan, you can choose repayment options based on particular goals, such as the lowest monthly payment, best interest rate or quickest payoff timeline. As an added benefit, the loan is designed to help improve your credit score as you pay down your debt.

Compare lenders before applying

Both Happy Money and Axos offer online personal loan options for those with a good credit score and established credit history. However, those looking to consolidate high-interest credit card debt may want to consider Happy Money. Borrowers with great credit and a healthy, established history will likely benefit more from an Axos Bank loan.

Regardless of whether each lender is right for you, consider all of your options when shopping for the best personal loans. Compare loan details and prequalification offers from other online lenders, credit unions and national banks to get a well-rounded idea of what a competitive loan looks like for you.