Axos vs. Happy Money: Which offers better personal loans?
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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
-
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.
Happy Money personal loans
-
Pros
- Minimal fees.
- Flexible payment terms.
- Helpful money management tools.
Cons
- Only available for debt consolidation.
- Slow funding timeline.
- Not available in all states.
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.
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