Overall, Old National Bank offers more competitive terms and a quicker application process for its personal loans. But it only works within a limited number of states. For those outside of this region — and those looking for simple online credit card debt consolidation — Happy Money may be a better choice.

Old National Bank vs. Happy Money at a glance

Happy Money offers significantly larger loans than Old National Bank, but its starting APR is much higher.

Old National Bank Happy Money
Bankrate Score 4.3 4.5
Better for Lower rates Debt consolidation
Loan amounts $2,500-$25,000 $5,000-$40,000
APRs 6.99%-25.00% 11.52%-24.81%
Loan term lengths 36-72 months 24-60 months
Fees Documentation fee Origination fee
Minimum credit score Not specified 640
Time to funding As little as 3 business days 3 to 6 business days

Old National Bank personal loans

Old National Bank has one of the lowest starting APRs on the market right now — and a relatively competitive maximum APR as well. This makes it a good choice for borrowers who live in its serviced area. Another benefit of working with Old National Bank is that it accepts joint applications.

But there are also some downsides to taking out a loan with Old National Bank. It has a set documentation fee of $150 no matter how much you borrow, and its eligibility requirements aren’t disclosed on its website. Most importantly, it only works within the seven states that it services. If you’re outside of this region, you will need to consider Happy Money or another lender.


  • Joint applications.
  • Relatively quick process.
  • Long loan terms.


  • Documentation fee.
  • Limited serviced states.
  • High maximum APR.

Happy Money personal loans

Happy Money offers money management tools in addition to its personal loan offerings. This can help you manage your finances, while its main loan is for paying off credit card debt. But be aware that when you borrow, you could face an origination fee.

It’s also a solid choice for borrowers who don’t quite meet the credit requirements of other online lenders. As long as you have a score of 640, you will qualify — Happy Money doesn’t set a minimum income requirement. However, you will need to meet it by yourself. Unlike Old National Bank, Happy Money does not offer joint applications.


  • Money management tools.
  • Large loan amounts.
  • Customizable terms.


  • Origination fee.
  • No joint applications.
  • High minimum APR.

How to choose between Old National Bank and Happy Money

Old National Bank may be an overall better choice for speed and costs for those in its serviced region. It offers a slightly quicker process than Happy Money, and its personal loans are more versatile than those offered by Happy Money.

That being said, Happy Money works throughout the U.S. and streamlines its process for credit card debt consolidation. It may be slightly more expensive depending on your APR and the origination fee you are required to pay, but it is a top option for those looking to combine their credit card payments.

Old National Bank offers lower rates

The biggest downside to Happy Money is its high starting rate. With Old National Bank, you may be able to qualify for an APR as low as 6.99 percent. It may not seem like much, but over time, it can add up to hundreds — if not thousands — of dollars in savings.

Alongside its joint application option and low documentation fee, you have the ability to borrow less. This can also help you save money, especially when you consider Happy Money’s high origination fee. You will pay a fee of $150 for any amount you borrow through Old National Bank, versus a potentially larger fee from Happy Money.

But since Old National Bank only has branches in seven states, you may not be able to qualify if you live outside of Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota or Wisconsin.

Happy Money has loans for debt consolidation

While nearly any personal loan can be used for debt consolidation, Happy Money stands out with its money management tools. It also partners with credit unions and other community-focused lenders to help its customers borrow smartly.

Because debt consolidation is Happy Money’s main focus, it may not be the best choice for other expenses. And with a high origination fee, you may want to consider Old National Bank or another lender that doesn’t charge origination fees if you need to borrow a smaller amount.

Compare lenders before applying

Old National Bank and Happy Money are best suited for different types of borrowers. For those looking to borrow for a general expense, Old National Bank may be the better choice. If you want to consolidate credit card debt, Happy Money offers a more streamlined experience — even if it has a slightly higher cost.

Before you make a final decision, be sure to check your rates with both lenders to ensure you are getting the best deal for your finances.