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Happy Money Personal Loans: 2023 Review

Updated on May 1, 2023
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At a glance

Rating: 4.5 stars out of 5
Bankrate Score
Caret Down
Rating: 4.4 stars out of 5
Rating: 4.5 stars out of 5
Customer Experience
Rating: 4.6 stars out of 5
Rating: 4.6 stars out of 5

About Bankrate Score

Happy Money is a financial wellness company that offers debt-consolidation loans through its network of FDIC- and NCUA-insured lenders. Through Happy Money, borrowers can access “personality, stress, and cash flow assessments” to better manage finances and debts. Plus, there are first-year quarterly check-ins to address any questions or concerns.

Loan amount $5,000 – $40,000
APR from 11.52% – 24.81%
Clock Wait
Term lengths 24 to 60 months
Credit Good
Min Credit Score 585
Happy Money is best for credit card debt consolidation.

Happy Money is best for credit card debt consolidation

Happy Money loans are designed to help borrowers consolidate credit card debt. If you have a credit score of 585 or higher and meet the other qualification criteria, a Happy Money loan could be ideal.
It's not a good option if you need to borrow money for home improvements, emergency expenses or some other purpose. You should also explore other options if your credit score is low or you have current delinquencies that aren’t yet resolved with the creditor or lender. If you’re looking to get a loan with a co-signer or co-applicant, you’ll also need to look elsewhere — Happy Money does not offer joint applications.

Happy Money pros and cons


  • Checkmark

    Customizable loan terms

  • Checkmark

    Money management tools

  • Checkmark

    No application or late fees


  • Close X

    Slower funding than competitors

  • Close X

    Origination fee

  • Close X

    No joint applications

Do you qualify?

  • Credit score requirements: You’ll need a credit score of at least 585 to get approved. 
  • Income requirements: Happy Money does not have a minimum income requirement. 
  • Co-signers and co-borrowers: You’re not allowed to add a co-signer to your loan application or apply with a co-borrower. 
Before you apply, confirm you meet the eligibility requirements.
  • At least 18 years old.
  • Social Security number.
  • Valid checking account.
  • Minimum FICO credit score of 585.
  • No current delinquencies.

What Happy Money doesn't allow loan funds to be used for

Although Happy Money intends for its loans to be used to help lower and eliminate high-interest credit card debt, there are no usage restrictions. 

Happy Money versus Achieve Personal Loans 

Achieve is also an ideal option if you’re looking to consolidate credit card debt. Its loans come with the same repayment period, but the limit is slightly higher at $50,000. But you could get a lower APR with Achieve if you’re a well-qualified borrower and funding up to one day sooner than you would with Happy Money. Keep in mind that Achieve does charge an origination fee of up to 6.99 percent.

How this lender compares

Rating: 4.5 stars out of 5
Bankrate Score
APR from
11.52% – 24.81%
Loan Amount
$5,000 – $40,000
Term Length
24 to 60 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
7.99% to 35.99%
Loan Amount
$5,000 to $50,000
Term Length
24 to 60 months
Min Credit Score
Rating: 4.6 stars out of 5
Bankrate Score
APR from
starting at 9.29%
Loan Amount
$7,000 - $50,000
Term Length
36 to 72 months
Min Credit Score

Happy Money vs. Achieve

Achieve is also an ideal option if you’re looking to consolidate credit card debt. Its loans come with the same repayment period, but the limit is slightly higher at $50,000. But you could get a lower APR with Achieve if you’re a well-qualified borrower and funding up to one day sooner than you would with Happy Money. Keep in mind that Achieve does charge an origination fee of up to 6.99 percent.

Read a full comparison of Happy Money vs. Achieve

Happy Money vs. Axos Bank

Axos Bank may also be a good option for consolidating debt. With terms up to six years, you can pay your debt off over even longer than you might with Happy Money, which only has terms up to five years. However, taking out a longer loan will mean paying more interest. Both lenders allow you to prequalify without affecting your credit, but Happy Money also offers a number of financial tools.

Happy Money: in the details

What we like and what we don’t like

What we like

  • Customizable loan terms. If you’re eligible for a personal loan, you’ll have the option to choose a plan that works best for you. 
  • Money management tools. Current borrowers get access to money management tools 
  • No application or late fees. Happy Money does not charge its borrowers application fees or late payment fees. 

What we don't like

  • Slower funding than competitors. Unlike many of its online competitors that offer same or next-day funding, Happy Money disburses loan proceeds in three to six business days. 
  • Origination fee. You’ll pay an origination fee of up to 5 percent, which is rolled into the loan amount when it’s funded. 
  • No joint applications. Happy Money does not allow co-borrowers or co-signers at this time.

How to contact Happy Money

Support is available by phone, email, live chat or the online help center. You can speak with a representative by calling 800-878-0901 or using the online chat function. Hours of operation are Monday through Friday from 6 a.m. to 6 p.m. PT and Saturday from 6 a.m. to 2:30 p.m. PT. Or you can send an email.  

How to apply for a personal loan with Happy Money

First, use the online tool to check your rate. Enter basic information, including your name, date of birth, address, phone number and annual income. You’ll also be asked how much your monthly housing costs are, if any.
Happy Money will conduct a soft credit check, which won’t impact your credit rating. Then it’ll tell you how much it suggests you borrow to pay off your credit card debt. If you potentially qualify for a loan, you can sort through loan offers by monthly payment amounts or by APR.
If you select one of the displayed offers, Happy Money will direct you to a more detailed application, where you’ll have to provide your employment information, Social Security number and bank account information. You’ll also have to upload the following documents:
  • A copy of your driver’s license, state-issued ID or passport.
  • Two recent pay stubs or your most recent tax return if self-employed.
  • A recent bank statement or login credentials for online banking.
Before finalizing your loan, Happy Money, like all lenders, will do a hard credit check, which can temporarily lower your credit score. If approved, the loan proceeds will be sent electronically to your bank account.

Features and additional perks

Happy Money offers monthly FICO Score updates free of charge to its borrowers. You will also have access to a suite of money management tools.

Fees and penalties

Happy Money charges an origination fee ranging from 0 percent to 5 percent for its loan matching services. This fee is an upfront cost taken off the top of the loan and is based on the repayment terms of your loan.
For example, if you are approved to borrow $10,000 and you’re charged a 3 percent origination fee, you’ll only receive $9,700. You should factor the origination fee in when calculating the total amount you’re looking to borrow.
Beyond that, Happy Money doesn’t assess additional fees. You won’t be penalized for paying your loan off early, and there are no fees for paying by check or missing payments. Plus, there are no application fees, returned check fees or annual fees.

Happy Money frequently asked questions

How Bankrate rates Happy Money

Overall Score 4.5 Explanation
Availability 4.4 Approval can take up to seven days, but funds may be deposited within two days of approval.
Affordability 4.5 Happy Money has a middling minimum APR but only one fee.
Customer Experience 4.6 Customer service is available six days a week and there is an app available, though it is not well rated.
Transparency 4.6 Some credit requirements are listed, along with all rates and fees.


To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by 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.