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Happy Money Personal Loans: 2024 Review

Updated on March 1, 2024

At a glance

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Check rate with Bankrate
Rating: 4.6 stars out of 5
Bankrate Score
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Rating: 4.5 stars out of 5
Rating: 4.3 stars out of 5
Customer Experience
Rating: 4.7 stars out of 5
Rating: 5 stars out of 5

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.

Lender Details


Loan amount



APR from


Clock Wait

Term lengths

24 to 60 months

Credit Good

Min Credit Score



Bankrate User Stats for Happy Money

Bankrate users taking out personal loans from Happy Money have followed the below trends and stats:

  • Average funded loan amount: $16,800
  • Funded loan range: $7,500-$40,000
  • Average funding time: 10.7 days
  • Average APR of funded loan: 15.52%
  • Amount of loans funded through Bankrate since 2022: 920
  • Popular loan purpose trends: 62.2% of Happy Money borrowers on Bankrate take out personal loans to consolidate debt, more than any other loan purpose.

Happy Money is best for credit card consolidation for fair credit borrowers

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. 

Happy Money personal loan purposes

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.

Where Happy Money stands out

  • Offers a product focused on credit card consolidation: Borrowers can replace high interest variable-rate credit cards with one loan that has a fixed payment and lower rate. 
  • Lower maximum APRs than other personal loan lenders: You won’t pay more than 17.99 percent APR with a Happy Money loan. That’s much less than the 36 percent cap at other personal loan companies.
  • No extra fees besides origination: Happy Money borrowers won’t pay late fees or be charged for early or extra payments. There are no application, check processing, returned check or annual fees. 
  • Partners with federally insured credit unions: Personal loans through Happy Money come from credit unions insured by the National Credit Union Association. 

Where Happy Money falls short

  • Bad credit borrowers won’t qualify: Happy Money’s 640 minimum credit score standard exceeds many other fair- and bad-credit personal loan lenders. 
  • Longer funding timeline than competitors: Happy Money disburses loan proceeds in three to six business days, which is longer than same or next-day funding offered by many online personal loan lenders.
  • No joint applications: You’ll need to qualify for a Happy Money personal loan based on your own creditworthiness and income — co-borrowers and co-signers aren’t currently allowed. 
  • Higher minimum loan amount: The company’s $5,000 minimum loan amount is higher than the $1,000 minimum set by many online competitors. 

Happy Money customer experience

Customer support

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. 

Digital experience

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. 

What people are saying about Happy Money

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.

"The process was easy and interest rate was fantastic. It was a smooth transition into the new loan."

Trustpilot User

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.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions. 

How this lender compares

Rating: 4.6 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24 to 60 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
8.99% to 35.99%
Loan Amount
$5,000 to $50,000
Term Length
24 to 60 months
Min Credit Score
Rating: 4.4 stars out of 5
Bankrate Score
APR from
Loan Amount
$7,000- $50,000
Term Length
36 to 72 months
Min Credit Score

Happy Money vs. Achieve

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 5.5 percent, Happy Money’s fees are also much lower than the 9.99 percent fee you could 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.

Read a full comparison of Happy Money vs. Achieve

Happy Money vs. Axos Bank

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. 

Read a full comparison of Happy Money vs. Axos Bank

Do you qualify for a Happy Money personal 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:

  • 640 credit score minimum.
  • Proof you don’t currently have any delinquent credit accounts.
  • Enough income to repay the loan based on your new debt and current debt.
  • At least $5,000 worth of debt to pay off if you want a debt consolidation loan.
  • Means to qualify without a co-signer.
  • Verify you don’t live in Massachusetts or Nevada — Happy Money doesn’t currently lend in those two states.

How to apply for a personal loan with Happy Money

  1. Get a quote: Prequalify to get a rate quote within two minutes. Your credit score is not affected at this stage of the personal loan process. 
  2. Add information and finalize your application: If you decide to proceed with the prequal, you can fully apply. Your credit will be pulled, and your final rate, loan amount and term will depend on your credit score, credit history and income. 
  3. Review the loan details: Once you receive a decision, take time to look over the loan agreement before signing off on it. At this stage you can choose to have your funds applied directly to the credit card companies you’re paying off or sent to your personal checking or savings account. 

How Bankrate rates Happy Money

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 5.5 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.


Bankrate's trusted personal loans industry expertise


years in business


lenders reviewed


loan features weighed


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:

  • 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 considered 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.