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Happy Money Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

4.6
Rating: 4.6 stars out of 5
Bankrate Score
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Availability
Rating: 3.8 stars out of 5
3.8
Affordability
Rating: 4.8 stars out of 5
4.8
Customer Experience
Rating: 5 stars out of 5
5.0

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.

Moneybag
Loan amount $5,000 – $40,000
Rates
APR from 8.99% – 29.99%
Clock Wait
Term lengths 24 to 60 months
Credit Good
Min Credit Score 640
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 640 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

PROS

  • Checkmark

    Customizable loan terms

  • Checkmark

    Money management tools

  • Checkmark

    No application or late fees

CONS

  • 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 640 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 640.
  • 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 an APR of 7.99 percent 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.

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 1-800-878-0901 or using the online chat function. Hours of operation are Monday through Friday from 6am-6pm PST and Saturday from 6am-2:30pm PST. Or you can send an email to success@happymoney.com.  

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 4.6 Explanation
Availability 3.8 Happy Money received a lower score because of a higher than average minimum loan amount and slower approval and funding times.
Affordability 4.8 Happy Money has a low minimum APR and only one fee.
Customer Experience 5.0 Happy Money received a perfect score for customer experience because people can apply fully online, and it offers 7 days a week customer service.

Methodology

To select the top personal loan lenders, Bankrate considers 15 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 41 lenders and gave each a Bankrate rating, which consists of three categories:
 
  • 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.
  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

Editorial disclosure: All reviews are prepared by Bankrate.com 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.