Happen Bank personal loans review
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Happen Bank is best for emergency loans
Not only can eligible borrowers get funds as soon as the next business day, but terms for a personal loan from Happen Bank last as long as 84 months — far longer than the weeks-long repayment terms of emergency options like payday loans.
Another advantage Happen Bank offers is the flexibility in when you pay. If you fall behind, there is a 15-day grace period before you're charged a late fee. You can also make a one-time change to your due date so it better suits your payment schedule. These benefits might make all the difference when you have to take out an unexpected emergency loan.
Happen Bank personal loan purposes
Happen Bank's personal loans feature a range of repayment terms, amounts of up to $60,000, a co-borrowing option and direct payment to creditors. This combination makes its loans ideal for many purposes, including debt consolidation, financing a midsize home improvement project or making a large purchase. Like many lenders, Happen Bank doesn't allow its loans to be used to cover post-secondary education-related expenses, investing, buying cryptocurrency or for illegal activities.
Where Happen Bank personal loans stand out
- Joint applications: Happen Bank is one of the few lenders offering a co-borrowing option. Borrowing jointly could result in a better offer for those with imperfect credit.
- Due date flexibility: You can make a one-time date change for an upcoming payment or permanently change your due date. There is also a 15-day grace period is also available for late payments.
- Direct payment to creditors: If you're borrowing to consolidate debt, Happen Bank gives you the option to have payments sent directly to your creditors.
Where Happen Bank personal loans fall short
- Origination fee: Happen Bank charges an origination fee of up to 8% of the loan amount.
- Higher rates: Even with excellent credit, the lowest annual percentage rate (APR) Happen Bank offers is 6.53%. Its maximum rate is also high, reaching the legal maximum of 35.99%.
Happen Bank customer resources
Customer support
You can reach Happen Bank customer support over the phone at 888-596-3157. Representatives are available from 5 a.m to 5 p.m. PT, Monday through Friday, and from 8 a.m. to 5 p.m. PT on Saturday.
Digital experience
Happen Bank's application can be completed online from start to finish, and you can apply for prequalification to can check eligibility without affecting your credit. Your account can be managed online or through the Happen Bank's mobile app, which is available for both iOS and Android devices.
How this lender compares
Happen Bank vs. Prosper
Just like Happen Bank, Prosper accepts joint loan applications and requires a minimum credit score of 600. Prosper offers loans up to $50,000, while Happen Bank has a slightly higher maximum amount of $60,000. However, Prosper’s maximum repayment term is just 72 months, making Happen Bank a better fit if you want more flexibility and lower monthly loan payments.
Happen Bank vs. Avant
Avant offers similar APRs to Happen Bank and similar repayment terms. However, Avant’s loans are limited to $35,000, which is a lower maximum amount than Happen Bank.
That said, Avant has an even lower credit score requirement, offering loans to qualified applicants with a score of 550 and above. Avant also offers a wider range of repayment terms, ranging from 24 to 72 months. You may also be able to get your funds in one business day with Avant.
Do you qualify for a Happen Bank personal loan?
Like other lenders, Happen Bank requires borrowers to be at least 18 years old, reside in one of the 50 states or Washington, D.C. and be U.S. citizens or permanent residents to qualify. Additionally, borrowers must:
- Have a credit score of at least 600.
- Have a verifiable bank account.
How to apply for a personal loan with Happen Bank
Happen Bank's application process can be done entirely online or over the phone with the help of a representative. That said, applying online is often the more expedient way.
- Get a quote: Start by providing some basic information about yourself, such as your date of birth, contact details and annual income. You’ll also be asked to create an account to view potential loan offers.
- Add information and finalize your application: If you prequalify, you’ll see the APR, origination fee, terms and maximum amount you can borrow. Select the amount and terms that align with your borrowing needs and submit any required documents. These may include copies of pay stubs and proof of identification.
- Review the loan details: Log in to your Happen Bank account to see the status of your application. If your loan is approved, read through the details and — if you're satisfied — sign your agreement.
Borrowers taking out a consolidation loan can opt for direct payment to creditors. Though Happen Bank doesn’t guarantee a specific funding timeline, the average Happen Bank borrower on Bankrate gets their funds in about four days.
How Bankrate rates Happen Bank
| Overall Score | 4.7 | Explanation |
|---|---|---|
| Availability | 5.0 | Happen Bank offers same-day approval and a low credit score requirement. |
| Affordability | 4.3 | Happen Bank charges a higher-than-average starting APR and origination fee. |
| Customer Experience | 4.7 | Benefits include an online application, mobile app and extended customer service hours. |
| Transparency | 5.0 | All rates, fees and credit requirements are listed, and you can prequalify to preview rates. |
Methodology
Bankrate's trusted personal loans industry expertise
48
years in business
45
lenders reviewed
20
loan features weighed
900
data points collected
Bankrate considers 20 factors when reviewing lenders. We weigh what makes a lender competitive on the market and appealing to borrowers with varying needs. The Bankrate Score for personal loans consists of four categories:
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.
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