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Happy Money Review

Thursday, May 30th

2024 Personal Loan Reviews

Happy Money Review 4 Star Rating

Happy Money

4 Star Rating
  • Loan amounts from $5,000 to $40,000
  • Origination fees of 1.5% to 5.5%
  • Payback terms from 2-5 years
  • Loans geared towards consolidating credit card debt
  • Funds can be deposited to your bank account within 3-6 business days, or directly to your credit cards within 30 days
  • "A+" rated and accredited by the BBB
  • In business since 2009
  • Has helped over 300,000 individuals with $6 billion in personal loans

Since 2009, Happy Money has been on a mission to help everyday people get on more solid financial footing by eliminating high-interest credit card debt. They partner with a range of banks and credit unions (like MSUFCU, Veridian, and Alliant) to get the job done - to the tune of $6 billion in loans for more than 300,000 clients.

Loans primarily for consolidating credit card debt

The loans offered here are designed to be used to lower and/or eliminate credit card balances. Happy Money "may be able to assist with certain personal unsecured installment loans as well" (meaning, if you want to borrow money to remodel your basement or fix your car), but that's certainly not the bread-and-butter here.

Eligibility criteria to consider

You'll have to meet some eligibility requirements to qualify for a personal loan through Happy Money. These include the following:

  • Credit score of 640+
  • No current delinquencies
  • 3 years of established credit

They will also take into consideration your debt-to-income ratio and overall credit utilization, but Happy Money doesn't offer specific guidelines on what they're looking for to approve your personal loan application. Available loan amounts range from $5,000 to $40,000, and the repayment term can be from 2-5 years.

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Very competitive rates and fees

We're pretty impressed by the low interest rates we found here. A one-time origination fee of 1.5%-5.5% is deducted from the loan proceeds. You'll notice right away that their rates are easily lower than the average credit card, and much lower than the 35.99% maximum APR we've spotted with many lenders and referral platforms on our list.

Quick application and no requirement to accept third-party offers

Start by checking your rate; it should only take two minutes to fill out the online questionnaire, and it won't affect your credit score. (We appreciate that while the application asks for a mobile number, they let you opt in to receiving offers from related companies instead of requiring your consent in order to proceed. High five!) Once you enter your email address and create a password, you'll be taken to a page with all of your loan offers.

Can be direct deposited or sent to your credit card companies

Once you've accepted an offer and completed the full application (which does affect your credit score, of course), you can expect your funds to be deposited to your checking or savings account within 3-6 business days, or reflected on your credit card balance within 30 days. The amount can also be split: maybe you've been approved for $20,000, but it only takes $15,000 to pay off all of your credit cards. If so, the remainder will be deposited to the account you specified during your application.

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A+ from the BBB and plenty of satisfied clients

Happy Money has earned both an "A+' rating and accreditation from the Better Business Bureau, with just 20 complaints (all answered in a timely, appropriate way) over the year leading up to this review. But, we noticed that some of the rating averages proudly advertised on the Happy Money site didn't track when we went to the actual sources: Bankrate and Nerdwallet's scores were accurate, Credible's was off by 0.1 and LendingTree's was off by 0.6, but Trustpilot had this company only at a 3.8-star average (instead of the 4.6 score posted by Happy Money).

Deeper dive showed better results

When we took a deeper look specifically at the Trustpilot score discrepancy, we found that most of the recent 1-star reviews there were from people in Great Britain who had been scammed by a company posing as Happy Money - who only operates in the US. Looking through the feedback from individuals (in the US, of course) who had actually used the service to get a personal loan, comments tend to offer praise like "easy process" and "no unpleasant surprises" . Whew!

Excellent choice for consolidating your credit card debt

There's a lot to love about Happy Money's personal loans for purposes of credit card debt consolidation. The interest rates are undoubtedly going to be lower than what you're currently paying, the origination fees aren't super-steep, and customer satisfaction looks to be consistently high. The only thing really keeping this lending platform from earning our best rating is that focus on debt consolidation: if you're taking out a personal loan for some other purpose, Happy Money may not work for you. Otherwise, we have no problem giving this company an enthusiastic recommendation.

Where Can You Find the Best Personal Loans?

Personal loans are a type of borrowing where you can get money from a bank, credit union, or online lender and pay it back over time with interest. Why would you want to take out a personal loan? There are plenty of reasons. Typically, people turn to personal loans for big purchases or expenses you can't afford to pay for all at once, like buying a car, paying for a wedding, or covering unexpected medical bills.

Personal loans can also be helpful if you want to consolidate high-interest debt from credit cards into one lower-interest loan, which can save you money in the long run. Some people also use personal loans to fund home improvement projects or even to take a much-needed vacation.But before you go rushing off to apply for a personal loan, there are a few things you should consider.

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Personal Loan FAQ

Any way you like! Personal loans typically don't come with restrictions on how they're used. Paying off high-interest credit cards, splurging on a luxury item you've always wanted, taking a much-needed family vacation: you can use your personal loan for all of that and more.
Most banks and credit unions offer personal loans, but your financial institution might not offer the most competitive rates. There are many lesser-known sources that want to earn your business with lower APRs and more personalized attention over the life of the loan.
That depends on a number of factors, such as your credit history and income. It's definitely worth shopping around, just like you would when buying a car or other big-ticket item. Consider using a service that allows you to get loan offers from multiple lenders with a single application: that will make it more likely that you'll get the best possible rate and terms on your personal loan.
When you're making an initial inquiry to see if you qualify for a personal loan, it usually involves a "soft pull" on your credit - verifying your identity, credit score, and current debts. That will not lower your credit score. However, if you take the next step and apply for a specific loan, expect that your credit score may dip a (but only temporarily).
Most lenders allow you to complete the process online, from beginning to end. That's a big perk for people who can't get to a brick-and-mortar bank during regular business hours.
Personal loans are available in amounts ranging from $100 to $100,000. Before you get too excited and start planning how you'll spend the money, keep in mind that the amount you'll actually be approved for depends on your financial situation. The higher your credit score and the lower your outstanding debts, the more likely it is that you will qualify for a bigger loan.
The application process can be extremely fast: some lenders can approve your loan in just a few minutes. Once you accept a personal loan offer, most providers will direct deposit the funds within 1-5 business days.
As with any kind of loan, it's important to keep track of the details: don't borrow more money than you can comfortably repay, make on-time payments every month, and communicate with your lender if unforeseen circumstances arise (e.g. unemployment, natural disaster, disability) and you need forbearance or other accommodations. It's also wise to check out the reputation of the lender: reviews from previous clients and a rating from the Better Business Bureau can be very informative as you decide which provider to use for your personal loan.
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Continued from above...

First, think about whether you really need the money and if you can afford to pay it back. Taking out a loan is a big responsibility, and you don't want to get in over your head with debt. Take a look at your budget and make sure you can comfortably make the monthly payments.

Next, you'll want to shop around and compare loan offers from different lenders to make sure you're getting the best deal. Pay attention to things like interest rates, fees, and repayment terms. You can usually get prequalified for a loan online without affecting your credit score, which can help you see what kind of offers you might be eligible for.

Speaking of applying online, should you do it? Absolutely. It's super convenient to apply for a personal loan online since you can do it from the comfort of your own home and compare offers from multiple lenders without having to visit a bunch of banks or credit unions in person.

Plus, many online lenders offer quick approval and funding, so you can get the money you need fast. Just make sure you're dealing with a reputable lender and that you understand all the terms and conditions of the loan before you sign on the dotted line.

Now that you're ready to apply for a personal loan, which lender or website is best? Here are some things to look for as you make the decision:

  • Can the lender offer you the amount you're thinking of borrowing? Some personal loan providers only go up to $10K, while others go as high as $100K.
  • Rates and fees. It's important to know not only how much you'll be paying in interest but also in fees (like origination). Fees are often taken out of the loan money before it hits your account, which can affect the amount of the loan you need to request.
  • Funding timeframe. How long will it take for your loan money to get to you? Can you get it deposited into your bank account in a day or less? If you need the money quickly, choose a lender that can get it done fast.
  • Reputation. Does the lender or referral service have a good reputation? Do people who have used it to borrow money recommend it? Has the Better Business Bureau given the company a good grade?

To help you find the best option for getting a personal loan, the experts at Top Consumer Reviews have reviewed and ranked some of today's most popular lenders and referral platforms. Use our research to start your journey with a trustworthy company and get the funds you need!

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