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Insider experts pick the best products and services to help you make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, but our opinion is our own. Terms and conditions apply to the offers listed on this page.

Fees:

Origination Fee 0% to 5%

Annual Percentage Rate (APR)

7.99% – 29.99% APR

Happy Money® Payoff Loan™

Fees:

Origination Fee 0% to 5%

Annual Percentage Rate (APR)

7.99% – 29.99% APR

with participating lenders

Annual Percentage Rate (APR)

7.99% – 29.99% APR

Fees:

Origination Fee 0% to 5%

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Pros and cons of Happy Money personal loans

Happy Money is a good loan company for borrowers who want to use their money to pay off their debt. You can net a lower interest rate on your debt, reducing the total amount you pay.

However, you won’t get your money in the company as quickly as with other lenders, as it takes at least two business days for the money to be credited to your account. The lender will also charge an origination fee, ranging from 0% to 5%, depending on the terms of your loan. However, you won’t pay any upfront fees or late fees with Happy Money.

How does Happy Money compare?

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Editor’s note

3.5/5

Five-pointed star

Five-pointed star

Five-pointed star

Five-pointed star

Five-pointed star

Annual Percentage Rate (APR)

7.99% – 29.99% APR

Editor’s note

4.25/5

Five-pointed star

Five-pointed star

Five-pointed star

Five-pointed star

Five-pointed star

Annual Percentage Rate (APR)

7.99% – 23.43% (with auto payment discount)

Editor’s note

2.75/5

Five-pointed star

Five-pointed star

Five-pointed star

Five-pointed star

Five-pointed star

Annual Percentage Rate (APR)

5.99% to 35.99%

Happy Money has a lower credit score requirement than SoFi, but if your credit isn’t in top shape, the company may charge you a higher maximum APR. If you have excellent credit, you can get a slightly lower APR with Happy Money than SoFi, but the difference is marginal.

With Happy Money, you’ll pay an origination fee ranging from 0% to 5% of your total loan amount, while with SoFi, you’ll pay no origination fee. Happy Money’s origination fee will be deducted from your total loan proceeds.

Both Reach Financial and Happy Money are designed for borrowers looking to consolidate their debt. Only SoFi allows borrowers to obtain a loan for any other purpose.

View our rating methodology for personal loans »

How to apply for a Happy Money personal loan?

1. Get pre-qualified for a loan on the Happy Money website. Submit an online form to find out your rate and APR. The company will ask you the amount and purpose of your requested loan, you will need to enter your basic contact information and income. The company will run a soft credit check that will not affect your credit score.

2. Review various loan offers and choose one. The company will present you with several loan offers with different rates and terms. Change the loan amount to see different offers. Choose one that you can afford to make monthly payments on. After you submit your application, the company will perform a heavy credit check, which can negatively affect your score.

3. Make a repayment plan for your loan. When you receive your money, figure out how to enter your monthly payments into your budget and make sure you have enough money to cover all of your financial obligations.

Frequently asked questions

Happy Money is an accredited company by the Better Business Bureau and the BBB gives it an A+ rating. BBB evaluates trustworthiness by looking at business responses to customer complaints, truthfulness of advertising, and transparency about business practices.

Remember that a BBB star rating does not guarantee a great relationship with the lender, so be sure to read customer reviews and ask friends and family about their experiences with the company.

Happy Money has no recent scandals. Due to its clean history and superior BBB rating, you can feel comfortable choosing it as your personal lender.

When you first check your rates with Happy Money, your credit score will not be affected. After finalizing your credit, the company will run a hard credit inquiry that gives them a comprehensive picture of your credit history, but can affect your score.

Once you take out your loan and start making payments, Happy Money will report those payments (or lack thereof) to the credit reporting agencies. If you make reliable, on-time payments, you can improve your credit score. If you’re consistently late or missing your payments, your credit score can be damaged.

The minimum credit score for a payday loan is 640, so depending on your financial situation, you may not qualify for a loan from the lender. Happy Money’s minimum credit score is similar to many other personal loan lenders, so getting a loan with them is not significantly more difficult than with another company.

Yes, you can make early payments on your Payday Loan without paying any additional fees.

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