Happy Money Personal Loans
Below is a breakdown of some of the pros and cons of Happy Money personal loans.
Ventaja
- Tariff checks in minutes
- Customizable credit terms
- Money Management Tools
- No application or late fee
Desventaja
- Funding slower than competitors
- Registration fee
- Limited loan use
Happy Money is a financial wellness company that offers debt consolidation loans through its network of FDIC and NCUA insured lenders. With Happy Money, borrowers can also access a Personality, Stress and Cash Flow Assessment to better manage their finances and debts. There are also quarterly check-ins in the first year to address any questions or concerns.
Happy Money’s personal loan verification process is completely virtual, with less borrowing and underwriting costs than competitors. As a result, Happy Money can offer better interest rates and faster processing times than traditional lenders.
But not all borrowers are eligible — even if they have clean credit. You also cannot get a loan through Happy Money if you live in Massachusetts or Nevada.
Happy Money is best for consolidating credit card debt
Happy Money loans are designed to help borrowers consolidate credit card debt. If you have a credit score of 600 or higher and meet other qualifying criteria, a Happy Money loan may be ideal.
They are not a good option if you need to borrow money for home renovations, emergency expenses, or any other purpose. You should also consider other options if you have a poor credit rating or if your current arrears have not been settled with creditors or lenders. If you wish to obtain a loan with a co-signer or co-applicant, you must also look elsewhere – Happy Money does not offer joint applications.
Happy Money snapshot
| Monto del préstamo | $5.000 – $40.000 |
| APR | 5,99% – 24,99% |
| Minimum credit score | 600 |
| Time to receive funds | Three to six business days |
Credit terms
Happy Money offers loans ranging from $5,000 to $40,000 in most states. New Mexico has a minimum of $5,100, Maryland has a minimum of $6,100, and no loans are available in Massachusetts or Nevada. Personal loans have fixed interest rates ranging from 5.99% to 24.99% and terms of 2 to 5 years.
The quote you receive is based on several factors, including your credit history, debt-to-income ratio, and the loan amount you’re applying for. Once approved, it will take 3-6 business days for the funds to reach your bank account.
Fees and Penalties
Happy Money charges 0% to 5% for its credit matching service. This fee is an upfront fee deducted from the loan cap and depends on the repayment terms of your loan.
For example, if you took out a $10,000 loan with a 3% fee, you would only get $9,700. When calculating the total amount you wish to borrow, you should take into account the handling fee.
Also, Happy Money does not charge any additional fees. You won’t be penalized for early loan repayments, and you won’t incur any fees for cheque payments or missed payments. Plus, there are no application fees, check fees, or annual fees.
How to apply for a loan from Happy Money
The Happy Money application process is very simple and only takes a few minutes. Before applying, please confirm that you meet the eligibility requirements:
- Be at least 18 years old.
- social Security number.
- A valid checking account.
- The minimum FICO credit score is 600.
- There are currently no payment defaults.
Next, use the online tool to check your plan. Enter basic information including your name, date of birth, address, phone number and annual income. You will also be asked what your monthly housing costs (if any) are.
Happy Money does a gentle credit check that won’t affect your credit score. It will then tell you how much it recommends you borrow to pay off your credit card debt. If you may be eligible for a loan, you can sort loan quotes by monthly repayment amount or APR.
If you choose one of the displayed offers, Happy Money will redirect you to a more detailed application where you will need to provide your employment information, social security number and bank account information. You must also upload the following documents:
- A copy of your driver’s license, state-issued ID card, or passport.
- If you are self-employed, the two most recent pay stubs or the most recent tax return.
- Current account statements or access data for online banking.
Before completing your loan, Happy Money, like all lenders, conducts a rigorous credit check, which may temporarily reduce your credit score. If approved, loan proceeds will be deposited electronically into your bank account.
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