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Happy Money personal loans were designed for one purpose: to help you pay off high-interest credit card debt. Strictly speaking, Happy Money isn't a bank. Instead, it partners with other financial institutions to originate loans. Still, if you're asking, "Is Happy Money legit?," the answer is yes. Happy Money loans are for borrowers who are serious about eliminating their credit card debt. In our complete Happy Money review, we'll explore the great things about a Happy Money loan, as well as features that could be improved.
This personal loan is a good fit for: Borrowers with good credit looking to consolidate high-interest debt.
Low APRs: Happy Money's APRs are among the lowest personal loan rates. It's likely to be much lower than the interest rate on your credit card. Happy Money is able to keep its interest rates low by accepting highly qualified borrowers and thus minimizing risk to itself. Happy Money requires borrowers to have a higher FICO? Score than many other lenders, as well as a lower debt-to-income ratio than other lenders.
Long loan terms: Happy Money's loan terms range from 24 to 60 months. Borrowers can pick a repayment term that is long enough to give them some breathing room in their budgets. The longer the loan term, the lower the monthly payment but the more interest you pay overall. The shorter the loan term, the less a consumer ends up paying in interest.
No hidden fees: Happy Money only charges one fee: An origination fee of between 0% and 5% of the loan amount. In fact, it's eliminated fees that some other lenders cling to, like late fees, prepayment fees, and returned check fees.
Free FICO? Scores: If you accept a loan from Happy Money, you'll get access to a free FICO? Score that updates once per month. Access to your FICO? Score is valuable, as it allows you to keep track of the three-digit number used by lenders to determine your creditworthiness. As you pay down credit card debt, you'll likely see an improvement in your score as you'll lower your credit utilization ratio. Many free credit scores you find online are just simulations or approximations of your true credit score.
Get a quote without harming your credit score: While this feature isn't unique to Happy Money, it is invaluable. Happy Money will give you a quote for a loan by doing a soft credit check, which won't hurt your credit. Happy Money will only carry out a hard credit check if you decide to move ahead with the loan. This enables you to shop around for a low rate without having multiple inquiries weigh down your credit score.
Large loan amounts: A Happy Money loan can range in size from $5,000 to $40,000, which makes it a great one-stop shop for people looking for loans for debt consolidation.
APR range: The upper range of a Happy Money loan interest rate is in line with the APRs charged by many credit cards -- though credit card interest can add up a lot faster, as you don't have a fixed payment plan.
Minimum loan amount: With a minimum loan amount of $5,000, a Happy Money loan is not the right fit for someone looking to borrow a smaller amount.
Happy Money is very clear about the types of borrowers who are likely to get approved for one of its personal loans. Here are the basic Happy Money requirements:
The personal loan application process with Happy Money is simple. It works like this:
No matter how good a loan appears at first glance, it's worth making sure that another of the best personal loans doesn't offer better terms. For example:
*SoFi Personal Loan Disclaimer
Fixed?rates?from 8.99% APR to 25.81% APR reflect the 0.25% autopay interest?rate?discount and a 0.25% direct deposit interest?rate?discount. SoFi?rate?ranges are current as of 05/19/23 and are subject to change without notice. Not all applicants qualify for the lowest?rate. Lowest?rates?reserved for the most creditworthy borrowers. Your actual?rate?will be within the range of?rates?listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan?amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly?rate?and reflects both your interest?rate?and an origination fee of 0%-6%, which will be deducted from any?loan?proceeds you receive.
Autopay: The SoFi 0.25% autopay interest?rate?reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.?Autopay is not required to receive a?loan?from SoFi.
The following payment example depicts the APR, monthly payment and total payments made during the life of a personal loan with a single disbursement. All loan rates below are shown with the autopay discount (0.25%) and direct deposit discount (0.25%). The monthly payment for a?$30,000?loan with a 60-month term and a fixed?annual percentage rate (APR) between 12.95% – 25.03%?would be?$681.82 – $881.07?in monthly payments, with total payments between?$40,909.47? – $52,864.05. Your actual interest rate may be different than the loan interest rates in these examples and will be based on term of loan, your financial history, and other factors, including your cosigner’s (if any) financial history. Lowest rates reserved for the most creditworthy borrowers. See SoFi.com/eligibilityfor details.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest?rate?reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your?Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account.?You are not required to enroll in direct deposits to receive a?Loan.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Yes, Happy Money is a legitimate company that's headquartered in California. It offers personal loans to people with good credit.
Happy Money does a hard pull on your credit when you're applying for a loan. When you're getting a quote, however, Happy Money does a soft inquiry, which will not hurt your credit.
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