Personal Loans

Happy Money Personal Loans Review 2023

Need cash? Happy Money offers personal loans of up to $40,000. Learn more about how it works, top features and compare rates. Apply now & get approved quickly.
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Written by:
Rebecca Lake
Edited by:
Kristin Marino verified
Editor's Rating

Personal loans can be a convenient source of funding for consumers who need cash to consolidate debts, cover emergency situations, pay medical bills, or finance large expenditures. Happy Money offers personal loans specifically for people who are interested in consolidating and paying off credit card debt.

Curious about how it works? This Happy Money personal loan review offers a closer look at the pros and cons, how to apply for funding, interest rates and fees, and who these loans might be best for.

Happy Money Personal Loan Pros and Cons

Happy Money Personal Loan Top Features

The Happy Money Payoff Loan is a personal loan for people who want to consolidate credit card balances and potentially pay them off faster. Borrowers enjoy these features and benefits.

  • Borrow $5,000 to $40,000 to consolidate high-interest credit card balances.
  • Make a single, fixed debt payment each month.
  • No hidden fees including application fees, late payment fees, credit check fees, or prepayment penalties.
  • Borrowers get free monthly FICO score updates.
  • Repayment terms extend from two to five years and you can choose a plan that fits your budget.
  • Once approved, loan funding can be as quick as one to two business days.
  • Happy Money can make payments directly to creditors, which simplifies the borrowing process.
  • Getting pre-approved won’t hurt your credit score.
  • Certain borrowers may be able to get an instant approval for loans.

There are a few things Happy Money is lacking, however. For one thing, there are no rate discounts.

Rate discounts can help to reduce your rate and save you money on interest.

For another, Happy Money charges an origination fee for loans. The fee ranges from 0% to 5% and is deducted from the loan proceeds. It’s possible to find other personal loan lenders that don’t charge this fee.

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What Is Happy Money?

Happy Money is a financial services company that uses a customer-focused approach when helping people to get out of debt.

  • Who they work with: Credit unions and community-focused lenders.
  • What they do: Happy Money connects eligible borrowers who are seeking personal loans with partner lenders.
  • Who they lend to: Creditworthy borrowers who are ready to pay off their credit card debt.
  • What they lend money for: Happy Money Payoff Loans are designed for borrowers who want to consolidate high-interest credit card debt.

Happy Money had helped more than 285,000 members to secure an estimated $5.2 billion in personal loans. The company’s approach encourages transparency while valuing the needs of individual borrowers in helping them to find the right loan option.

Compare to other personal loan lenders to see how Happy Money stacks up.

Who Is Happy Money For?

Happy Money personal loans are best suited for consumers who are interested in consolidating and paying off high-interest credit card debt. These loans are not intended to be used for home improvements, wedding expenses, medical bills, or any other expense unrelated to credit card debt consolidation.

You might consider a Happy Money personal loan if you:

  • Are ready to pay off credit card balances
  • Need to borrow $5,000 to $40,000
  • Would like to streamline your monthly payments
  • Want to reduce the interest you pay toward debt
  • Have a good to excellent credit score
  • Want to work with a lender that offers personalized customer service

Happy Money may not be the best option if you need load funding for something other than credit card consolidation.

Likewise, you may want to look elsewhere if you’re interested in getting a joint or cosigned loan.

You can use an installment loan calculator to see how much money you could save on interest as compared to your credit cards.

Compare Happy Money to Other Lenders

Happy Money is just one option for getting a personal loan. There are numerous companies that offer flexible funding for creditworthy borrowers. Here are three other possibilities you might consider.


Avant offers personal loans ranging from $2,000 to $35,000, with funding delivered as soon as the next business day after approval. Similar to Happy Money, you can get pre-qualified without a hard credit check and loan terms also range from two to 60 months.

You’ll pay an origination fee for Avant loans, with the max fee slightly less than what Happy Money charges. Overall, rates tend to be higher for borrowers at Avant.

Read Our Avant Review


SoFi could be a good lending option if you need to borrow a larger amount. Loans range from $5,000 to $100,000 and rates are competitive. Loan terms are longer, ranging from 36 to 72 months. SoFi offers unemployment protection for borrowers, which can help you manage your loans if you’re temporarily out of work.

You won’t pay origination or late payment fees and SoFi offers interest rate discounts. There’s also a joint loan option.

Read Our SoFi Review


Upstart allows you to borrow $1,000 to $50,000 in unsecured personal loan funding. Borrowers can choose between a three or five-year loan repayment term.

There are no prepayment penalties and it’s possible to get same-day loan funding. Upstart doesn’t offer rate discounts or a cosigned loan option.

Read Our Upstart Review

How Does Happy Money Work?

Happy Money works by helping eligible borrowers connect with partner lenders to obtain loan funding.

First, Happy Money looks at your credit, income, and savings to determine a personal loan plan that fits your situation. Based on that initial evaluation, Happy Money will share multiple loan options with you. Those options can include:

  • Lowest monthly payment
  • Best rate
  • Quickest overall debt payoff

You’d choose your preferred loan option, then complete the loan paperwork. Once the loan is funded, you can opt to have the money sent directly to your creditors.

Happy Money doesn’t make loans directly. Instead, it acts as a bridge between borrowers and lenders.

The company’s goal is to help consumers pay off their credit card debts while saving money. Happy Money offers competitive rates and aside from the origination fee, keeps fees to a minimum.

How to Get Started

If you’re interested in getting funding through Happy Money, it helps to review the minimum requirements for approval. Here’s what you’ll need to get a Happy Money loan:

  • A minimum credit score of 640
  • Zero current delinquencies
  • Good debt-to-income ratio
  • Low credit utilization

Happy Money attempts to be comprehensive in determining what makes a borrower a good candidate for a loan. Your payment history and overall credit habits can influence your approval odds.

You can get pre-approved to check your loan offers first. There’s no hard credit check involved. If you decide to move ahead with a full loan application, there is a hard credit pull.

Once approved, you’ll just need to sign off on the loan paperwork. Remember that if you’re required to pay an origination fee, the amount is deducted from the loan proceeds. Loans can be funded in as quickly as one to two business days.

After the loan is disbursed, you’ll begin making payments according to the schedule set by the lender.

Rating the Features

Happy Money could be a good fit if you need a loan to pay off credit card debt. Here’s more on how the features stack up.

User Experience

Happy Money’s website is easy to navigate and it’s possible to check your rates in less than two minutes. If you need help, you can with a Member Advocate who can answer your questions about the approval process or the details of your loan once approved.

Fees and Rates

As mentioned, Happy Money does charge an origination fee for personal loans ranging from 0% to 5%. You’ll know what the fee is before accepting the loan. In terms of rates, Happy Money offers a competitive range though the lowest rates are reserved for the most creditworthy borrowers.


It’s very easy to find information about Happy Money loans on the company’s website. You can visit the Help Center if you’re unable to find answers on the main loan page and again, you can also chat with live support six days a week.


Happy Money gives you multiple loan options to choose from so you can select the one that best fits your needs, goals, and budget. Loan terms extend up to five years and you can borrow a little or a lot, depending on how much debt you have to consolidate.

Customer Support

Customer support is available by phone, email or live chat. You can manage your loan through the Happy Money website or the Happy Money mobile app.

Benefits and Drawbacks of Happy Money Personal Loans

As we outlined earlier, there are some advantages and disadvantages to applying for personal loans with Happy Money.


On the pro side, you can borrow money to consolidate your credit cards and potentially reduce your interest rate. There are no hidden fees and paying on time could help you to improve your credit score.

Happy Money offers low, fixed interest rates and you can check rates without dinging your credit scores. Once approved, you can get loan funding quickly or ask Happy Money to pay off your creditors directly.


The biggest con is that these loans are intended only for credit card debt consolidation. If you need money for something else, these loans won’t work for you.

Aside from that, other lenders may allow you to borrow larger amounts without having to pay a loan origination fee. Comparing loan terms, rates, and fees can help you decide which lender might be right for you.

Frequently Asked Questions (FAQs)

Is Happy Money a bank?

No, Happy Money is not a bank. It’s a financial services company that helps borrowers connect with lenders to obtain personal loans for credit card debt consolidation.

What can I use a Happy Money loan for?

Happy Money personal loans are meant to be used to consolidate and pay off high-interest credit card debt. You can’t use them to pay for emergencies, home repairs, medical bills, or other expenses.

Are Happy Money loans legit?

Happy Money personal loans are a legitimate option for consolidating credit card debt. To date, Happy Money has helped nearly 300,000 members obtain $5.2 billion in personal loan funding.

Bottom Line

Happy Money is worth a look if you’re ready to get a handle on your credit card debt and you want to consolidate bills into a single monthly payment.

Remember that you’ll need at least a 640 credit score to apply and the max you can borrow is $40,000.

If you’re interested in learning more, you can take the next steps and get pre-approved to check your loan rates.