Happy Money personal loans: 2025 review

Happy Money is best for credit card consolidation for fair credit borrowers

Happy Money offers a specialized debt consolidation product called The Payoff Loan for borrowers with at least a 640 credit score that can be used to pay off credit card debt. The highest interest rate you’ll pay is 17.48 percent — much lower than the 36 percent cap at other debt consolidation lenders. 

Happy Money is also a good pick if you prefer the added security of only dealing with the federally insured credit unions and community lenders it partners with for its loan offerings. Other personal loan lenders aren’t as transparent about the funding source for their loan products. 

Happy Money also provides encouraging data about how their debt consolidation product has helped customers. A study of loans funded from March 2021 to August 2021 showed an average 40 point increase in the credit scores of Happy Money Members who paid off at least $5,000 worth of credit card debt. 

Happy Money personal loan purposes

A unique feature — and limitation — of Happy Money is that its loan product can only be used to consolidate credit card debt. While other lenders allow the funds to be used for any purpose, you must use the funds from a Happy Money loan to pay off credit card debt.

While this may seem limiting, it can also be a useful tool. Because the APR is capped at 17.48, you aren't likely to get a rate that is over your current credit card rate. And it will send funds straight to your creditors, so all you have to do post-funding is make your loan payments on time.

Where Happy Money stands out

• Offers a product focused on credit card consolidation: Borrowers can replace high interest variable-rate credit cards with one loan that has a fixed payment and lower rate. 
• Lower maximum APRs than other personal loan lenders: You won’t pay more than 17.48 percent APR with a Happy Money loan. That’s much less than the 36 percent cap at other personal loan companies.
• No extra fees besides origination: Happy Money borrowers won’t pay late fees or be charged for early or extra payments. There are no application, check processing, returned check or annual fees. 
• Partners with federally insured credit unions: Personal loans through Happy Money come from credit unions insured by the National Credit Union Association. 

Where Happy Money falls short

• Bad credit borrowers won’t qualify: Happy Money’s 640 minimum credit score standard exceeds many other fair- and bad-credit personal loan lenders. 
• Longer funding timeline than competitors: Happy Money disburses loan proceeds in two to four business days, which is longer than same or next-day funding offered by many online personal loan lenders.
• No joint applications: You’ll need to qualify for a Happy Money personal loan based on your own creditworthiness and income — co-borrowers and co-signers aren’t currently allowed. 
• Higher minimum loan amount: The company’s $5,000 minimum loan amount is higher than the $1,000 minimum set by many online competitors. 

Happy Money customer experience

Customer support

Happy Money offers phone and email support from member advocates Monday through Friday from 6 a.m. to 6 p.m. PT and Saturday from 6. a.m. to 2:30 p.m. PT. The company is closed on Sundays. 

General answers may be found by looking in the frequently asked questions section of the Happy Money website. 

Digital experience

Happy Money offers an app for users to make monthly payments and set up reminders for future payments. Features of the app include fingerprint and face recognition. The app is only for members with a Payoff consolidation loan. The app is poorly rated in the App Store and on Google Play, and there are only about a hundred user reviews on each platform.

How this lender compares

Do you qualify for a Happy Money personal loan? 

You’ll need to meet the same basic requirements as any other lender, including proof you’re at least 18 years old, and have a valid Social Security number and checking account. To qualify for a Happy Money personal loan, you’ll also need the following:

• 640 credit score minimum.
• Proof you don’t currently have any delinquent credit accounts.
• Enough income to repay the loan based on your new debt and current debt.
• At least $5,000 worth of debt to pay off if you want a debt consolidation loan.
• Means to qualify without a co-signer.
• Verify you don’t live in Iowa, Massachusetts or Nevada — Happy Money doesn’t currently lend in those two states.

How to apply for a personal loan with Happy Money

1. Get a quote: Prequalify to get a rate quote within two minutes. Your credit score is not affected at this stage of the personal loan process. 
2. Add information and finalize your application: If you decide to proceed with the prequal, you can fully apply. Your credit will be pulled, and your final rate, loan amount and term will depend on your credit score, credit history and income. 
3. Review the loan details: Once you receive a decision, take time to look over the loan agreement before signing off on it. At this stage you can choose to have your funds applied directly to the credit card companies you’re paying off or sent to your personal checking or savings account.