Happy Money personal loans: 2025 review

Happy Money is best for credit card consolidation

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 29.99 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 in 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 funds to be used for nearly any legal purpose, you may only use Happy Money loan funds to pay off credit card debt.

While this may seem limiting, it can also be a useful tool. Because the APR is capped at 29.99 percent, you aren't likely to get a rate that’s significantly higher than 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 specialized product for credit card consolidation: Borrowers can replace high interest variable-rate credit cards with a single loan with a fixed payment and lower rate. 
• Lower maximum APRs than other personal loan lenders: You won’t pay more than 29.99 percent APR with a Happy Money loan. That’s much less than the 36 percent cap charged by 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: Most Happy Money personal loans are funded by credit unions insured by the National Credit Union Association.

Where Happy Money falls short

• Bad credit borrowers won’t qualify: Happy Money’s minimum credit score requirement of 640 excludes borrowers with fair or bad credit. 
• Longer funding timeline than competitors: Happy Money disburses loan proceeds in three to six business days, which is longer than same- or next-day funding offered by many online personal loan lenders.
• No joint applications: You must qualify for a Happy Money personal loan based on your own creditworthiness and income — co-borrowers and cosigners aren’t permitted. 
• Higher minimum loan amount: While some lenders offer loan amounts of $1,000 or less, you must borrow at least $5,000 with Happy Money.

Happy Money customer experience

Customer support

Happy Money offers phone and email support Monday through Friday from 9 a.m. to 5:30 p.m. PT.  The company does not offer weekend customer service.

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

Digital experience

Happy Money offers a mobile app where users can 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 providing proof of income, employment and residency. To qualify for a Happy Money personal loan, you’ll also need the following:

• 640 minimum credit score
• Proof that you don’t have any currently delinquent credit accounts
• Sufficient income to repay the loan
• At least $5,000 worth of unsecured credit card debt
• Verify you don’t live in Iowa, Massachusetts or Nevada — Happy Money doesn’t currently lend in those three states.

How to apply for a personal loan with Happy Money

1. Get a quote. Prequalify for a loan to receive a rate quote in as little as two minutes. Your credit score is not affected at this stage of the application process.
2. Add information and finalize your application. If you’re satisfied with the prequalified offer, submit a formal application. 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. Carefully review the loan agreement before signing it. The final step is to select your preferred method of fund disbursal — Happy Money can deposit funds in your checking account or repay your creditors directly on your behalf.