Happy Money Personal Loans 2024 Review
Updated February 15, 2024 at 7:30 pm
Our Methodology Newsweek Vault’s loan experts evaluated multiple data points to help our readers make sense of their borrowing options across student loans and personal loans. To narrow down the best available offers, we weigh the product pros and cons across five core categories, including:
- Application process
- Eligibility requirements
- Interest rates
- Loan amounts (minimum and maximum)
- Repayment flexibility
Happy Money Personal Loans
on Credible’s website
Unsecured loans to help borrowers pay off existing debt, such as credit cards, with up to $40,000 in available funding.
Expert take
Loans from Happy Money partner lenders are designed for borrowers who have outstanding debt and a 640 credit score and want to consolidate balances to save money on interest. These loans can only be used for debt consolidation purposes, unlike other personal loans, which have less restrictions.
Pros
- Apply online with no impact to your credit score
- No late fees
- Borrow up to $40,000
Cons
- Loans can only be used for debt consolidation
- No co-signed or joint loans available
- Funding can take up to seven business days
Personal Loans Rate and Terms Disclosure From Credible: Rates for personal loans provided by lenders on the Credible platform range between 6.94% - 35.99% APR with terms from 12 to 120 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 10.43%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32, assuming your lender deducts the origination fee from the offered loan amount. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
Editorial Disclosure: Opinions, reviews, analyses and recommendations expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of these entities.
