Happy Money 2025 Personal Loan Review

Item: Happy Money
Rating: 4

Last updated on August 28, 2025

Written by

Lead Writer & Content Strategist

Edited by

Editor & Content Strategist

Fact Checked

Co-written by

Lead Writer

Written by

Lead Writer & Content Strategist

Co-written by

Lead Writer

Edited by

Editor & Content Strategist

Fact Checked

Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.

Our Take

4.0

NerdWallet rating

The Nerdy headline:

Happy Money may be a smart way to consolidate high-interest credit card debt into one fixed monthly payment, but well-qualified borrowers may find lower rates elsewhere.

Jump to:Full Review

Happy Money

Est. APR

7.95-29.99%

Loan amount

$5,000 - $40,000

Min. credit score

640

on NerdWallet

Pros

Option to pre-qualify with a soft credit check.
Direct payment to creditors with debt consolidation loans.
Hardship assistance or program for borrowers in need.

Cons

Charges an origination fee.
No co-signed, joint or secured loan option.
May take up to a week or longer to fund loans.

Compare best personal loan lenders

Lender	Est. APR	Loan amount	Min. credit score
4.5 Check Rateson NerdWallet on NerdWallet	8.99- 35.49%	$5,000- $100,000	None	Check Rateson NerdWallet on NerdWallet
4.5 Check Rateson NerdWallet on NerdWallet	6.99- 25.14%	$5,000- $100,000	660	Check Rateson NerdWallet on NerdWallet
4.5 Check Rateson NerdWallet on NerdWallet	7.90- 35.99%	$1,000- $50,000	600	Check Rateson NerdWallet on NerdWallet
5.0 Check Rateson NerdWallet on NerdWallet	7.99- 35.99%	$1,000- $50,000	600	Check Rateson NerdWallet on NerdWallet
4.5 Check Rateson NerdWallet on NerdWallet	6.99- 35.99%	$2,000- $50,000	600	Check Rateson NerdWallet on NerdWallet

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Full Review

Happy Money offers fixed-rate personal loans to good- and excellent-credit borrowers who are looking to consolidate debt. Though its loans are mostly for paying off credit card debt, you may be able to use a Happy Money loan to pay off other unsecured personal loans.

» MORE: Compare the best personal loans

Happy Money personal loans at a glance

Minimum credit score	640.
APR	7.95% - 29.99%.
Fees	Origination fee: 0.25% to 10%.
Loan amount	$5,000 to $40,000.
Repayment terms	2 to 5 years.
Time to fund after approval	3 to 5 days.

Disclosure from Happy MoneyDisclosure from Happy Money
This offer does not constitute a commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to verify your identity, income, assets, or financial condition. The rate and terms you may be approved for will be shown to you during the application process. Loans subject to an origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements. Only loans applied for and issued on or after January 10, 2024, are covered under the TruStage™ Payment Guard Insurance Policy. Please refer to the certificate of insurance, provided to you with your loan origination documents, for terms and conditions of the coverage. Some exclusions apply. Claims must be submitted for review and approval to CUMIS Specialty Insurance Company, Inc. TruStage™ Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc and not by Happy Money. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705.

Where Happy Money personal loans stand out

Soft credit check: Borrowers can pre-qualify on Happy Money's website to check potential rates and terms with no impact to their credit score. If you move forward with your application, Happy Money does a hard credit pull, which is typical among lenders and will cause a small, temporary drop in your credit score.

Direct payment to creditors: Though loan funds can be deposited into a personal checking or savings account, Happy Money will also pay off credit cards directly. Direct payment means borrowers don’t have to send the funds themselves, simplifying the consolidation process.

» COMPARE: The best debt consolidation loans

Hardship assistance: Happy Money has aid options for borrowers experiencing financial hardship, including plans that let borrowers skip a payment, temporary payment reductions and long-term modifications. Not all lenders offer hardship programs, which can provide relief for borrowers going through a difficult time.

Where Happy Money personal loans fall short

Origination fee: Happy Money charges an origination fee of up to 10%. The fee is deducted from the loan amount before being deposited into your account or sent to creditors. Although this is the only fee Happy Money charges, some lenders charge zero fees on personal loans or offer other ways to reduce costs, including possible rate discounts.

No co-signed, joint or secured loan options: Happy Money only offers unsecured loans, which means there’s no option for borrowers to submit a joint application, add a co-signer or secure the loan with collateral to qualify for a better rate or a larger loan.

» MORE: Best secured personal loans

Slower funding time: Though Happy Money offers instant pre-approvals to some borrowers, its funding time is slower compared to other online lenders, many of which can fund a loan the same or next day after you’re approved. On average, it takes Happy Money about four to five days to fund a loan, though some borrowers may receive funds in three days. If the loan funds are sent directly to creditors, it may take up to 10 days.

Our expert take:

"Happy Money isn’t a bad option for paying off debt, especially if you pre-qualify for a lower rate than what you’re currently paying on your credit cards. But if you want the lowest rate possible, and you have good or excellent credit, you may have better options, including loans with rate discounts and no origination fees."

— Jackie Veling, Lead Writer on Personal Loans

How to use Happy Money personal loans

Happy Money’s Payoff Loan can only be used for debt consolidation. The lender says borrowers can consolidate credit cards and, in some cases, unsecured personal loans. Funds can’t be used for other purposes.

Do you qualify for a Happy Money personal loan?

Happy Money accepts good- to excellent-credit borrowers that are looking to consolidate debt.

Happy Money’s borrowing requirements

Minimum credit score: 640.
Minimum annual income: None.
Maximum debt-to-income ratio: 55%, including mortgage payments.
Minimum credit history: Three years and two accounts.
Must be a U.S. citizen and provide a valid Social Security number, email address, U.S. bank account, proof of residency and proof of employment or income.
Not a resident of Iowa, Massachusetts and Nevada.

Happy Money’s average borrower snapshot

Average borrower’s credit score: 708.
Average gross annual income: $112,300.
Average loan amount: $19,500
Average APR: 16.80%.
Most common loan term: 46 months.
Most common loan purposes: Debt consolidation.

» MORE: How to get a personal loan

How we rate Happy Money

NerdWallet writers and editors rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s how we scored Happy Money this year:

Category	Star rating
Affordability
Underwriting and eligibility
Application process
Loan flexibility
Customer experience
Overall

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Find the Best Personal Loan

Best personal loans Debt consolidation loans Good credit personal loans Fair credit personal loans

How we chose the best personal loans

Our team of consumer lending experts follows an objective and robust methodology to rate lenders and pick the best.

30+

Lenders reviewed

We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.

25+

Categories assessed

Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.

60+

Data points analyzed

Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.

Star rating categories

We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.

Affordability

25%

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

20%

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

20%

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility

20%

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

15%

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

5.0

Overall score

NerdWallet’s review process evaluates and rates personal loan products from more than 30 financial technology companies and financial institutions. We collect over 60 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

About the authors

Jackie Veling

Lead Writer & Content Strategist

Jackie Veling covers personal loans for NerdWallet. Her work has been featured in The Associated Press, MarketWatch, MSN, Nasdaq.com, the Los Angeles Times and Yahoo Finance. Her work has also been cited by the Harvard Kennedy School. Prior to that, she ran a freelance writing and editing business, where she partnered with a wide range of clients, including U.S. Bank and Under Armour. She graduated from Indiana University with a bachelor’s degree in journalism.

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Ronita Choudhuri-Wade

Lead Writer

Ronita Choudhuri-Wade is a former NerdWallet writer specializing in personal loans. Previously, Ronita's work has been featured in the Washington Post, LA Times, Nasdaq and MarketWatch, among other publications. Ronita has also appeared on "Mornings With Maria Bartiromo".

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About the editor

Laura McMullen

Editor & Content Strategist

Twitter

Laura McMullen assigns and edits financial news content. She was previously a senior writer at NerdWallet and covered saving, making and budgeting money; she also contributed to the "Millennial Money" column for The Associated Press. Before joining NerdWallet in 2015, Laura worked for U.S. News & World Report, where she wrote and edited content related to careers, wellness and education and also contributed to the company's rankings projects. Before working at U.S. News, Laura interned at Vice Media and studied journalism, history and Arabic at Ohio University. Laura lives in Washington, D.C. Email: <a href="mailto:[email protected]">[email protected]</a>. Twitter: <a href="https://twitter.com/lauraemcmullen">@lauraemcmullen</a>.

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