Happy Money Personal Loans Review

(June 2024)

Happy Money Personal Loans Review

In This Article

Our Verdict


Happy Money is an online-only bank based in Costa Mesa, California, which offers personal banking services such as savings accounts, checking accounts, and personal loans. Happy Money aim to promote financial wellness and help people lead happier lives.

It is important to note that Happy Money as an online-only bank operates in all 50 states of the United States—and does not have any physical branch locations. You can conduct all your banking online through their website or mobile app.

Check the fees and interest rates of Happy Money and read it’s customer reviews to make an informed decision. Keep in mind that Happy Money is an online-only bank, so if you prefer a physical branch location or in-person customer service, it may not be the best option for you.

To access Happy Money services, you can visit its website at happymoney.com or download its mobile app from the App Store or Google Play. You can also contact their customer service team by phone at 1-855-549-2246.


  • Promotes financial wellness and aims to help people lead happier lives.
  • Provides a range of personal banking services, including savings accounts, checking accounts, and personal loans.
  • Operates in all 50 states of the United States and is easily accessible through their website and mobile app.
  • Offers competitive interest rates and charges minimal fees.
  • Provides a unique “Happy Score” system to help customers track their financial progress.


  • No physical branch locations, which may be inconvenient for some customers who prefer in-person banking.
  • Limited options for certain banking services, such as credit cards and business banking.
  • Relatively new to the banking industry and lacks the same level of experience and reputation as some larger banks.
  • May not be suitable for customers who require more specialized or complex financial services.

Who This Product Is Best For

Happy Money is best fit for you, if you:

  • Need quick and easy funding
  • Want to consolidate high-interest debt
  • Require funding for major purchases (home renovation, vacation or other major purchases)
  • Value customer satisfaction
  • Want to improve your financial health

Who This Product Isn't Right For

Happy Money may not be the best option for you, if you:

  • Have a poor credit history or history of missed payments
  • Need funds for business purposes
  • Want longer repayment terms beyond 2-5 years
  • Need a large amount of loan beyond $40,000

What This Product Offers

Personal Loans: Consider Happy Money’s personal loans if you need to borrow money for personal expenses. Happy Money offer fixed interest rates and transparent terms with no hidden fees. Applying for a loan is quick and easy, and you can choose from flexible payment terms that fit your budget. Happy Money’s personal loans are a great option if you need to consolidate high-interest debt or finance a major purchase.

Product Details

Consider Happy Money’s personal loans if you need to borrow funds for any reason. To apply for a personal loan, visit Happy Money’s website or use its mobile app. The application process is quick and easy, and you can receive a decision in minutes.

By choosing Happy Money’s personal loans, you can benefit from their fixed interest rates, no hidden fees, and flexible repayment terms. This can make it easier to manage your debt and improve your financial health.

Loan Amount

$5,000 to $40,000


11.50% to 29.99%

Repayment Terms

2 to 5 years


Origination Fee: 0% to 5%

Minimum Credit Score


Where This Product Stands Out

Quick and Easy Application: With Happy Money, applying for a personal loan is a breeze. The application process is quick and straightforward, and you can expect to receive a decision in just minutes. This means you don’t have to wait long to get the funds you need. Simply visit Happy Money’s website or use its mobile app to apply, and you could have the money deposited directly into your bank account soon after approval.

Socially Responsible: If you value social responsibility, you’ll be happy to know that Happy Money donates a portion of their profits to support financial literacy programs. By borrowing from them, you’re not only getting the funds you need but also supporting a company that is making a positive impact on society. This can give you a sense of satisfaction knowing that your borrowing decision is aligned with your values. So, if social responsibility is important to you, consider Happy Money for your personal loan needs.

Flexible Repayment Terms: If you want to pay off your loan quickly and minimize interest charges, you can choose a shorter repayment term. On the other hand, if you need lower monthly payments, you can opt for a longer repayment term. Happy Money’s flexible repayment terms give you the power to customize your loan to fit your unique needs.

Personalized Rates: To get a more personalized interest rate, Happy Money takes into account factors beyond just your credit score. This means you may be able to secure a lower rate if you have a good credit history or other positive financial factors. To take advantage of this, be sure to provide as much information as possible when applying for a Happy Money personal loan. The more information you provide, the more accurate your personalized rate will be.

Where This Product Falls Short

Limited Loan Purposes: If you have a specific borrowing need that doesn’t fall under debt consolidation or major purchases, Happy Money personal loans may not be the best fit for you. Keep in mind that Happy Money may have limitations on the types of expenses you can use the loan for. Review the loan terms and restrictions before applying to ensure that it aligns with your borrowing needs. If you’re looking for a loan for a different purpose, you may want to consider other lenders that offer more flexibility in their loan purposes.

Strict Credit Requirements: To be eligible for a personal loan from Happy Money, it’s important to have a good credit score. This means that if you have a less-than-stellar credit score, you may not be able to qualify for their loans. To improve your chances of approval, focus on improving your credit score by paying bills on time, reducing debt, and monitoring your credit report for errors. Additionally, consider looking for lenders that specialize in working with borrowers who have lower credit scores. 

Origination Fee: Keep in mind that Happy Money might charge an origination fee ranging from 1% to 5%. This fee will be deducted from your loan amount when it is issued.

How to Qualify for This Product

To qualify for a Happy Money personal loan, you must meet the following requirements:

  • You must be at least 18 years old and a legal resident of the United States.
  • You must have a valid Social Security number or Individual Taxpayer Identification Number (ITIN).
  • You must have a minimum credit score of 640.
  • You must have a minimum annual income of $40,000.
  • You must have a debt-to-income ratio of less than 50%.

If you meet these criteria, you can apply for a Happy Money personal loan online or over the phone. During the application process, Happy Money will review your credit history, income, and other factors to determine if you qualify for a loan and what interest rate you will receive. If approved, you can typically receive funds within one to two business days.

How to Apply for This Product

Happy Money does not provide much information regarding the application procedures for its business loan, making it challenging to understand the process. Your best option is to speak with a Happy Money representative directly to obtain all the necessary details about business financing at the bank.

To apply for a Happy Money personal loan:

  • Visit the Happy Money website and click on “Apply Now” to start the application process.
  • Enter your personal information, including your name, address, and contact information.
  • Provide details about your employment, including your job title, employer name, and income.
  • Choose the loan purpose and loan amount that you’re seeking.
  • Provide additional financial information, including your credit score, monthly expenses, and any outstanding debts.
  • Review and accept the loan terms and conditions.
  • Submit your application and wait for a decision.

If approved, you’ll receive your loan funds via direct deposit within a few business days. It’s important to note that while Happy Money offers a quick and easy application process, approval is not guaranteed and may depend on a variety of factors, including your creditworthiness and financial situation.

Alternative to This Product

Lending Club: If you’re looking for an alternative to Happy Money, consider checking out LendingClub. LendingClub is a peer-to-peer lending platform that connects borrowers with investors. They offer personal loans with fixed interest rates and no prepayment penalties. To qualify, you’ll generally need a minimum credit score of around 600, and loan amounts range from $1,000 to $40,000.

It’s worth noting that LendingClub may charge an origination fee ranging from 1% to 6% of the loan amount. So, be sure to take that into account when comparing loan options. Overall, LendingClub can be a good option if you’re looking for a fixed-rate personal loan with flexible repayment terms and no prepayment penalties.

LightStream: Consider LightStream as an alternative to Happy Money for a personal loan. LightStream offers loan amounts from $5,000 to $100,000, competitive interest rates, and repayment terms ranging from two to seven years. Apply through their online application and receive a response within minutes. Check out their “Rate Beat Program” which promises to beat any competitor’s interest rate by 0.10 percentage points, as long as the competitor’s loan meets certain requirements.

SoFi: Consider SoFi as an alternative to Happy Money. SoFi is an online lender that provides personal loans with no fees and competitive interest rates. To qualify, check their minimum credit score requirements which range from 680 to 700 depending on the loan amount you need. You can borrow from $5,000 to $100,000 with SoFi.

Customer Reviews

Happy Money has a positive reputation among customers on various review websites such as Trustpilot and the Better Business Bureau. On Trustpilot, Happy Money has a rating of 4.6 out of 5 stars, with many customers praising the company’s quick and easy application process, as well as their friendly and helpful customer service. On the Better Business Bureau, Happy Money has an A+ rating, with only a few customer complaints. It’s important to note that reviews and ratings can vary and should be considered alongside other factors when making a decision about a personal loan.


We reviewed this product based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated *this product* based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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