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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

5.0

Happy Money

Finanso.Multilogin™

About lender

Happy Money is a financial services company that offers loans to help people pay off their debts. The company was founded in 2009 and is headquartered in Torrance, California.

Happy Money has over 236,000 members and issues $4.3 billion of personal loan amount.

Happy Money has a network of lending partners that allows us to offer loans to qualified borrowers at competitive interest rates. It offers pay off credit cards from $5,000-$40,000 and terms from 2 to 5 years. Depending on the borrower's needs and creditworthiness, it may be able to offer a lower interest rate, longer-term, or higher loan amount.

Pros and cons

Happy Money has its pros. Here are they:

  1. The interest rate of 5.99%. Their interest rates are some of the lowest in the industry, which means you can save money on your loan.

  2. The loan amounts from $5,000 to $40,000, so you can find a loan that fits your needs.

  3. No fees except for an origination fee.

While this company can help you get out of debt, there are some potential downsides to using their services.

  1. You cannot qualify for a loan if you have a low credit score. The company requires a minimum of 600.

  2. Your APR depends not only on your creditworthiness but also on your loan amount and term.

  3. There is only one financing product designed to pay off your credit card balance.

Terms and conditions

Happy Money issues personal loans in the form of the payoff loan to help you lower your credit card balance. The amounts you can get vary from $5,000 and $40,000. The rates for pay off start at 5.99% and go up to 24.99% APR and you will need to pay it off in 2-5 years.

For the loan amount of over $15,000, your minimum APR will be 6.99%.

You can check your rate on the website. It implies a soft credit check, so your credit score won’t be affected.

There is an origination fee ranging from 0% to 5%. It is issued once when you issue the loan, and cover the operating costs of the lender.

Funding a loan

Once all your documentation has been submitted, and the application is completed, it typically takes Happy Money 3-6 business days to transfer money to your bank account. Direct Card Payoff will take more time.

If you need to contact the company, their Support works 24/7.

FAQ

What is Happy Money Inc?

Happy Money Inc is a financial technology company that offers a mobile app and prepaid Visa card that helps people save, manage, and grow their money.

Is Happy Money Inc a payoff?

The short answer is no. Happy Money Inc. is not a payoff. However, some people believe it may be a scheme designed to take advantage of people looking for a way to make money online.

Who founded Happy Money?

Happy Money was established in 2009 by Ken Honda. It is dedicated to helping Americans save money and get out of debt.

Does payoff hurt your credit score?

Paying off your debts does not hurt your credit score, and lowering your debt-to-credit ratio can help raise your credit score.

Company documents

Privacy Policy
Licenses

Happy Money exists to help people use money as a tool for their happiness

© Happy Money, Inc

Financial products

Happy Money
Personal loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

5
Recommended FinScore™
0
300
650
1000
$5,000 - $40,000
Rate
i

Effective interest rate on the product

up to 24.99%
Term
i

Loan term for the financial product

up to 60 months

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Calculate loan payments in Happy Money

Happy Money calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

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5000 $
40000 $
Loan term
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Specify the loan term for the calculation

months
days
24
60

What to focus on before applying for a loan with Happy Money

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Happy Money and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Happy Money’s reviews by September 2022
Leave feedback
1 reviews
Personal loan Go
5
Advantages
If we take into account the fact that this lender offers the opportunity to receive points for the use and timely repayment of loans, which can be used to repay subsequent loans in the future, then this is a huge plus in his direction. In terms of interest, everything is within acceptable limits, if you compare it again with other companies, you can repay the loan ahead of schedule, this is not hindered here and even no commissions will be required to pay. In case of problems, you can always contact the support service, the attitude to customers is loyal and all issues are resolved fairly quickly in terms of deadlines. In the future, I still plan to contact here
Disadvantages
-
Complain
Overall company rating
5.0
/ 5
1 reviews
Execution of an application
5.0
Support service
5.0
Mobile app
5.0
Service quality
5.0
Your satisfaction level
5.0

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