Lender
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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

Advertiser Disclosure

About Lender

Happy Money presents itself as a company built on the principles of trust, transparency, and the mission to enhance the financial well-being of its members. It partners with Michigan State University Federal Credit Union to offer a unique approach to savings and personal finance, emphasizing happiness as a core value. The company ensures a simple and transparent lending process, supported by community-focused lending partners. This foundation not only positions Happy Money as a reliable financial ally but also underscores its commitment to making money a tool for happiness, rather than a source of stress.

The company offers personal loans ranging from $5,000 to $40,000 with APR rates between 11.72% and 17.99%. These loans are designed to help individuals pay off credit card debt and fund their happiness, embodying Happy Money's approach to lending with the customer's best interests at heart. The process of checking rates is made easy and accessible, with assurances that it will not impact the applicant's credit score, making Happy Money an attractive option for those seeking financial solutions tailored to their needs for achieving personal and financial goals.

To obtain a loan from Happy Money, applicants must meet specific conditions and requirements, including being at least 18 years old, having a valid social security number, and owning a valid checking account. All loans undergo a thorough credit review and approval process, where the actual rate depends on the credit score, loan amount, loan term, credit usage, credit history, and state of residence. Notably, loans are not offered in Massachusetts and Nevada, reflecting Happy Money's compliance with state regulations. The company also highlights that checking rates involves a soft credit inquiry, which is only visible to the applicant, ensuring a borrower-friendly approach to personal finance management.

Key Features

  1. Focus on Happiness. Unlike other financial companies, Happy Money is focused on helping people live happier lives by improving their financial well-being. The company's products and services are designed to help customers reduce financial stress, increase financial wellness, and achieve their financial goals.

  2. Human-Centered Approach. Happy Money takes a human-centered approach to financial services, which means that the company focuses on the needs and desires of its customers. The company's products and services are designed to be simple, transparent, and easy to use so that customers can easily understand and manage their finances.

  3. Socially Responsible. Happy Money is committed to making a positive impact on society and the environment. The company's products and services are designed to promote financial wellness and social responsibility, and the company donates a portion of its profits to charitable causes.

  4. Innovative Products. Happy Money offers innovative products that are not commonly found in the financial industry. For example, the company offers a "Payoff" loan product that is designed to help customers pay off their credit card debt faster and more affordably.

  5. Personalized Approach. Happy Money offers a personalized approach to financial services, which means that the company takes into account each customer's unique financial situation and goals. The company's products and services are tailored to meet the individual needs of each customer.

Pros and Cons

Pros

No Hidden Fees. Happy Money prides itself on transparency, charging only an origination fee and avoiding common fees associated with loans, such as application fees, early payment fees, late fees, check processing fees, returned check fees, and annual fees. This straightforward approach helps borrowers manage their loans more predictably.

Fixed APR. The APRs offered by Happy Money's personal loan lenders are fixed, ranging between 11.72% and 17.99%. A fixed APR means the interest rate remains constant throughout the life of the loan, providing stability in monthly payments and making financial planning easier for borrowers.

Credit Score Improvement. Borrowers who have their credit card debt consolidation with a Payoff Loan have reported an average FICO® Score increase of 40 points within four months. This benefit is significant for individuals looking to improve their credit score while managing their debt.

Soft Credit Inquiry for Rate Check. Checking your rate with Happy Money involves a soft credit inquiry, which does not affect your credit score. This feature allows potential borrowers to explore their options without the worry of harming their credit.

Support and Resources. Happy Money offers personal support through their Member Advocates, providing real people to help with questions or concerns. Additionally, the Happy Money website includes a library of support articles and resources to assist borrowers throughout their loan journey.

Partnership with Responsible Lenders. Happy Money only partners with responsible lenders committed to helping borrowers without hurting them, ensuring that the rates and terms offered are among the lowest and most competitive in the market.

Cons

Origination Fee. While Happy Money highlights no hidden fees and a simple fee structure, it does charge an origination fee ranging from 1.5% to 5.5% of the loan amount. This fee is deducted from the loan proceeds, meaning the amount disbursed to you will be less than the full loan amount approved.

Limited Loan Terms. Happy Money Loan offers repayment terms ranging from 2 to 5 years (24 to 60 months). This limited range may not suit everyone's financial situation, especially for those who may prefer shorter or longer terms to manage their monthly payments more comfortably.

Loan Amount Restrictions. Loans are available between $5,000 and $40,000, which may not cover all debt consolidation needs, especially for borrowers with higher amounts of credit card debt.

State Availability. Currently, loans are not offered in Massachusetts and Nevada. This geographical restriction limits access to potential borrowers residing in these states.

Credit Impact for Loan Issuance. While checking your rate involves a soft credit inquiry that doesn't affect your credit score, a hard credit inquiry occurs when the loan is issued, which can impact your credit score.

Reliability

  1. Regulatory Compliance. Happy Money is a licensed lender and is regulated by state and federal authorities. The company operates in compliance with relevant laws and regulations, which can help ensure that its services are reliable and trustworthy.

  2. Partnership With Reputable Institutions. Happy Money has partnerships with reputable institutions such as Mastercard and Visa, which can indicate the company's commitment to providing secure and reliable financial services.

  3. Customer Reviews. Happy Money has received positive reviews from customers on Trustpilot, and the rating on Better Business Bureau is A+. These reviews can indicate that the company provides reliable and satisfactory services to its customers, but it can take more than 30 days to review your credit and disqualify you.

  4. Strong Financial Backing. Happy Money has received significant funding from reputable investors, including Anthemis Group and CMFG Ventures, which can indicate the company's financial stability and potential for growth.

How to Apply for a Happy Money Loan?

Apply for a Loan

  1. Visit Website. Start by navigating to access the official Happy Money website.

  2. Check Your Rate. Find the "Check My Rate" button on the Payoff Loan page. Clicking this button will start the process without impacting your credit score, as it involves only a soft credit inquiry.

  3. Fill Out the Application Form. You'll be prompted to fill in the necessary information to process your rate check. This usually includes personal details, financial information, and the amount you wish to borrow.

  4. Review Loan Options. Based on the information you provided, Happy Money will present you with loan options, including different rates and terms you may qualify for. Take your time to review these options to find the one that best fits your financial goals.

  5. Choose Your Loan Plan. Select the loan option that best meets your needs regarding the monthly payment, interest rate, and repayment term.

  6. Verify Information and Finalize. After choosing your loan plan, you will need to verify your information and finalize the loan documents. This step may require you to submit additional documentation for verification purposes.

  7. Receive Your Loan. Once everything is verified and approved, Happy Money will deposit the loan amount into your account or pay your credit card companies directly, depending on the arrangement. The timing for funding can vary, so check the specific details provided during the application process.

Conditions and Requirements

Conditions

  1. Loan Purpose. Happy Money's Payoff Loan are primarily aimed at consolidate credit card debt, contributing to the borrower's journey towards financial well-being.

  2. APR Range. Happy Money offers fixed APRs ranging from 11.72% to 17.99% for loan amounts from $5,000 to $40,000. The specific APR offered to a borrower is determined based on their creditworthiness and other factors assessed during the application process.

  3. Loan Terms. Repayment terms are flexible, allowing borrowers to choose a period between 2 and 5 years (24 to 60 months) for repayment.

  4. Origination Fee. There is an origination fee ranging from 1.5% to 5.5% of the loan amount, which is deducted from the loan proceeds.

  5. No Hidden Fees Policy. Happy Money's policy ensures no application, prepayment, late payment, or additional hidden fees are charged, promoting transparency and trust.

Requirements

  1. Age and Residency. Applicants must be at least 18 years old and have a valid social security number. Additionally, applicants must be residents of the United States, but loans are not offered in Massachusetts and Nevada.

  2. Bank Account. A valid checking account in the borrower's name is required for the loan transaction.

  3. Credit Check. The application process involves a soft credit inquiry that does not affect the applicant's credit score for rate checking. However, a hard credit inquiry, which can impact the credit score, is conducted once the loan is issued.

  4. Financial Information. Applicants must provide detailed financial information during the application process, including income verification and credit history, to determine eligibility and loan terms.

  5. Loan Acceptance. After receiving a loan offer, applicants must review and accept the terms and conditions of the loan, including interest rates and repayment terms, before the loan can be finalized and disbursed.

Ways to Receive the Money

Happy Money offers a streamlined and efficient process for disbursing loan funds to borrowers, focusing on aiding them in their journey towards financial happiness and debt freedom. Upon approval and finalization of the loan, Happy Money typically deposits the loan amount directly into the borrower's bank account, providing a straightforward and secure way to access the funds. In cases where the primary goal is to pay off credit card debt, Happy Money may also pay the credit card companies directly on behalf of the borrower. This direct payment approach ensures that the funds are used effectively to reduce or eliminate high-interest credit card balances, contributing to the borrower's overall financial well-being and helping them to achieve a happier, debt-free future more efficiently.

Products

Happy Money Personal Loans is designed to help individuals pay off their credit card debt more efficiently. It offers personal loans ranging between $5,000 and $40,000 with APRs as low as 12.45%. Happy Money Personal Loan aims to provide a happier way to manage and eliminate credit card debt by consolidating high-interest balances into one monthly payment at a fixed rate and term. This approach not only simplifies the repayment process but can also lead to savings on interest and a potential boost in the borrower's credit score.

Other Personal Loans

Reasons for Loan Refusal

Check Credit Score

A loan application with Happy Money may be declined for several reasons, each tied to the company's specific loan requirements. Common grounds for refusal include an applicant's failure to meet the minimum age requirement of 18, lack of a valid social security number, or residence in a state where Happy Money loans are not available, such as Massachusetts or Nevada. Additionally, an inadequate credit history or credit score, insufficient income to support the requested loan amount, or the absence of a valid checking account can also lead to rejection. Happy Money's commitment to responsible lending means each application undergoes a thorough review process, assessing creditworthiness, financial stability, and other factors to ensure loans are granted to individuals who are most likely to manage and repay their debt effectively.

How to Repay a Happy Money Loan?

Repay

Repaying a loan from Happy Money is designed to be straightforward and user-friendly, reflecting the company's commitment to financial well-being and customer satisfaction. Once you've received a loan, Happy Money sets up a fixed monthly payment schedule, ensuring that each payment is consistent throughout the term of the loan. These payments can typically be made through automatic bank transfers, a feature that helps borrowers avoid late payments and maintain good financial habits. Additionally, Happy Money provides an online platform and mobile app where borrowers can manage their accounts, track loan balances, and see upcoming payment dates.

Loans like Happy Money

OppLoans

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OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.

Opploans

Rise Credit

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RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.

Rise Credit

OneMain Financial

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OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.

OneMain Financial

Universal Credit

Apply for a Loan

Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.

Universal Credit

Editorial Opinion

Happy Money emerges as a distinctive player in the financial industry with its innovative approach to debt consolidation and personal loans, focusing on the psychological well-being of its borrowers as much as their financial health. Its commitment to helping individuals pay off multiple credit card debts through The Payoff Loan - offering fair, fixed APRs and flexible repayment terms - demonstrates a clear understanding of the financial challenges many face today. The absence of hidden fees and the potential for credit score improvement further underscore Happy Money's borrower-friendly ethos. However, the company's loan availability limitations and specific eligibility criteria may not accommodate everyone's needs, suggesting that while Happy Money is an excellent option for many, prospective borrowers should carefully consider their personal financial situation.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

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
Rating by Finanso®
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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
5000.00 – 40000.00 $
Rate
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Effective interest rate on the product

11.72 – 17.99 %
Term
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Loan term for the financial product

2 years – 5 years
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Recommended FinScore™
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100.00 – 20000.00 $
Rate
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Effective interest rate on the product

from 0.05 %
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Loan term for the financial product

5 days – 3 months
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Rating by Finanso®
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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.

Recommended FinScore™
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2000.00 – 100000.00 $
Rate
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Effective interest rate on the product

6.34 – 35.89 %
Term
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Loan term for the financial product

2 months – 72 months
Rating by Finanso®
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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.

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100.00 – 4000.00 $
Rating by Finanso®
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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.

4.25
(20 Ratings)
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Rate
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Effective interest rate on the product

to 160.00 %
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All Happy Money’s reviews by may 2024
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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
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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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