Happy Money Personal Loans Review: Designed for Paying Off Credit Cards

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Personal loans can be a helpful financial tool for refinancing and consolidating credit card debt. Since they can provide lower interest rates than credit cards and a fixed monthly payment, consolidating your credit card debt can help you stay focused on paying it off and save you money in the process. Happy Money offers personal loans specifically for this purpose.


on Happy Money's website

Fair - Exceptional

Est. APR

7.99 - 29.99%




Available loan amounts: $5,000 to $40,000

Est. monthly payment: $224 to $2,216

Grace period: 10 days

Application fee: $0

Loan Details
  • 7.99% - 29.99% APR
  • Pay off high-interest credit card balances and save
  • Quickly check your rate without affecting your credit score
  • No prepayment, late, or check-processing fees
  • Members see an average FICO® Score boost of 40 points when paying down credit card balances
Ability to pay off multiple credit cardsMay have a higher interest rate than credit cards
Clear qualification requirementsNot available in all states
No fees beyond a potential origination feePotential origination fee
Happy Money Customer Service

1700 Flight Way
Tustin, CA 92782

Experian Review

The Happy Money loan was created with one primary focus: to help borrowers pay off their credit card debt. The company's single product is an unsecured personal loan with a fixed interest rate, and it may be one of the better debt consolidation loans available to borrowers.

Easy Way to Pay Off Credit Cards

Many lenders offer personal loans you can use for almost anything, but Happy Money requires borrowers to use the money to pay off their credit cards. It offers loans in amounts ranging from $5,000 to $40,000. However, even if you could otherwise qualify for a larger loan based on your creditworthiness, your maximum amount could be limited to your current credit card debt.

Your loan will have a fixed interest rate, and you can choose from repayment terms ranging from two years to five years. If you're approved and accept a loan offer, the loan amount—minus an origination fee, if you have to pay one—will be deposited into your checking account.

Alternatively, you can ask Happy Money to send the money directly to your credit card issuers. If you do, make sure to continue to pay your credit card bill until you can verify the balance is zero and you don't owe anything.

Using personal loans for credit card debt consolidation is a popular tactic because it can save you money.

For example, if you have $10,000 in credit card debt at an 18% APR and you want to pay off the debt in four years, you'll need to make monthly payments of $293.75. Overall, you'll pay $4,100 in interest.

However, if you take out a $10,000 personal loan with a 9% APR, your monthly payments drop to $248.85 and you pay $1,944.82 in interest. Not only do the lower monthly payments help free up more money each month, but you're also saving an estimated $2,150 in interest.

Who Can Apply for a Happy Money Personal Loan?

In addition to having credit card debt to repay, Happy Money requires applicants meet certain minimum qualification requirements to get a personal loan:

  • Be at least 18 years old (19 in Alabama)
  • Have a valid Social Security number
  • Have a valid checking account
  • Do not live in Massachusetts, Mississippi, Nebraska, Nevada or West Virginia
  • No currently delinquent accounts
  • At least three years of credit history

Your loan amount, rate, term and approval will depend, in part, on your creditworthiness, which may include your credit history, credit scores and debt-to-income ratio.

Your interest rate and origination fee can also depend on how much you borrow and the repayment term you choose from the options you're given. Generally, a longer-term loan will have a higher rate and fee. If you're charged an origination fee, the money will come out of your loan disbursement.

Can You Prequalify for a Happy Money Loan?

You can prequalify for a Happy Money loan with a soft credit inquiry, which won't impact your credit scores. In fact, this is the first step you have to take when you're applying for the loan online.

To do so, you'll need to share basic information about yourself and your finances. This includes your name, date of birth, address, phone number, annual income and monthly rent or mortgage amount. You'll also need to create an online account before finding out if you'll prequalify for a loan.

How to Repay Your Happy Money Loan

If you take out a Happy Money loan, your monthly payments will start about a month after you sign the loan documents. You can request to change your monthly payment's due date, but only once every 12 months. You can also request to make your monthly payments manually rather than having the money automatically withdrawn from your bank account.

While Happy Money doesn't charge a late payment fee, the company asks that you reach out if you think you might miss a payment. Happy Money may be able to work with you to keep your account in good standing while you temporarily pause or make smaller payments. Even if you aren't charged a fee, your late payment could be reported to the credit bureaus and hurt your credit if you're 30 or more days past due.

If you're able to repay your loan early, you can do so at any time without paying a prepayment fee.

Happy Money Customer Benefits

Happy Money offers several customer benefits to borrowers, including FICO® Score tracking with monthly updates for free. You can also use the personality, stress and cash flow assessment tools to better understand your personal finances and approach to money. The company's member experience team checks in with borrowers by conducting quarterly calls during your first year to answer questions and discuss your progress.

Additional Info*

Loan amount: $5,000 - $40,000Origination fee: 0% - 5%
Estimated APR: 7.99% - 29.99% (fixed)Late fee: None
Loan terms: 24 - 60 monthsPrepayment fee: None
Funds received: 3 - 6 business days

Personal Loan Calculator

The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.

A Good Option for Debt Consolidation

A personal loan from Happy Money could be a good option if you meet the lender's requirements and are looking to consolidate your credit card debt. Particularly if you can prequalify for a loan with a low (or no) origination fee, it may be one of the best options. However, if you're looking to borrow money for other reasons, a different personal loan lender may be a better fit.

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