Happy Money

Happy Money is a Costa Mesa, California-based online lending platform that offers personal loans through its lending partners, who are credit unions from across the U.S. Founded in 2009, Happy Money focuses on personal loans to help its clients pay off or reduce credit card balances.

The company has facilitated funding of over $6 billion in loans for over 300,000 consumers. In an industry where many companies offer lots of options, Happy Money is an outlier with its focus on doing one thing: personal loans to consolidate credit card debt.

Program Variety

Personal loans are available between $5,000 and $40,000, depending on the client's creditworthiness and loan term. Personal loan repayment periods range from two to five years.

Products Available

Happy Money offers a streamlined experience with only one primary product, a personal loan to eliminate or lower credit card balances. The company refers to it as "The Payoff Loan™." To be eligible, borrowers must have a 640 or higher credit score, with no current delinquencies.

Program Costs

Happy Money is transparent about program fees. The only fee charged to borrowers is an origination fee of 1.5% to 6.25% of the total loan amount. There are no late, bounced check, failed ACH, or other fees.

Personal loans offered through Happy Money range from 11.72% to 24.67% APR.

Industry Reputation

Happy Money is fairly unique in the financial technology industry, in that it works solely with community-based lending partners (credit unions) for its personal loan offerings.

The company has raised multiple rounds of funding and steadily grown since its inception in 2009, and stands out from competitors with its positive messaging, colors, and brand.

Happy Money has fairly positive feedback from employees, who rate it 3.3/5 on Glassdoor.

Benefits

• Funding is possible in as little as 24 hours
• Pre-qualify with a soft credit check that doesn't affect your credit score
• Accessible support with customer service available 6 days a week
• Simple, clear process compared to many competitors

Complaints

Happy Money has been accredited by the Better Business Bureau (BBB) since 2022, with an A+ rating. Their profile shows 40+ customer reviews averaging 1.49/5 stars.

Happy Money has a 4/5 rating on Trustpilot, with 370+ reviews. Happy Money's page on Credit Karma shows a 4.4/5 rating from 1,000+ reviews.

State Coverage

Personal loans are available through Happy Money in all U.S. states (and Washington D.C.), except for Massachusetts and Nevada.