Happy Money Personal Loans Legit? Should you get a $5,000-$40,000 Personal Loan From Happy Money?
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Video Timeline: Is Happy Money Legit? Should you get a $5,000 to $40,000 personal Loan from Happy Money?
00:00 - Is Happy Money a legit company?
00:34 - How much can you borrow from Happy Money?
01:04 - How long are Happy Money personal loans?
01:29 - Is it hard to get a loan from Happy Money?
01:49 - How Happy Money decides who to approve
02:17 - Does Happy Money accept cosigners?
02:35 - What are the APRs for a Happy Money loan?
03:08 - How much are origination fees on Happy Money loans?
03:32 - Example of an origination fee
04:07 - Will Happy Money pay off my creditors for me?
04:53 - Does Happy Money charge late fees or other fees?
05:31 - What can you use a Happy Money personal loan for?
06:10 - Summarizing Happy Money personal loans
07:00 - How to make sure you're getting the best deal
07:22 - Where to shop around
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Happy Money is a financial services platform. They connect credit unions and other lenders with people looking for a loan. Since the loans are made by credit unions, they have to follow credit union requirements.
Let’s start with the question of how much you can borrow from Happy Money. Their minimum loan amount is $5,000 which is one of the higher minimums for personal loans. That means that Happy Money is probably not the place you want to go if you just need to cover a monthly shortfall. If you are looking for even more money, Happy Money’s maximum loan amount is $40,000. That’s a little lower than a lot of companies which will lend as much as $50,000.
The terms of a Happy Money personal loan ranges between 2 and 5 years. Those are pretty standard terms for loans of this size. Happy Money does not charge a prepayment penalty on their loans, though, so you should always do your best to pay the loan off early. You can save a lot of money on interest by making extra principal payments in the first year of the loan.
Is it hard to get a personal loan from Happy Money? Happy Money is more transparent about who can qualify for their loans than most other lenders. You will need a credit score of 640 or better. I suspect most of their borrowers have credit scores in the good-to-excellent range, or above 680. But they will look at more than just your credit score. They will need to see that you have no delinquencies on your credit file. All of your current accounts need to be in good standing. They will also at your overall credit history, debt-to-income ratio, payment history, credit card utilization, your amount and type of income, and other financial information that can be found in your credit report.
Happy Money will not allow you to include a cosigner on the loan. That means that your application must stand on its own.
Now let’s look at the APRs of a Happy Money installment loan. Their minimum APR is 11.72%. If you are borrowing more than $15,000, the minimum is 12.45%. The maximum APR that they will charge is 17.99%. That is one of the lowest maximum APRs in the industry. That probably reflects the fact that their lenders are credit unions. But, that might mean that it could be tough to be approved by them.
Happy Money will charge an origination fee of between 1.5% and 5.5%. I generally think that an origination fee above 5% is getting to be on the high side, so I am pleased to see Happy Money cap out at 5.5%. An origination fee is a percentage of the borrowed amount and comes out of the proceeds of the loan. Say you borrow $10,000 with a 5% origination fee. That fee is $500 dollars. So, you will receive $9,500, but will still need to repay the $10,000. The fee is included in the APR, so if you have a loan with a low APR but a high origination fee, it’s still a low-cost loan. But, you don’t get a reimbursement of the origination fee if you pay the loan off early.
