Selecting the right loan plan can cause a headache. First, you have to pick the right finance company/lender which you can trust. Since there are lots of scammers in the market, people first choose to search for a company to confirm whether it is legit or not.
One such company is Happy Money, which has been making buzz on the internet because of its customer-friendly policies. But is it even trustworthy?
Well, Happy Money is 100 percent legit. It has partnered with Credit Union and other credible lenders to give you up to $40,000 and access to top-notch financial tools. Furthermore, it has been featured in Forbes, New York Times, and other reputable media.
But hold on! There are some complaints from people about Happy Money which you should also know. So, keep reading!
Key Takeaways
- Happy Money offers from $5000 to $40,000 loans with APR starting from 11.50 percent to anyone except the people of Nebraska and Massachusetts.
- The application process is simple. Go to the official website, click on “Check Rate,” and fill in the details.
- Happy Money reports to credit bureaus, so repaying on time can upscale your credit score.
- It charges high origination fees and does not allow co-applications (which is a big minus).
- If you face any problem at any time, you can resolve it in three ways:
| Call | Help Center | |
| success@happymoney.com | 1-800-878-0901 | Visit the Help Center page. |
Let’s dive into the details!
What Makes Happy Money Legit?
Happy Money is reliable because of four reasons.
Reason 1: Simple Lending Process
Scammers make the lending process blurry because they don’t want you to go into the details. But Happy Money has made everything about the process clear on the official website.
First, go to “Check Rate” and input how much you want to borrow. Happy Money can give you up to $40,000. Then, you will be asked where you will spend the funds. After this, add your personal information. Type your name, email, income, whether your own home, etc.
After this, you can preview the loan offers. If you like one, go for it. If you don’t, it means Happy Money is not for you. It’s that simple.
If you decide to select a loan offer, then you will have to do some more work. In the next step, submit a formal loan application. It will involve documents like pay stubs, bank statements, etc. Everything will be mentioned when you choose a loan plan.
Also, note that Happy Money does a strict credit check. So, if you see a slight dip, don’t get worried.
When everything checks out, the money will be transferred to you. So, it’s safe to say Happy Money is legit.
Reason 2: Reputable Lending Partners
Happy Money partners with Credit unions and credible community-focused menders, which is another proof of their legitimacy.
Furthermore, it also reports your payments to all major bureaus. It means if you repay the loan on time, your credit score will get a big boost.
However, it also means if you are late on repayments, your credit score can take a hit. So, be careful!
Reason 3: Has Been Featured in Credible Media
Happy Money has been featured and praised highly by the leading world’s media. Some of them are Forbes, CNBC, Business Insider, Buzzfeed, New York Times, and Harvard Business Review.
In fact, Forbes has declared Happy Money the “Number One” Customer Centric Finance Company.
Other review platforms are also full of positive reviews. At Trustpilot, it has received a 4.1 rating out of 5. A lot of people have commented that Happy Money made their life easier by letting them pay their credit card debts.
Reason 4: Top-Notch Customer Service
The last big thing that makes Happy Money a reputable finance company is its exceptional customer service. You can contact the Happy Money agents six days a week (Sunday is off) and get a quick reply.
- For member support, you can email success@happymoney.com
- You can also call 1-800-878-0901.
- If you face any issue, you can go to the Help Center and get it resolved there.
So, due to all of these reasons, you can say Happy Money is a legit company.
But note that being authentic does not mean it offers many benefits.
So, does Happy Money offer any advantages? Let’s find out.
Benefits of Happy Money- Why Should You Go For It?
Happy Money offers lots of advantages, and some of them are:
● Long Term Loans
Happy Money does not force you to pay the loan in a year. You can choose the timeline that suits you the best. You will be given options from 24 to 60 months.
If you think you can pay in 24 months, then choose this plan. But if you want to take the repayment process slowly, then choose longer plans. They don’t exhaust your budget and let you spend on other things.
● No Extra Fees
A big reason Happy Money receives praise from people is that it does not charge you any extra or hidden fees. Everything is mentioned when you apply for a loan.
Some lenders even charge a prepayment fee if you want to pay off the loan earlier. But not Happy Money. Similarly, other lenders impose the Check processing/returned check fees, but not the Happy Money.
On top of this, there are no late payment fees too.
● Decent APR
Happy Money charges less APR than most lenders. It is between 11.50 to 24.50 percent. The exact percentage depends on your credit score, how much you want to borrow, and a few other factors.
That’s why we suggest you get a credit report from a reputable source before applying for a loan. Doing this will let you fix any shortcomings or errors.
● Access to FICO Score Without Any Charge
If you choose Happy Money, you will get free monthly FICO score updates. Luckily, you can increase it with timely payments too.
According to an estimate, if you pay $5000, you can expect an increase of 40 points in the FICO score.
What Are Issues with Happy Money? Beware of Them!
Happy Money has a few limitations, which you must be aware of. These are:
● Only Limited to Credit Card Consolidation
Happy Money is useful for only paying credit card debts. You can’t use the loan for any other high-paying things, like a car or a house.
● Somewhat Strict Criteria
Happy Money has a bit more strict criteria than some lenders. First things first, you have to be a US citizen, over 18 years of age (varies depending on the state), and have a valid social security number. Note that the service is not available for those who live in Nebraska or Massachusetts.
This criterion is just the beginning. You must also fulfill these things to qualify for a loan:
- At least 640 credit score.
- Credit history of three years and two accounts.
- Up to 55 percent debt-to-income ratio.
If you fulfill the Happy Money criteria, there is still no guarantee that you will be given a loan. The company will do vigorous credit checks and then decide whether to approve your request or not.
● High Origination Fee
People have complained about up to 5 percent origination fees, which is higher than what many other lenders impose.
But experts have called it fair because the company provides top-notch financial tools.
● No Joint Applicants or Co-signers Permitted
Co-signers increase the chances of loan approvals. But with Happy Money, that’s not the case. The company does not allow any joint applications, which can be frustrating for some.
● Better Alternatives Are There
We suggest you compare loan plans of different lenders before making the big decision. You might get a good offer elsewhere if you have a good credit score and history.
Happy Money vs. Marcus
People usually compare Happy Money with Marcus. Here are the main differences:
| Happy Money | Marcus |
| Up to 5 percent origination fee | No origination fee |
| Repayment plan can go up to 72 months | Can only choose from 24 to 60 months |
| No customer service on Sunday. | Customer service available every day. |
Happy Money vs. Upstart
Upstart is also giving tough competition to Happy Money.
| Happy Money | Upstart |
| No minimum credit score requirement | 650 credit score limit |
| You can start with Upstart from as low as $1000. | Does not offer loans of less than $5000. |
| Maximum loan amount- $40,000 | Maximum loan amount- $50,000 |
Happy Money vs. SoFi
Here’s how Happy Money and SoFi goes head to head:
| Happy Money | SoFi |
| Offers up to $40,000 | Offers up to $100,000 |
| Can pay credit card debts only, | Gives you the freedom to buy other expensive things you want. |
| Up to 5 percent origination fee | No origination fee |
Happy Money vs. LightStream
Comparison between LightStream and Happy Money is also requested a lot.
| Happy Money | LightStream |
| Offers up to $40,000 | Can lend you up to $100,000 |
| Loan maximum duration is 5 years. | Loan term can span up to 12 years |
| Up to 5 percent origination fee | No origination fee |
We recommend you carefully choose the loan plan you think suits you the best. Take your time, as this decision will impact your life for the next few months.
That’s all about whether Happy Money is legit or not!
The post Is Happy Money Legit? (Yes or No?) Find Out Here! appeared first on CFAJournal.
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