HappyMoney Debt Consolidation Loans Review | Debt Consolidation Loans For Poor Credit

Can this loan be used for debt consolidation? Yes, this loan can be used for debt consolidation, including credit card debt consolidation and consolidating other loans. This lender offers low interest rates for individuals with good or fair credit scores, making it an attractive option for credit card debt consolidation.

Also Read: Upstart: Most trusted debt consolidation Lender in 2023

In this article, we will delve into the details of HappyMoney Loans, a California-based financial wellness company that specializes in personal loans for debt consolidation, particularly credit card consolidation. If you’re burdened with multiple debts and seeking a solution to simplify your financial situation, HappyMoney Loans might just be the right choice for you.

Also Read: Upstart: Most trusted debt consolidation Lender in 2023

HappyMoney Overview

HappyMoney is not a bank itself, but it collaborates with lenders who originate the loans. The company operates under its parent organization, Happy Money, and is committed to providing customers with the means to improve their financial well-being. With a focus on debt consolidation, HappyMoney aims to assist individuals in consolidating their debts into a single manageable loan.

Pros of HappyMoney Loans

When considering any financial product, it’s important to evaluate its advantages and drawbacks. Let’s start with the benefits of choosing HappyMoney Loans:

  1. Loan Amount Flexibility: HappyMoney offers personal loans ranging from $5,000 to $40,000. This wide range allows borrowers to select an amount that suits their specific needs.
  2. Soft Credit Check: HappyMoney conducts a soft credit check during the loan application process to determine the interest rate. This check does not impact your credit score and provides valuable information for both you and the lender.
  3. Competitive Interest Rates: HappyMoney aims to provide borrowers with competitive interest rates. By consolidating your debts, you may be able to secure a more favorable rate compared to your existing debts.

Cons of HappyMoney Loans

While HappyMoney Loans offer many benefits, it’s crucial to be aware of the potential downsides as well:

  1. Origination Fees: HappyMoney charges an origination fee for their loans. This fee is typically 5% of the loan amount and should be factored into your overall loan cost.
  2. Focused on Debt Consolidation: HappyMoney Loans exclusively caters to debt consolidation needs. If you require funds for other purposes, you may need to explore alternative lenders.

Debt Consolidation Loans For Poor Credit

One of the notable features of HappyMoney Loans is their willingness to work with borrowers who have fair or poor credit scores. Even if you have a credit score as low as 550, you can still apply for a debt consolidation loan through HappyMoney and see if you are approved.

The loan amount you can obtain from HappyMoney ranges from $5,000 to $40,000, depending on various factors, including your credit score.

Annual Interest Rate (APR) and Fees

The annual percentage rate (APR) for HappyMoney credit card debt consolidation loans is comparatively low when compared to other loan options in the market. HappyMoney offers APRs ranging from 5.99% to 24.99%, making their loans an attractive choice for individuals seeking to simplify their debt repayment process.

HappyMoney loans also have a minimum APR of 6.99% for loans exceeding $15,000. This favorable APR can provide significant savings in interest payments over the life of the loan.

As for fees, HappyMoney does not charge application check, processing, return check, annual, prepayment, or late fees. However, borrowers should note the origination fee, which is typically 5% of the loan amount.

Minimum Credit Score Required

To qualify for a HappyMoney debt consolidation loan, the minimum FICO credit score required is 600, as indicated by customer reviews and feedback. Meeting this credit score requirement is crucial to secure approval for your loan application.

Offered Loan Amount

HappyMoney can offer you a personal debt consolidation loan amount ranging from $5,000 to $40,000. The specific loan amount you receive will depend on factors such as your credit score and your ability to repay the loan.

It’s important to note that the minimum loan amount and APR may vary depending on the regulations and guidelines set forth by HappyMoney in different states of operation.

Eligibility Criteria

Before applying for a loan through HappyMoney, it’s essential to ensure that you meet the eligibility criteria. Here are the basic requirements:

  1. You must be at least 18 years old.
  2. Valid ID proof or social security number is required.
  3. You should be a citizen or a permanent resident of the United States.
  4. You must have an active US bank checking account.
  5. A valid email address and phone number are necessary for communication purposes.

Required Documents

To complete the loan application process, you will need to provide certain documents to verify your identity and financial standing. The required documents typically include:

  1. Valid Identity Proof
  2. Date of Birth (DOB)
  3. Current Mobile Number and Email ID
  4. Active American Bank Account
  5. Social Security Number

Repayment Terms

HappyMoney offers a convenient repayment term ranging from 24 months to 60 months (2 to 5 years). This flexibility allows you to choose a repayment period that aligns with your financial circumstances and ensures manageable monthly payments.

How to Apply for HappyMoney

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Applying for a HappyMoney loan is a straightforward process. Here’s a step-by-step guide to help you through the application process:

  1. Visit the official HappyMoney website and provide the necessary information to pre-qualify for the loan. Rest assured that this step does not impact your credit score.
  2. Select the loan term and amount that best suits your needs, and complete the application.
  3. Review the terms and conditions provided by HappyMoney, verify your information, and electronically sign the loan documents.
  4. Thoroughly read and understand the documents, including the offered APR and loan payback period, before signing.
  5. After completing the necessary steps, HappyMoney will perform a hard credit check before finalizing your loan.
  6. Once your loan is approved, you can expect the funds to be deposited into your bank account within 3 to 4 business days.


In conclusion, HappyMoney Loans provides a reliable solution for individuals seeking debt consolidation options. With loan amounts ranging from $5,000 to $40,000 and competitive interest rates, HappyMoney aims to simplify your financial situation and help you regain control of your debts.

If you are looking for a credit card debt consolidation loan, HappyMoney may be the best option for you. By consolidating your debts, you can streamline your payments and potentially save on interest costs. Remember to assess your own financial needs and conduct thorough research before making any borrowing decisions.