Personal Loan To Pay Off Credit Card Debt - Happy Money (2024)

FAQs

Is it hard to get a loan with happy money? ›

Is it hard to get a personal loan from Happy Money? Happy Money, like other personal loan lenders, will look at your FICO score, income and other factors to see how likely you are to repay the loan to determine your eligibility. Happy Money requires a credit score of 640 or higher.

Personal Loans for Credit Card Debt

On the other hand, personal loans tend to have lower rates, ranging from 8% to 20%. As a result, consolidating your credit card debt with a personal loan can save you money on interest while also combining your debts into one payment.

It may also be necessary to verify your income with your two most recent pay stubs and your most recent full bank statement. Await loan approval. Once you provide the necessary documentation, it takes between three and seven business days for Happy Money to verify all of the relevant information.

To qualify for a Happy Money personal loan, you'll also need the following: 640 credit score minimum. Proof you don't currently have any delinquent credit accounts. Enough income to repay the loan based on your new debt and current debt.

It takes 2 to 13 business days to get money from a Happy Money personal loan, in most cases. The Happy Money loan timeline includes around up to 7 business days to get approved for a Happy Money loan and another 2 to 6 business days to receive the funds after approval.

Happy Money and Best Egg are strong personal loan lenders for borrowers with good to fair credit who are looking to consolidate debt. Both lenders charge an origination fee, and while Best Egg has a higher maximum fee, the lender offers a wider range of loan amounts and secured loans.

Personal loans can be a great way to consolidate credit card debt and get a lower interest rate. Credit card debt can quickly turn into a cycle of never-ending payments. Thankfully, there are several solutions if you're looking to get ahead of your debt and pay it off faster.

Filing for Chapter 7 bankruptcy wipes out unsecured debt such as credit cards, while Chapter 13 bankruptcy lets you restructure debts into a payment plan over 3 to 5 years and may be best if you have assets you want to retain.

Complete the application.

You'll be asked for additional information, including proof of identification, income, and other requirements necessary for consideration.

Does Happy Money contact an employer? ›

No, Happy Money does not call your employer. Happy Money instead uses the financial information and documents you provide during the application process, like a W-2 form, bank statement or pay stub, to verify that you are employed and that you have enough income to afford the loan.

Personal loans from Happy Money offer terms of two to five years and fairly competitive APRs, ranging from 11.72% to 17.99%. 2 While its maximum APR is slightly higher than other lenders, the minimum APR aligns with many competitor offerings.

Happy Money uses Alliant, Cross River Bank and Blue Federal Credit Union, among other banks, to originate personal loans. If you are approved, one of the banks will fund your loan, which could be $5,000 - $40,000 with an APR of 11.72% - 17.99%, depending on your creditworthiness.

Requirements for a $20,000 Personal Loan

Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.

Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.

No, Happy Money does not call your employer. Happy Money instead uses the financial information and documents you provide during the application process, like a W-2 form, bank statement or pay stub, to verify that you are employed and that you have enough income to afford the loan.

Ask Someone To Co-Sign

Getting a personal loan with a co-signer that has a strong credit score and a solid income can boost your application. Your co-signer – ideally, a family member or close friend – will apply alongside you, and you'll both be responsible for repayment of the loan.

Conventional loans have higher minimum credit score requirements than other loan types — typically 620 — and are harder to qualify for than government-backed mortgages. Borrowers who make less than a 20% down payment are typically required to pay private mortgage insurance (PMI) on this type of mortgage loan.