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.

As of November 2023, the average interest rate on a personal loan with a 24-month term was 12.35%, according to data from the Federal Reserve. So, by using a personal loan to pay off your credit card debt, there could be significant savings, as the average credit card rate is currently 21.47%.

Happy Money may approve you the same day you apply or within 7 business days. After your application is approved and you accept the offer, it takes 2 -6 business days to receive your funds, which Happy Money will send to you by electronic bank transfer.

Yes, Happy Money is a legitimate personal loan company. It has helped more than 208,000 people get over $3.7 billion in personal loans. Happy Money's Payoff Loan is a good option if you have multiple credit cards and want to save money on interest by consolidating your debt.

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.

A personal loan will cause a slight hit to your credit score in the short term, but making on-time payments will bring it back up and can help improve your credit in the long run. A personal loan calculator can be a big help when it comes to determining the loan repayment term that's right for you.

The avalanche method has you focus first on repaying your highest-interest debt until it's completely gone. You then move on to the debt with the next-highest interest rate and so on. Paying more money toward your highest-interest debts may help you save money in interest payments in the long run.

Personal loans tend to have lower interest rates than credit cards and are geared toward large, one-time expenses. Taking out a personal loan makes the most sense when you know you can make the monthly payments for the full length of the loan.

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.

How does Happy Money verify income? ›

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.

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.

While there are no government debt relief grants, there is free money to pay other bills, which should lead to paying off debt because it frees up funds. The biggest grant the government offers may be housing vouchers for those who qualify.

Taking out a loan to pay off credit card debt may help you pay off debt faster and at a lower interest rate. But you might only qualify for a low interest rate if your credit is good. And personal loans can come with fees that may offset any interest savings.

There are no application fees or commitments, and it does not impact your credit score. Select the offer that works best for you and finish your application. Review your terms, verify your information and eSign your loan documents.

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.

If you're still struggling to qualify through a traditional lender, consider working with your local credit union. Credit unions are often more flexible in their requirements and are willing to work with you to evaluate your financial situation.