Personal Loans » Compare Loans » Happy Money vs Prosper: Which Personal Loan Is Better?
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Happy Money vs Prosper: Which Personal Loan Is Better?

Prosper is a great option for people who want a small loan, while Happy Money will be well-suited to applicants looking to minimize fees.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

You can trust the integrity of our unbiased, independent editorial staff. We may, however, receive compensation from the issuers of some products mentioned in this article. Transparency is a core value for us, see how we make money.

In this Comparison

If you are someone who is looking to get a personal loan, then you will have a long list of options to choose between. There are loads of online lenders that have a high-quality offering.

This review is focused on what Prosper and Happy Money bring to the table in this regard.

happy money loan review - logo

APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
6.99% – 35.99%
11.52% – 24.81%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
36-60 Months
24 – 60 months
Loan Amount
2,000 – $40,000
$5,000 – $40,000
Min Score
640
600

When Happy Money Shines?

Happy Money is a company that focuses on financial awareness and works closely with clients when it comes to striving towards meeting their personal finance goals.

Happy Money personal loan can be a better choice than Prosper and Peerform if you:

happy money loan review - logo
happy money loan review - logo

When Prosper Shines?

Prosper is a leading platform that acts in a peer-to-peer format and has been around since 2005, catering to the needs of over one million customers.

Prosper personal loan can be a better choice than Happy Money and Peerform if you:

Requirements

Happy Money has quite a high minimum loan size of $5,000 and a max loan of $40,000. Prosper will give you a loan ranging from $2,000 to $40,000. 

Happy Money and Prosper all accept applications from people who have a credit score of as little as 600. You will need to showcase three years of credit history when getting a Happy Money personal loan.

Prosper requires its applicants to have a debt-to-income (DTI) ratio that is not greater than 50%.  For these three lenders, applicants need to be at least 18 years old, as well as being a US resident or a citizen or you are a visa holder.

Happy Money - Pros & Cons

Happy Money does not charge any prepayment penalty or late fees if you miss a payment.

There is the ability to change your payment due dates with Happy Money, as well as utilize payment deferrals in certain situations

Happy Money facilitates direct payments to creditors, streamlining the debt consolidation process and ensuring timely payments.

If you want to see what Happy Money can offer you, there will only be a soft credit check completed initially so you won’t hurt your credit.

Happy Money charges an origination fee ranging from 1.5% to 5%, potentially increasing the overall cost of borrowing.

It may take several business days for Happy Money to review applications and disburse funds, potentially causing delays for borrowers in need of quick financing.

With Happy Money, you will not be able to get a secured loan, joint loan, or a co-signed loan.

Prosper- Pros & Cons

You only need a credit score of 600 to apply for a Prosper personal loan.

Prosper offers you the ability to get a joint loan, something which is not offered by many competitors.

Prosper offers loans from $2,000 and all of the way up to $40,000.

Prosper offers hardship assistance for borrowers impacted by unforeseen events, providing relief through reduced payments or extended terms.

Borrowers may incur origination fees ranging from 1% to 7.99% of the loan amount, reducing the total amount received. 

Prosper charges fees for check payments, late payments, and insufficient funds, increasing the overall cost of borrowing.

You will not be able to manage your Prosper personal loan through the lender’s mobile app.

Prosper offers repayment terms only from two to five years, limiting flexibility compared to lenders offering longer terms.

Repayment Options

Happy Money allows you to alter your repayment date and also has a payment deferral option if an issue arises. You also will not have to pay any late fees or prepayment penalties. Finally, debt consolidators are able to pay creditors directly.

Happy Money nor Prosper offers any sort of autopay discount. Like Happy Money, you can change your due date for repayments with Prosper. However, there are late fees in place and no way for you to directly send payment to creditors when you have a Prosper personal loan.

Customer Experience

Happy Money
Prosper
iOS App Score
N/A
4.7
Android App Score
N/A
3.9
BBB Rating
A+
A+
WalletHub Rating
4
2.6
Contact Options
phone/mail
phone
Availability
6am – 6pm (PST)
9 am – 8 pm (ET)

Happy Money provides seven-day customer service and an extensive FAQ section, ensuring access to expert personal finance advice. However, it lacks a mobile app for loan management. It holds an A- Better Business Bureau rating.

In contrast, Prosper lacks weekend support but offers email and phone communication during weekdays, with a helpful help center and financial education resources. It also lacks a mobile app for loan management but has an A+ Better Business Bureau rating.

Which Personal Loan is The Winner?

All of these lenders have similarities, such as all having similar credit score requirements. However, there are loans some key differences that you will notice.

Prosper is a great option for people who want a small loan, while Happy Money is going to be well-suited to applicants who are looking to minimize fees. Finally, Peerform is a good option if you are looking to get very competitive rates.

happy money loan review - logo

credible logo

APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
6.99% – 35.99%
11.52% – 24.81%
6.99% – 35.99%,
Best Rate Guarantee *
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
36-60 Months
24 – 60 months
Compare Various Lenders
Loan Amount
2,000 – $40,000
$5,000 – $40,000
Up to $100,000
Learn More
on Prosper website
Learn More
on Happy Money website
Compare
on Credible website

FAQ

Prosper does provide low-interest personal loans, but there is one caveat that may influence whether it is a good option for debt consolidation. Loan terms on Prosper are only up to five years. As a result, if you require a longer-term loan to pay off your debt, this may not be the best option for you.

Prosper does provide loans to people with less-than-perfect credit. The website has a rate estimate tool that allows you to enter a 580 credit score, which confirms that you can get a loan with this score. You should be aware, however, that you will not be able to obtain the best rates.

Yes, there are no prepayment penalties with Happy Money, so you can make additional payments or pay off your loan balance in full before the end of your loan term without incurring any fees.

If you want to switch lenders, keep in mind that you may have already paid an origination fee, which should be factored into your calculations.

More Personal Loan Reviews

Compare Alternative Lenders

Happy Money focuses on improving its borrowers' financial knowledge while also providing them with maximum repayment flexibility.

If you need quick access to funds and a variety of loan types, Upgrade is the best option of these three lenders. Finally, if you need a joint loan or have a low credit score, LendingClub is a good option.

Read Full Comparison:  Happy Money Vs LendingClub Vs Upgrade: Choose The Right Personal Loan

Each of these three lenders will be appropriate for a different type of person. OneMain is generally beneficial for accepting applications from people with less-than-perfect credit.

SoFi, on the other hand, caters to people with good credit who are looking for large loan amounts. Happy Money is somewhere in the middle, and it gives you quick access to your borrowed funds.

Read Full Comparison: Happy Money Vs SoFi Vs OneMain: Compare Personal Loan Providers

Over the years, Discover has earned a good reputation for not charging origination fees, offering flexible repayment options, and providing quick funding. Upgrade has been in the personal loan business for many years, serving over 500,000 customers and originating $7 billion in loans. It gives you quick access to funds as well as flexible repayment terms.

Finally, Happy Money is a financial wellness company that wants its customers to have a positive relationship with money.

Read Full Comparison: Upgrade Vs. Happy Money Vs. Discover: Which Personal Loan Suits You Best?

Upstart and Happy Money both cater to people with low credit scores and offer flexible repayment terms.

Upstart is better suited for people who want a smaller loan amount or who do not yet have a credit score. If you want to keep your fees as low as possible, Happy Money is the way to go.

Read Full Comparison: Upstart Vs Happy Money: Which Personal Loan Is Better?

Prosper offers a wide range of repayment options and accepts lower credit scores, whereas Best Egg provides secured loans and preferable debt consolidation options.

Read Full Comparison: Best Egg Vs Prosper: Choose The Right Personal Loan For You

SoFi is widely regarded as the best option for people with excellent credit who require larger loan sizes while paying low fees. Prosper is best suited to people with low credit scores.

Read Full Comparison:  SoFi Vs Prosper: Which Personal Loan Is Better?

In many ways, Prosper and LendingClub are very similar. They are both peer-to-peer lending marketplaces that require a minimum credit score of 600 and offer the same term lengths. They also have flexible repayment options and a fee structure that is similar to ours. Even the APR rates and fee structures are very similar, so there isn't much to differentiate these two products.

Read Full Comparison: Prosper vs LendingClub: Which Personal Loan Is Better?

Each of these three lenders shares and differs in some ways. In general, Upstart is the best option for people who need a small loan or who may not be able to obtain a FICO score. Rocket Loans is a viable option if you need quick access to borrowed funds, whereas Prosper allows you to get a joint loan and caters to people with fair credit.

Read Full Comparison: Rocketloans Vs Prosper Vs Upstart: Which Personal Loan Is Best?

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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