Personal Loans » Compare Loans » Upgrade Vs Happy Money Vs Discover: Which Personal Loan Suits You Best?
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Upgrade Vs Happy Money Vs Discover: Which Personal Loan Suits You Best?

Discover is an ideal fit for excellent credit, while Happy Money and Upgrade will cater to people with relatively low credit scores, but they both can charge an origination fee.
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: September 20, 2023
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: November 1, 2023

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

For people who are seeking a personal loan, there are many top-tier lenders out there today to choose from. This review is going to hone in on what Discover, Upgrade, and Payoff has to offer you.

Discover has built up a good reputation over the years for not charging origination fees, having flexible repayment options, and fast funding. Upgrade has been in the personal loan space for many years, having catered to over 500,000 customers and $7 billion worth of loans. It provides you with quick access to funds, as well as flexible terms for repayments.

Finally, Payoff is a financial wellness company that wants clients to develop a good relationship with money.

UpgradeLogo

happy money loan review - logo

discover 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.
8.49% – 35.99%
11.52% – 24.81%
7.99% – 24.99%
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.
24 – 84 months
24 – 60 months
36 to 84 months
Loan Amount
$1,000 – $50,000
$5,000 – $40,000
$2,500 – $40,000
Min Score
620
600
720

When to Consider Upgrade Personal Loan?

There is an ideal range of loan types, such as secured loans and joint loans. You have a wide range of payment terms, while the minimum loan size is one of the smallest in the business. Finally, there is a low credit score requirement to get a loan.

However, you will need to pay an origination fee that is somewhere in the 1.85% to 9.99% range. For people who miss payments, a late fee will be charged.

Upgrade personal loan can be better choice than Happy Money and Discover if you have a good credit score, need to access funds quickly, and are not looking to pay an origination fee.

Upgrade logo

UpgradeLogo

When to Consider Happy Money Personal Loan?

Happy Money allows you to change the payment date as you please, as well as not having any sort of late fees or prepayment fees. There is also financial help available to people as they need it.

However, you will not be able to get an autopay rate discount; sometimes, an origination fee will be charged, and it does not offer secured, joint, or co-signed loans.

Happy Money personal loan can be better choice than Upgrade and Discover if you want quick access to funds, want to have flexible repayment terms, and don’t want to pay prepayment fees.

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

When to Consider Discover Personal Loan?

Discover will not be charging any sort of origination fee, which is ideal. It also usually will process your funds on the next business day, which is very fast. There is also a low minimum size loan and flexible options when it comes time to make repayments.

There is currently no way to get a co-signer loan, joint loan, or a secured loan from Discover. There are also late fees in place, as well as a lack of an autopay discount.

Discover personal loan can be better choice than Upgrade and Happy Money if you have a low credit score and you want to borrow a relatively small sum. It also has flexible repayment terms and a good autopay discount.

discover_logo
discover_logo

Requirements

Discover offers personal loan sizes of $2,500 up to $35,000. With Upgrade, you can get a personal loan of just $1,000 and up to $50,000 while the minimum is a good bit higher when getting a Happy Money loan, with the loan size ranging between $5,000 and $40,000.

There is a relatively high minimum credit score needed to get a Discover personal loan, usually being at the 720 mark. In contrast to Discover, Upgrade accepts a low credit score when someone is looking for a personal loan, dropping to as little as 560. Finally, you need to have a credit score of at least 600 if you are dealing with Happy Money.

To get your hands on a loan from Discover, you need to have a minimum annual income of $40,000. If you are seeking an Upgrade personal loan, then the max debt-to-income (DTI) ratio that is allowable is 75%. For Happy Money loans, you need at least three years of credit history.

Each of these different lenders will only be dealing with people who are at least 18 years old, as well as those who are either residents in the US, citizens, or visa holders.

Repayment Options

Discover will charge a late fee if you miss the deadline and it does not provide you with an option to change your payment date. You will also not be able to get an autopay discount.

Upgrade provides a discount of 0.5% if you set up autopay. People with a debt consolidation loan are able to send payments directly to creditors, while Upgrade charges a late fee for late payments.

Finally, Happy Money gives you the chance to change the due date of your payments and will not charge you a late fee or a prepayment penalty. For people with a debt consolidation loan, you can send payment straight to creditors.

Customer Service

Happy Money
Upgrade
Discover
iOS App Score
N/A
4.8
4.9
Android App Score
N/A
4.7
4.6
BBB Rating
A+
B+
A+
WalletHub Rating
4
3.5
4
Contact Options
phone/mail
mail
phone
Availability
6 am – 6 pm (PT)
N/A
24/7

Discover's website is user-friendly and informative, with a clear layout and a comprehensive FAQ page to address common queries. They offer customer support seven days a week and provide a mobile app for managing loans, alongside a 30-day money-back guarantee and an A+ rating from the Better Business Bureau.

Upgrade also offers seven-day customer support, with an entirely online application and approval process. Their app allows for loan management, and they hold an A- rating from the Better Business Bureau.

Happy Money provides customer support during regular business hours seven days a week and offers expert advice and resources. However, they currently lack a loan management app, and their Better Business Bureau rating is not specified.

Which Personal Loan Lender Wins?

Discover is an ideal fit for people who have excellent credit and are looking for a low-cost model. Both Happy Money and Upgrade will cater to people with relatively low credit scores, but they both can charge an origination fee. Each of these options will provide you with quick access to your funds.

UpgradeLogo

happy money loan review - logo

discover 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.
8.49% – 35.99%
11.52% – 24.81%
7.99% – 24.99%
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.
24 – 84 months
24 – 60 months
36 to 84 months
Loan Amount
$1,000 – $50,000
$5,000 – $40,000
$2,500 – $40,000
Learn More
on Upgrade website
Learn More
on Happy Money website
Learn More
on Credible's website

More Personal Loan Reviews

Compare Alternative Lenders

Marcus is a Goldman Sachs offshoot who is one of the best in the business. It is best suited to people with good credit and those who want repayment flexibility. Discover is another high-quality lender known for its low origination and fats funding fees. Axos is an online bank that caters to people with excellent credit and aims to process funds quickly.

Read Full Comparison: Axos Vs Marcus Vs Discover: Which Personal Loan Suits You Best?

Discover is an online lender with a good reputation that does not charge origination fees. It also provides same-day funding and a variety of excellent repayment options. Citibank is one of the largest financial service providers in the United States today. For many years, the New York-based company has provided personal loans.

It is an excellent choice for those looking for no-fee personal loans as well as access to autopay discounts. Finally, Wells Fargo, like Citi, is a well-established financial services powerhouse in the United States. It is an excellent choice for those seeking large loans with a high degree of flexibility.

Read Full Comparison: Citi Vs Discover Vs Wells Fargo: Which Personal Loan Is Better?

SoFi has a reputation for being one of the best in the business, with no fees, a wide range of loan options, and a flexible set of repayment terms.

Discover is another high-quality lender that does not charge origination fees, has a wide range of repayment options, and can provide funding the same day. This article will compare and contrast the similarities and differences between SoFi and Discover.

Read Full Comparison: SoFi Vs Discover: Which Personal Loan Suits You Best?

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

All of these lenders have some things in common, such as similar credit score requirements. There are, however, some significant differences that you will notice.

Prosper is a great option for people looking for a small loan, whereas Happy Money is better suited to applicants looking to minimize fees. Finally, if you want to get very competitive rates, Peerform is a good option.

Read Full Comparison: Peerform vs Happy Money vs Prosper: Which Personal Loan Is Better?

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?

Best Egg has been in operation since 2014 and has serviced over 785,000 loans in that time. It accepts low credit scores and secured loans, as well as a wide range of loan sizes. Rocket Loans is a well-known online lender that takes pride in providing customers with quick access to funds.

Finally, Upgrade has served over 500,000 customers and provided borrowings totaling more than $7 billion during its tenure in business. It offers a slew of great benefits, such as quick funding, substantial autopay discounts, and flexible repayment terms.

Read Full Comparison: Best Egg vs Rocketloans vs Upgrade: Which Personal Loan Is Best?

Upgrade has been in operation for over 15 years and has served the needs of millions of customers during that time. It provides its borrowers with a high level of flexibility as well as a wealth of excellent educational resources.

Upstart takes a different approach than most online lenders because it heavily relies on artificial intelligence (AI) in its operations. Upstart accepts people with low credit scores and will quickly disburse your borrowed funds.

Read Full Comparison: Upstart Vs Upgrade: Which Personal Loan Is Best For Your Needs?

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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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