Personal Loans » Compare Loans » Happy Money Vs LendingClub Vs Upgrade: Choose The Right Personal Loan
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Happy Money Vs LendingClub Vs Upgrade: Choose The Right Personal Loan

LendingClub will be a good option if you need a joint loan or you have a relatively low credit score, Upgrade is ideal if you need fast access to funds and Happy Money has supreme flexibility when making repayments
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

There is a great collection of online lenders available for you to deal with today. This particular review will be comparing the personal loan offerings between Happy Money, LendingClub, and Upgrade.

UpgradeLogo

happy money loan review - logo

lendingclub_logo svg

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%
9.57% – 35.99%
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
24 – 60 months
Loan Amount
$1,000 – $50,000
$5,000 – $40,000
$1,000 – $40,000
Min Score
620
600
600

When Happy Money Shines?

Happy Money is more of a financial wellness company that has the end goal of its customers improving their relationship with money.

Happy Money personal loan can be a better choice than Upgrade and LendingClub if you:

payoff logo svg
payoff logo svg

When LendingClub Shines?

LendingClub is a company that offers a peer-to-peer marketplace to borrowers, standing out from the crowd in this regard.

LendingPoint personal loan can be a better choice than Happy Money and Upgrade if you:

lendingclub_logo svg
lendingclub_logo svg

When Upgrade Shines?

Upgrade is a lender that has been serving customers for more than 15 years. It has dealt with millions of people over the course of these years. It prides itself on looking after all needs of its customers.

Upgrade personal loan can be a better choice than Happy Money and LendingClub if you:

UpgradeLogo

UpgradeLogo

Requirements

LendingClub and Upgrade ideally have a minimum loan size of just $1,000. You can get a max loan of $40,000 with LendingClub and up to $50,000 with Upgrade.

Happy Money has a bigger minimum loan size of $5,000 and a max loan of $40,000. The minimum credit score needed for a Payoff or LendingClub personal loan is 600, while Upgrade needs a credit score of at least 620.

Upgrade and LendingClub do not specify any sort of minimum annual income that is needed to get a personal loan. However, Upgrade needs you to have a debt-to-income ratio of no more than 75%.

Happy Money requires you to have at least three years’ worth of credit history. Every one of these lenders is going to need you to be at least 18 years old, as well as be a US citizen, resident, or visa holder.

Happy Money - Pros & Cons

Pros
Cons
Minimal Fees
Lack of Loan Options
Financial Education
No Discount
Change Payment Date
Direct Payments to Creditors

You do not have to pay any prepayment fees or late fees with Happy Money.

Happy Money has a good collection of financial education resources on its website.

Happy Money gives you the ability to make changes to the due date of your personal loan repayments.

If you have consolidated debt with Happy Money, you have the option to directly send your repayments to your creditors.

You are not able to get any secured loans, joint loans, or co-signed loans with Happy Money.

You cannot get an autopay discount with Happy Money.

Top Offers

Amex gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership

hilton honors card

Rewards Plan:
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
Welcome Bonus:
70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

Marriot bonvoy bevy card art

Rewards Plan:
2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
Welcome Bonus:
85,000 points 85,000 Marriott Bonvoy bonus points after you use your new Card to make $5,000 in purchases within the first 6 months of Card Membership
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Amex gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership

hilton honors card

Rewards Plan:
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
Welcome Bonus:
70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

Marriot bonvoy bevy card art

Rewards Plan:
2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
Welcome Bonus:
85,000 points 85,000 Marriott Bonvoy bonus points after you use your new Card to make $5,000 in purchases within the first 6 months of Card Membership
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

LendingClub - Pros & Cons

Pros
Cons
Joint Loans
Fees
Flexible Repayments
Not the Most Flexible Term Lengths
Multiple Loans
Soft Credit Check

A lot of online lenders don’t offer joint loans, with LendingClub doing so.

You are able to change the due date of your personal loan with LendingClub.

You have the ability to obtain numerous personal loans from LendingClub.

When you are initially looking at potentially getting a loan from LendingClub, you can go through pre-qualification that does not require a hard credit pull.

You will need to pay an origination fee on your personal loans and there are also late fees in place.

There are just two loan term lengths available from LendingClub – three years or five years.

Upgrade - Pros & Cons

Pros
Cons
Autopay Discount
Origination Fee
Quick Funding
Lack of Joint Loan Options
Many Loan Types
Fast Applications

You can get a decent 0.5% autopay discount when you get an Upgrade personal loan and set up autopay.

You will normally get your hands on your borrowed funds within one business day.

You are able to get numerous loans at the one time with Upgrade, as well as getting access to the likes of secured loans and joint loans.

The entire process for submitting an application is online and the processing speeds are very fast. There is a useful mobile app that also allows you to manage all aspects of your loan.

There will be an origination fee of between 2.9% and 8% in place when you get a personal loan from Upgrade.

While it offers a wide range of loan types, joint loans are not one of these options at Upgrade.

Repayment Options

LendingClub and Happy Money give you the chance to change the payment due date for your personal loan. There are late fees in place if you miss a payment and there is no autopay discount available for LendingClub users. You are able to conduct direct payments to creditors if you are consolidating your debt.

Like LendingClub, Upgrade also charges late fees, but there are no prepayment penalties. You have access to a decent range of term lengths for your loans, as well as there being a 0.5% autopay discount. Happy Money does not charge any prepayment or late fees to its borrowers. It also offers you the chance to direct payments straight to your creditors.

Customer Experience

Happy Money
LendingClub
Upgrade
iOS App Score
N/A
4.5
4.8
Android App Score
N/A
3.3
4.7
BBB Rating
A+
N/A
B+
WalletHub Rating
4
4.5
3.5
Contact Options
phone/mail
phone
mail
Availability
6am – 6pm (PST)
5 am – 5 pm (PT)
N/A

Upgrade offers extensive financial resources and a streamlined application process, with transparent communication of fees and charges on its website. It also provides a highly-rated mobile app and holds an A- rating from the Better Business Bureau.

To reach customer service at LendingClub, borrowers can access support through  phone, email, or through their online account dashboard. Additionally, LendingClub provides a comprehensive FAQ section on their website, addressing common inquiries  for borrowers.

Happy Money boasts accessible customer service throughout the week and offers various support options for borrowers. It provides comprehensive financial education resources, although it lacks a mobile app. The lender holds an A+ rating with the Better Business Bureau.

Which Personal Loan is The Winner?

Happy Money is a lender that is very focused on improving the financial know-how of its borrowers, as well as giving them supreme flexibility when making repayments.

Upgrade is the ideal option of these three lenders if you need fast access to funds and a range of loan types. Finally, LendingClub will be a good option if you need a joint loan or you have a relatively low credit score.

UpgradeLogo

happy money loan review - logo

lendingclub_logo svg

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%
9.57% – 35.99%
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
24 – 60 months
Loan Amount
$1,000 – $50,000
$5,000 – $40,000
$1,000 – $40,000
Learn More
on Upgrade website
Learn More
on Payoff website
Learn More
on Credible website

FAQ

Since Happy Money does not charge late payment or returned check fees, along with no prepayment penalties, they are unlikely to negotiate on rates for new applicants.

With its flexible lending criteria, it is unlikely that you will get a better deal with another lender if you have a lower credit score. However, if you prequalify with a lower rate, it is worth negotiating.

Happy Money has a “Check my Rate” button on its website that allows prospective customers to access the rate that is likely to apply to their loan.

This prequalification process only involves a short application form with your basic information that should only take a couple of minutes and will not impact your credit score.

LendingClub does require applicants to have acceptable creditworthiness levels. LendingClub will review not only your application and credit history, but also your credit score, and you will most likely need a score of at least 600 to qualify.

However, you can apply with a co-borrower to improve your chances.

The term “upgrade home improvement” refers to home repairs or projects. The benefit of using an Upgrade home improvement loan is the speed with which the funds are received. Obtaining an equity line of credit on your home typically takes a month or more.

You can use an Upgrade loan to get started on your home improvement project right away. Another advantage over a home equity line of credit is that it is based on the borrower's creditworthiness rather than the equity of a home.

More Personal Loan Reviews

Compare Alternative Lenders

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?

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?

Each of these lenders caters to people with less-than-perfect credit. If you need funds quickly, LendingPoint is probably the best option, while Upstart is a good fit for people looking for small loans.

Finally, if you are looking for a joint loan or want to get some of the most competitive rates, LendingClub stands out.

Read Full Comparison: LendingPoint vs Upstart vs LendingClub: Which Personal Loan Suits You Best?

LendingClub is a peer-to-peer online lending marketplace that prefers to work with people who have poor credit. The California-based company has over three million customers in the United States.

Avant is a Chicago-based lender that provides personal loans to people with bad credit. It also gives you quick access to funds as well as flexible repayment options. While OneMain is an online lender, it also has over 1,500 physical locations throughout the United States. This lender offers quick access to funds as well as a variety of loan options.

Read Full Comparison: OneMain Vs Avant Vs LendingClub: Which Personal Loan Suits You Best?

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?

Both of these companies have advantages and disadvantages that will be discussed throughout this comparison. LendingClub, based in California, has over 3 million customers in the United States, while SoFi has won numerous awards in recent years for its offering.

LendingClub is better suited to people with low credit scores, whereas SoFi has better rates and more repayment flexibility. Both of these options are centered on their online operations and offer a simple way for you to obtain a personal loan without having to jump through a lot of hoops.

Read Full Comparison: SoFi Vs LendingClub: 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?

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?

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?

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.
Search
Compare Personal Loans

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs