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.
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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%
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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
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Loan Amount | 2,000 – $40,000
| $5,000 – $40,000
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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:
- Need fast funds
- Want to avoid fees
- Looking for payment flexibility
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:
- Have a fair credit score
- Looking to get a joint loan
- Likes to have a range of loan size options
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
- No Late or Prepayment Fees
Happy Money does not charge any prepayment penalty or late fees if you miss a payment.
- Payment Flexibility
There is the ability to change your payment due dates with Happy Money, as well as utilize payment deferrals in certain situations
- Direct Payment to Creditors
Happy Money facilitates direct payments to creditors, streamlining the debt consolidation process and ensuring timely payments.
- Soft Credit Pull
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.
- Origination Fee
Happy Money charges an origination fee ranging from 1.5% to 5%, potentially increasing the overall cost of borrowing.
- Longer Funding Times
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.
- Limited Loan Types
With Happy Money, you will not be able to get a secured loan, joint loan, or a co-signed loan.
Prosper- Pros & Cons
- Low Barrier to Entry
You only need a credit score of 600 to apply for a Prosper personal loan.
- Offers Joint Loans
Prosper offers you the ability to get a joint loan, something which is not offered by many competitors.
- Nice Range of Loan Sizes
Prosper offers loans from $2,000 and all of the way up to $40,000.
- Hardship Program
Prosper offers hardship assistance for borrowers impacted by unforeseen events, providing relief through reduced payments or extended terms.
- Fees
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.
- No Mobile Support
You will not be able to manage your Prosper personal loan through the lender’s mobile app.
- Limited Repayment Term Options
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) |
Which Personal Loan is The Winner?
These lenders share some similarities, like having comparable credit score requirements, but there are a few key differences to keep in mind.
Prosper is ideal for those who need a smaller loan, while Happy Money is great for applicants focused on minimizing fees. Peerform, on the other hand, is a solid choice if you’re aiming for more competitive rates.
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|---|---|---|---|
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
|
on Prosper website |
on Happy Money website |
on Credible website |
FAQ
Prosper offers low-interest personal loans, but there’s a catch to consider if you're thinking about using it for debt consolidation. Loan terms with Prosper are limited to five years, so if you need a longer repayment period to manage your debt, this might not be the best fit 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.
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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?
