Happy Money vs Best Egg: Comparing Personal Loan Options

Side-by-Side Comparison

Two Lenders Often Used for Debt Consolidation

Both lenders are commonly considered by borrowers who want to roll credit card balances into a fixed-rate installment loan. Happy Money builds its product around that use and says it is originated by partner credit unions and banks. Best Egg is a general-purpose lender that also supports consolidation through its Direct Pay feature, which its help center says can send funds to creditors and deposit any leftover to your bank account.

On rates, Best Egg's published floor of 6.99% is lower than Happy Money's 8.95%, and Happy Money's minimum rises to 11.09% above $15,000. Both ranges top out at 35.99%, and both include origination fees in the APR, so use the APR in your own offer to compare.

Terms, Fees and Funding

Happy Money offers two- to seven-year terms, while Best Egg offers 36 to 60 months, and Best Egg says the fee on a term of four years or longer will be at least 4.99%. A longer term lowers the monthly payment but increases total interest.

Funding speed differs in what each lender states. Best Egg says about half of customers get their money the next day and deposits can take one to three business days. Happy Money's homepage does not state a timeline, and paying cards directly can add time, so keep making minimum card payments until balances show as paid.

Who Each May Fit

Happy Money may be worth comparing if your main goal is paying off credit cards, you want a term up to seven years and you prefer a lender focused on that use. Because its homepage and terms page describe the payoff steps differently, confirm how funds are sent when you see an offer.

Best Egg may be worth comparing if you want a general-purpose loan, a secured option, or a lower published APR floor. It is unavailable in several states, so check eligibility first. Neither lender guarantees approval, and you should confirm every rate and fee with the lender.