Axos Bank is an online lender with a wide range of products and financial services. With approximately 24 years of experience, Axos offers a personal loan with one of the lowest maximum annual interest rates on the market. Happy Money is an online fintech company focused on debt consolidation. By offering one personal loan, called the Payoff Loan, borrowers can use the loan money to consolidate existing high-interest credit card debt.
Although both lenders offer competing personal loans, they are used for fairly different purposes. However, both require good credit and an established credit history for approval.
Axos vs. Happy Money at a glance
Both Axos and Happy Money offer competitive personal loan options. However, Axos has slightly stricter credit requirements for approval.
| Axos | Happy money | |
|---|---|---|
| Bank rate score | 4.6 | 4.5 |
| Better for | Financing costs | Consolidating credit card debt |
| Loan amounts | $7,000 – $50,000 | $5,000 – $40,000 |
| APRs | 11.79%-20.84% | 11.72% -17.99 |
| Length of the loan | 36-72 months | 24-60 months |
| Cost | 1%-2% of the loan amount (depending on your credit score) | Origination fee (amount varies by lender) |
| Minimum credit score | 700 | 640 |
| Time for financing | Within 2 days after acceptance of the loan | 3-6 working days |
Personal loans from Axos
Learn more
in our bank interest overview
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Plus points
- Prequalification option.
- No penalty for prepayment.
- Fast financing.
Cons
- Must have at least four years of credit history.
- No physical locations.
- Co-signers are not accepted.
Personal loans from Happy Money
Learn more
in our bank interest overview
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Plus points
- Minimal costs.
- Flexible payment terms.
- Useful money management tools.
Cons
- Only available for debt consolidation.
- Slow funding timeline.
- Not available in all states.
How to choose between Axos and Happy Money
Both Axos and Happy Money offer convenient digital lending solutions for personal loans. The lenders offer customers personal loan options at minimal costs and flexible repayment options.
Axos is best for borrowers with an established credit history
Axos has stricter credit requirements than Happy Money for its applicants. The lender requires at least four years of established credit history and a credit score of at least 700. Happy Money has a slightly lower credit score requirement of 640. Because there is no cosigner option and prequalification option, Axos is best for applicants with a strong credit history.
Happy Money is best for consolidating credit card debt
Happy Money’s Payoff Loan is built for credit card debt consolidation. When you apply for the loan, you can choose repayment options based on certain goals, such as the lowest monthly payment, the best interest rate, or the fastest payoff timeline. As an added benefit, the loan is intended to help improve your credit score while you pay off your debts.
Compare lenders before applying
Both Happy Money and Axos offer online personal loan options for people with a good credit score and an established credit history. However, those looking to consolidate high-interest credit card debt may want to consider Happy Money. Borrowers with good credit and a healthy, established history are likely to benefit more from a loan from Axos Bank.
Regardless of whether each lender is right for you, consider all your options when shopping for the best personal loans. cCompare loan details and prequalification offers from other online lenders, credit unions and national banks to get a good idea of what a competitive loan will look like for you.
