Overall, Old National Bank offers minimum rates under 10 percent with generous repayment terms ranging from 12 to 72 months. However, it only does business in the Midwest and its website provides very little information about what is required to qualify.
Happy Money is very transparent about the qualification requirements and offers a specialized debt consolidation loan. More than 60 percent of Happy Money borrowers on Bankrate use their money to consolidate debt.
Old National Bank versus Happy Money at a glance
Happy Money offers significantly larger loans than Old National Bank, but annual interest rates start in the double digits, making it a more expensive option.
| Old National Bank | Happy money | |
|---|---|---|
| Bank rate score | 4.3 | 4.6 |
| Better for | Lower rates | Debt consolidation |
| Loan amounts | $2,500 – $25,000 | $5,000 – $40,000 |
| APRs | From 8.99% | 11.72%-17.99% |
| Length of the loan | 12-72 months | 24-60 months |
| Costs | Documentation costs | Origination fee |
| Minimum credit score | Not specified | 640 |
| Time for financing | Not disclosed | 3 to 6 working days |
Old personal loans from the National Bank
Old National Bank offers personal loan borrowers living in select Midwestern states an impressive range of term options between 12 and 72 months. There is one caveat: Home improvement loans and debt consolidation are the only applications with terms of 72 or 60 months, respectively. If you need money for another purpose, the maximum term allowed is 48 months.
You also pay a fixed documentation fee of €150, regardless of how much you borrow. And it’s likely you’ll want to pre-qualify before signing up, as eligibility requirements aren’t listed on the website.
- Low APRs compared to Happy Money.
- Flexible repayment terms.
- Lower minimum loan amount than Happy Money.
Disadvantages
- Documentation costs.
- Limited to Midwestern states.
- Longer loan terms are limited by the purpose of your loan.
Personal loans from Happy Money
Happy Money offers a special debt consolidation loan program with a significantly higher loan maximum than Old National Bank. Even with the higher maximum, you do not borrow more than you need. The average Happy Money borrower on Bankrate borrows $16,800.
You will likely qualify as long as you have a score of 640, as Happy Money has no minimum income requirement. But you must also borrow at least $5,000, twice the minimum required by Old National Bank.
Positives
- Maximum loan amount higher.
- Specialized debt consolidation program.
- Transparent qualification requirements.
Disadvantages
- Higher than average minimum APR.
- Joint applications are not permitted.
- High minimum loan amount.
How to choose between Old National Bank and Happy Money
Old National Bank offers lower starting APRs for borrowers living in the Midwestern states where it does business. The longer terms can give you a smaller monthly payment if the money is used to renovate your home or consolidate debt.
Happy Money is available to borrowers across the US, giving borrowers who live outside Old National Bank’s limited service area a chance at credit card debt consolidation. But even if you have a credit score higher than Happy Money’s minimum of 640, you’re still stuck with an APR above 11 percent. You may be able to find better credit rates elsewhere by shopping around.
Old National Bank offers lower starting APRs.
At Old National Bank, you may qualify for an APR of just 8.99 percent, much lower than the 11.72 percent APR at Happy Money. And if you need to borrow less than $5,000, Old National is a better choice with a minimum loan amount of $2,500.
But you’re out of luck if you don’t live in one of the Midwestern states where Old National Bank does business. Currently, those states are Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota and Wisconsin.
Happy Money has debt consolidation loans
While almost any personal loan can be used for debt consolidation, Happy Money has taken it to the next level with “The Payoff Loan,” its debt consolidation product. Happy Money even tracks its customers’ credit score improvements and touts an average credit score increase of 40 points for Happy Money borrowers who pay off at least $5,000 in credit card debt.
If you don’t need to consolidate at least $5,000, see if Old National Bank’s $2,500 works better for you — and check out other options, like 0 percent APR balance transfer cards. You will also need to choose a term between 24 and 60 months, as Happy Money does not offer the 12-month or 72-month term found at Old National Bank.
Compare lenders before applying
Old National Bank is best if you have a small expense that you want to pay off quickly or if you want to pay off a major home improvement over a longer time horizon. Happy Money offers you a special debt consolidation option if you have a credit score of at least 640 and want to forgive at least $5,000 in credit card debt.
Before making a final decision, check your rates with both lenders to ensure you’re getting the best deal for your finances.
