Personal Loans Rates & Fees
Competitive rates & fixed monthly payments
How we determine your APR
We determine your annual percentage rate (APR) based on several factors, such as your credit history and rating, the amount you want to borrow, and your total debt-to-income ratio. We then present you with a loan offer(s) based on what you can qualify for.
How rates and fees work
Interest Rate
Origination/Processing Fee
Annual Percentage Rate (APR)
Monthly payment examples
| Term | Loan Amount | Interest Rate | Origination Fee | Origination Fee Amount | APR | Amount Deposited | Monthly Payment |
|---|---|---|---|---|---|---|---|
| 24 | $10,246 | 14% | 5% | $532 | 18% | $9,714 | $493 |
| 36 | $18,062 | 12% | 5% | $923 | 15% | $17,140 | $598 |
| 48 | $18,143 | 13% | 6% | $1,081 | 16% | $17,062 | $483 |
| 60 | $21,233 | 13% | 6% | $1,292 | 17% | $19,941 | $486 |
| 72 | $25,235 | 9% | 6% | $1,517 | 11% | $23,718 | $450 |
Your actual monthly payment will vary based on the terms and conditions of your loan offer (which includes your APR, loan amount, term, and origination fee). The example above is based on loan terms offered from May-July 2024 and is provided for illustrative purposes only; your experience may be different.
You can use a personal loan for almost any purpose, with a few exceptions. Happen Bank members often use personal loans to pay off credit cards at a lower rate, consolidate debt, or take care of unexpected costs.
A few ways a personal loan from Happen Bank cannot be used include anything related to education after high school, making investments (such as securities or cryptocurrency), or funding any illegal activity.
Choose your offer
You’ll be able to select the loan amount, interest rate, APR, monthly payment, and loan term.
Confirm your information
We ask for your Social Security number and details on your income and employment. If we need any other documents or information, we'll let you know in your to-do list. Then, hold tight while we look for your investors on our marketplace and wrap up your loan.
Get funded
Once your loan is approved, we’ll send the money straight to your bank account, and/or pay your creditors directly if you choose this option.
The best way to do compare loan offers from different lenders is by looking at the annual percentage rate (APR) for each. APR is the best way to quickly compare the total annual cost to borrow money from different lenders because APR includes all finance charges: interest rate and fees.
A no-fee or low-interest rate loan may look appealing at first sight. However, it’s important you carefully consider the total cost of borrowing money (which means all finance charges, not just interest rate alone) before settling on a loan offer.
The difference between a fixed rate loan and a variable rate loan is theinterest rate on a fixed rate loan won’t change, while it will on a variable rate loan. All personal loans offered by Happen Bank are fixed rate loans.
With a fixed rate loan, your interest rate, APR, and monthly payment are fixed, meaning these all remain the same over the course of your loan. On a variable rate loan, the interest and APR may change as the market interest rate changes, resulting in you paying more (or less) interest from month-to-month as well as fluctuations in your monthly payment.
Learn more about different types of loans.
The biggest difference is a loan application fee is charged (and paid) when you apply for a loan (before you know if your loan will be approved), and an origination/processing fee happens only when you receive your loan funds after you’ve been approved.
Some lenders require you pay an application fee (or, broker fee) simply to apply for their loan. Typically, application fees are non-refundable, even if a lender later decides to decline your loan application. While Happen Bank does not charge an application fee on any of its loans, we do charge an origination/processing fee which ranges from 0.00% to 8.00% % of your total loan amount (depending on your credit).
Happen Bank does not charge any application fee, broker fee, or require any upfront or advance payment of any kind to obtain a loan.
If you were asked to pay such upfront fees by a company representing themselves as Happen Bank, please contact us immediately at support@happen.com. We take seriously and investigate all such complaints. Learn more about how to protect yourself from scams.
You can make extra payments on your loan, or pay off your loan in full, at any time with no additional charges or prepayment penalties. If you’re able to, we encourage you to pay your loan off early because you’ll save money on the interest charges that you did not incur due to your early payoff.
As soon as you know you may have difficulty making your payment, please contact us at payments@happen.com, or call 877-227-5011. Our team members are here to help answer your questions and talk about the options available to you.
Keep in mind that all of our members receive a 15-day grace period to make payments with no penalty. If your monthly loan payment is not paid within the 15-day grace period, a late fee or other penalty may apply.
