Overall, Old National Bank offers more competitive terms and a quicker application process for its personal loans. But it only works within a limited number of states. For those outside of this region — and those looking for simple online credit card debt consolidation — Happy Money may be a better choice.
Old National Bank vs. Happy Money at a glance
Happy Money offers significantly larger loans than Old National Bank, but its starting APR is much higher.
| Old National Bank | Happy Money | |
|---|---|---|
| Bankrate Score | 4.3 | 4.5 |
| Better for | Lower rates | Debt consolidation |
| Loan amounts | $2,500-$25,000 | $5,000-$40,000 |
| APRs | 6.99%-25.00% | 11.52%-24.81% |
| Loan term lengths | 36-72 months | 24-60 months |
| Fees | Documentation fee | Origination fee |
| Minimum credit score | Not specified | 640 |
| Time to funding | As little as 3 business days | 3 to 6 business days |
Old National Bank personal loans
Old National Bank has one of the lowest starting APRs on the market right now — and a relatively competitive maximum APR as well. This makes it a good choice for borrowers who live in its serviced area. Another benefit of working with Old National Bank is that it accepts joint applications.
But there are also some downsides to taking out a loan with Old National Bank. It has a set documentation fee of $150 no matter how much you borrow, and its eligibility requirements aren’t disclosed on its website. Most importantly, it only works within the seven states that it services. If you’re outside of this region, you will need to consider Happy Money or another lender.
Pros
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Joint applications.
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Relatively quick process.
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Long loan terms.
Cons
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Documentation fee.
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Limited serviced states.
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High maximum APR.
Happy Money personal loans
Happy Money offers money management tools in addition to its personal loan offerings. This can help you manage your finances, while its main loan is for paying off credit card debt. But be aware that when you borrow, you could face an origination fee.
It’s also a solid choice for borrowers who don’t quite meet the credit requirements of other online lenders. As long as you have a score of 640, you will qualify — Happy Money doesn’t set a minimum income requirement. However, you will need to meet it by yourself. Unlike Old National Bank, Happy Money does not offer joint applications.
Pros
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Money management tools.
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Large loan amounts.
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Customizable terms.
Cons
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Origination fee.
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No joint applications.
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High minimum APR.
How to choose between Old National Bank and Happy Money
Old National Bank may be an overall better choice for speed and costs for those in its serviced region. It offers a slightly quicker process than Happy Money, and its personal loans are more versatile than those offered by Happy Money.