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Overall, Old National Bank offers minimum rates below 10 percent with a wide 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 it takes to qualify.
Happy Money is very transparent about its qualifying requirements and offers a specialized debt consolidation loan. More than 60 percent of Happy Money borrowers on Bankrate use their funds to consolidate debt.
Old National Bank vs. Happy Money at a glance
Happy Money offers significantly larger loans than Old National Bank, but its APRs start in the double digits, making it a more expensive option.
| Old National Bank | Happy Money | |
|---|---|---|
| Bankrate 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% |
| Loan term lengths | 12-72 months | 24-60 months |
| Fees | Documentation fee | Origination fee |
| Minimum credit score | Not specified | 640 |
| Time to funding | Not disclosed | 3 to 6 business days |
Old National Bank personal loans
Old National Bank gives personal loan borrowers who live in select Midwestern states an impressive range of term options between 12 and 72 months. There’s one caveat: Home improvement and debt consolidation loans are the only uses that can have up to 72- or 60-month terms, respectively. If you need funds for any other purpose, the maximum term allowed is 48 months.
You’ll also pay a set documentation fee of $150 no matter how much you borrow. And it’s likely you’ll want to prequalify before applying, as its eligibility requirements aren’t disclosed on its website.
Pros
- Low APRs compared to Happy Money.
- Flexible repayment term periods.
- Lower minimum loan amount than Happy Money.
Cons
- Documentation fee.
- Limited to Midwestern states.
- Longer loan terms are restricted by your loan purpose.
Happy Money personal loans
Happy Money offers a dedicated debt consolidation loan program with a significantly higher loan maximum than Old National Bank. Even with the higher maximum, you should only borrow as much as you need. The average Happy Money borrower on Bankrate borrows $16,800.
You’re likely to qualify as long as you have a score of 640, since Happy Money doesn’t set a minimum income requirement. But you’ll also need to borrow at least $5,000, twice the minimum required by Old National Bank.
Pros
- Higher loan amount maximum.
- Specialized debt consolidation program.
- Transparent qualifying requirements.
Cons
- Higher than average minimum APR.
- Joint applications aren’t permitted.
- High minimum loan amount.
How to choose between Old National Bank and Happy Money
Old National Bank offers lower starting APRs for borrowers that live in the Midwestern states it does business in. The longer terms may give you a smaller monthly payment if the funds are used to fix up your home or consolidate debt.
Happy Money is available for borrowers throughout the U.S., giving borrowers that live outside of Old National Bank’s limited service area a chance for credit card debt consolidation. But even if you have a credit score above Happy Money’s 640 minimum you’ll still be stuck with an APR above 11 percent. You may be able to find better good credit rates elsewhere by shopping around.
Old National Bank offers lower starting APRs.
With Old National Bank, you may qualify for an APR as low as 8.99 percent, quite a bit 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 its $2,500 loan amount minimum.
But you’re out of luck if you don’t live in one of the Midwestern states Old National Bank does business. Currently, those states are Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota and Wisconsin.
Happy Money has loans for debt consolidation
While nearly any personal loan can be used for debt consolidation, Happy Money has taken it to the next level with “The Payoff Loan,” which is its debt consolidation product. Happy Money even keeps track of its customer’s credit score improvements, touting an average credit score increase of 40 points for Happy Money borrowers that pay off at least $5,000 worth of 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 other options, like 0 percent APR balance transfer cards. You’ll also have to choose a term between 24 and 60 months since Happy Money doesn’t offer the 12-month or 72-month term you’ll find at Old National Bank.
Compare lenders before applying
Old National Bank is best if you have a small expense you want to pay off quickly or a major home improvement you want to pay off over a longer time horizon. Happy Money gives you a dedicated debt consolidation option if you have a credit score of at least 640 and want to knock out at least $5,000 in credit card debt.
Before making a final decision, check your rates with both lenders to ensure you are getting the best deal for your finances.
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