Personify Financial review: Installment loans with sky-high interest rates

Man using laptop computer while sitting on the floor at home Man using laptop computer while sitting on the floor at home Image:

In a Nutshell

Personify Financial is an online lender that specializes in smaller loans. If you have less-than-stellar credit, Personify Financial may be willing to work with you. But you could be charged high interest rates and possibly an origination fee — both of which will drive up the cost of your loan.

Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors' opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when it’s posted.
Advertiser Disclosure

We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.

Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.

Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.

Pros Cons
Considers people with low credit scores Charges origination fees in some states
Offers the ability to apply for prequalification Extremely high interest rates
Funding in one to two business days Not available in all states

What you need to know about personal loans with Personify

Based in San Diego, Personify Financial offers installment loans that can be as low as $500 and up to $10,000, but the loan amounts offered vary by state.

Considers more than credit scores

If you have bad credit, it can be difficult to find a lender willing to give you a loan. If you’ve had trouble getting approved in the past, Personify Financial may be an option. Personify looks beyond your credit scores and credit history to consider more of your financial situation.

High interest rates

Although a loan from Personify Financial isn’t a payday loan, the interest rates can still be much higher than what many other lenders charge. Personify Financial’s starting annual percentage rate, or APR, is close to the maximum APR some other lenders charge. And depending on factors like where you live and your credit, interest rates can reach the triple digits.

If you need cash quickly, you may be willing to sign off on that interest rate just to get the loan. But it’s important to understand how that interest can add up.

Let’s say you took out a $3,500 loan with an APR of 179.65%. With a three-year repayment term, your monthly payments would be $527.45. By the end of your loan term, you will have paid $15,488.20 in interest — more than four times your original loan amount — for a total loan cost of $18,988.20.

Origination and late fees

While Personify Financial doesn’t charge an application fee, it might tack an origination fee onto your loan. Depending on the state you live in, Personify may charge you 5% of your loan amount.

To put that into perspective, if you took out a $1,000 loan with a 5% origination fee, Personify Financial would add $50 to the cost of your loan. Your new loan balance would be $1,050. Depending on the size of your loan, the origination fee can add significantly to your debt.

In addition to origination fees, Personify charges a fee for late payments or if you don’t have enough money in your bank account to cover a payment.

Personify personal loan details

Here are a few other important details to know about Personify Financial.

  • Personify allows you to apply for prequalification and may complete a soft credit inquiry, which doesn’t affect your credit scores. If you’re prequalified, you’ll be able to see the estimated loan rate and terms you might be approved for.
  • Loan terms vary by state and range from six to 48 months.
  • If you decide to pay off your loan ahead of schedule — which will reduce the amount of interest you pay — there’s no prepayment penalty.
  • Personify reports your payments to credit bureaus. Making on-time payments can help boost your credit scores.
  • You can choose whether you make biweekly, semi-monthly or monthly payments — flexibility that comes in handy if you want to line up your loan repayment and paycheck schedules.
  • Personify Financial only offers loans in certain states.

Who a Personify personal loan is good for

Personify Financial loans may be good for people with low credit scores who need a smaller amount of money quickly to fund an emergency expense. But given the high interest rates and potential origination fees, we recommend only getting a loan from Personify Financial if you’ve exhausted all other options.

Possible lower-cost alternatives could be a payday alternative loan from a federal credit union or finding a friend or family member with good credit who’s willing to co-sign a loan with you. This can increase your odds of approval and help you get a lower interest rate.

If you have healthy credit, you can likely find a personal loan with a much lower APR elsewhere.

How to apply with Personify Financial

You can complete Personify Financial’s prequalification application online in just minutes. To see if you prequalify, you’ll need to provide your …

  • Name
  • Email address
  • ZIP code

If you prequalify, you’ll be able to see your potential loan offers. If you decide to apply for a Personify Financial loan, you’ll need to fill out a formal loan application and may be asked to provide documentation to verify your source of income, employment or identity. As part of the application process, Personify Financial also requires you to log into your checking account so it can verify your income and other financial information.

Not sure this lender is for you? Consider these alternatives.

If you’re not sure if a loan from Personify Financial is right for you, here are some other options.

  • LendingPoint: A loan from LendingPoint might be ideal if you need to borrow more than $10,000.
  • Upstart: Upstart could be good for people who are looking for more competitive interest rates.