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|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 $1,000 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. So making on-time payments can help boost your credit scores.
- You can choose whether you make biweekly, semimonthly 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 info like your name, email address and 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, which will likely trigger a hard credit inquiry and can affect your credit scores.
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.