Personify Financial Personal Loans Review
Personify Financial is an online lender offering personal loans with no collateral requirements to qualified borrowers. Applicants do not need perfect credit to take out a Personify personal loan, but those with bad credit may pay a triple-digit APR in exchange for financing.
What we like:
Great customer reviews
|Rates (APR)||35.00% – 179.99%|
|Loan Terms||12, 24, or 36 months|
|Loan Amounts||$1,000 – $10,000|
|Fees||Origination fee: 5%|
Prepayment penalty: None
Application fee: $0
Personal loans are a versatile financial product that can be used for almost any expense. In addition, they offer a predictable repayment schedule with fixed interest rates and monthly payments.
Personify Financial is one of the many lenders offering personal loans. Based in San Diego, Personify Financial is a consumer lending company that was established in 2015.
The mission statement of the company is simple: offer personal loans without collateral requirements to people in financial need.
Personify Financial looks at more than just an applicant’s credit history when considering their loan application, which can make the process of getting funding easier for some borrowers.
In this review:
- Applying for a Personify Personal Loan
- Personify Financial Loan Rates, Terms, Fees, & Limits
- Pros & Cons of a Personify Financial Loan
Applying for a Personify Personal Loan
To apply for a personal loan through Personify Financial, you will need to provide the following information:
- Full name
- Date of birth
- Social Security number
- Bank account routing and account numbers
- State of residence
- Amount of loan requested
- Reason for the loan
- Income sources
- Employment details
Borrowers cannot submit an application over the phone since they are required to provide their personal information through Personify Financial’s online platform.
An application can be submitted on a desktop, mobile phone, or tablet, and it takes as little as 10 minutes to complete the process.
Once the information is received, Personify Financial may be able to approve the loan within 24 hours, with funding in as little as seven business days after approval. Borrowers who are asked to provide documentation or additional information may wait longer to receive an update on their loan approval or denial.
Although it isn’t explicitly stated, borrowers with credit scores as low as 560 may be approved for financing through Personify Financial. However, all applicants must be at least 18 years old, and due to the Military Lending Act, active duty service members and their dependents cannot apply.
Personify Financial Loan Rates, Terms, Fees, & Limits
A personal loan from Personify Financial may be easy to obtain if you have bad credit, but it is necessary to review the terms, fees, and loan limits before applying. These factors vary from state to state. As an example, consider the rules for a borrower from California:
- Loan amounts: $1,000 up to $10,000
- Interest rates (APR): 35% to 179.99%
- Loan terms: 12, 24, or 36 months, depending on loan amount and creditworthiness of the borrower
- Payment schedules: Biweekly, semimonthly, or monthly
- Origination fee: Some loans require a 5% origination fee
- Prepayment penalties: None
As you can see, the APR for Personify personal loans can be in the triple digits. Such a rate adds up over time, making the cost of borrowing through Personify Financial comparable to that of taking out a payday loan. Even Personify’s best rates can be prohibitive for many borrowers.
Borrowers need to read through the offer they receive to determine the actual APR they would pay for their requested loan. Although the convenience and speed of Personify Financial personal loans are attractive when you’re in a financial bind, the expense of taking on a personal loan from this lender may be more than some borrowers can manage.
>> Read More: LendEDU’s Top Picks for Bad Credit Loans
Pros & Cons of Personify Financial Personal Loans
- Ability to qualify with a poor credit score and history of making late payments or have experienced collections, bankruptcy, or foreclosure.
- Quick and easy application process that can be done completely online.
- Customer data is reported to credit bureaus, so making on-time payments can help improve your credit score.
- Very high interest rates. Depending on your particular APR, you could end up repaying two to three times the amount you initially borrowed.
- Funding time may be longer than other installment loan lenders. Whereas other lenders provide funding in as little as one business day, you may have to wait up to a week with Personify.
- Personal loans from Personify are not available in all states.
A Personify Financial personal loan may be a good choice if you have a spotty credit history and are unable to obtain a loan with a traditional financial institution.
However, Personify’s incredibly high APRs can make it difficult to pay down the loan in a realistic way. Using a Personify Financial personal loan for debt consolidation or an unexpected expense most likely isn’t a good decision given these rates.
Overall, Personify Financial can be a good fit for your financing needs if you have few other places to turn. Be sure to take the time to review the terms and conditions of your loan, including the fees charged, before signing on the dotted line with Personify Financial.3.73 Personify Financial Personal Loans
Author: Melissa Horton
Your Guide to Financial Freedom
Money tips, advice, and news once a week
Join the LendEDU newsletter!Thanks for submitting!Please Enter a valid email
Personal Loans Information
Personal Loan Reviews