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.
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|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
Late fee: Varies
The popularity of personal loans has been growing steadily over the last several years, due in part to the ease of finding a lender willing to approve borrowers regardless of credit history. A personal loan can be a helpful financial tool in certain circumstances, and can also offer predictability with fixed interest rates, scheduled monthly payments, and a known light at the end of the repayment tunnel.
However, finding the best personal loan for your debt consolidation, home improvement, or other major expense can be a challenge in today’s saturated market.
One of the many online lenders offering personal loans to qualified borrowers is Personify Financial. Based in San Diego, Personify Financial is a consumer lending company established in 2015 and accredited with the Better Business Bureau that same year.
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.
To date, the online lender has funded more than 40,000 loans. Before jumping on a personal loan from Personify Financial, though, it is important to understand the application process, terms, interest rates, and other associated benefits and risks.
In this review:
- Applying for a Personify Personal Loan
- Personify Financial Loan Rates, Terms, Fees, & Limits
- Benefits of a Personify Financial Loan
- Downsides of a Personify Financial Loan
Applying for a Personify Personal Loan
To apply for a personal loan through Personify Financial, all an applicant needs is a source of income and a checking account. You’ll also 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 range from $1,000 up to $10,000
- Annual percentage rates (APRs) range from 35% to 179.99%
- Loan terms are 12, 24, or 36 months, depending on loan amount and creditworthiness of the borrower
- Biweekly, semimonthly or monthly payment schedules
- Some loans require a 5% origination fee
- No prepayment fees or prepayment penalties
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.
Benefits of a Personify Financial Loan
Personify Financial does offer some benefits to certain borrowers. First, the ability to qualify for an unsecured personal loan without great credit is a plus for many. If you have a history of making late payments or have experienced collections, bankruptcy, or foreclosure, a Personify Financial personal loan may be the right choice — especially if you’re looking for quick approval and funding.
>> Read More: Bad credit loans
Additionally, the lender makes it easy to submit an application from just about anywhere. You do not need to visit a physical location to apply, and most applications can be submitted in a matter of minutes on a smartphone, tablet, or PC.
Personify Financial does not ask for additional documentation for most borrowers, so the process of applying is simple and quick. Personify reports customer data to credit bureaus, so a history of on-time payments can help make your credit report more attractive to future potential lenders.
Downsides of a Personify Financial Loan
Although there are a handful of benefits to getting a personal loan through Personify Financial, downsides and risks exist. The most notable issue with this lender is its potentially sky-high APRs.
Even if you have bad credit, this APR borders on predatory lending rates. Depending on your particular APR, you could end up repaying two to three times the amount you initially borrowed, leading to a burdensome cycle of debt that is hard to undo.
In addition to the high cost of borrowing, Personify Financial takes longer to fund installment loans than comparable online lenders who cater to bad credit borrowers. Whereas other lenders provide funding in as little as one business day, you can wait up to a week to get your hands on your Personify proceeds.
If you’re looking for more affordable loan offers, Personify Financial may not be your best choice.
Finally, personal loans from Personify are not available in all states. You’ll need to check your eligibility online to determine if you can get a loan through this lender before applying.
Alternatives to Personify Personal Loans
A Personify Financial personal loan may be a good choice if you have a spotted 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 is likely not a beneficial option 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.3.49 Personify Financial Personal Loans
Author: Melissa Horton
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