Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans Personify Financial Personal Loans Review: Beware of High Rates Updated Jun 26, 2023   |   5-min read Reviewed by Jeff Gitlen, CEPF® Reviewed by Jeff Gitlen, CEPF® Expertise: Student loans, personal loans, home loans, insurance, credit cards Jeff Gitlen, CEPF®, is the director of content operations at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware. Learn more about Jeff Gitlen, CEPF® Learn Moreat Personify Financial’s secure websiteEditorial RatingEditorial RatingWhat we like:Great customer reviewsRates (APR)35.00% – 179.99%Loan Terms12, 24, or 36 monthsLoan Amounts$1,000 – $10,000FeesOrigination fee: 5%Prepayment penalty: NoneApplication fee: $0Compare our top rated personal loan lendersCompare Lenders 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. 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. If you are considering taking out a loan from Personify, however, you should be aware that the interest rates are typically over our recommended maximum of 36%. These rates make for an expensive loan, so be sure to know the total costs and have a plan for repayment before taking one out. Alternatively, you can check out our top choices for bad credit loans with more reasonable rates. In this review: Applying for a Personify Personal LoanPersonify Financial Loan Rates, Terms, Fees, & LimitsPros & 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 nameDate of birthSocial Security numberBank account routing and account numbersState of residenceAmount of loan requestedReason for the loanIncome sourcesEmployment 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, with funding in as little as 24 hours. 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. AdvertisementAlternatives to Personify Personal LoansFunding as soon as the next dayFree credit monitoring and credit health toolsEasy application processView Rates Rates are typically between 8.41% and 35.99% APR1Funds can be received in as fast as one business dayA minimum credit score of 600 in most statesView Rates 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 Florida: Loan amounts: $1,000 up to $10,000Interest rates (APR): 35 to 179.99Loan terms: 12, 24, or 36 months, depending on loan amount and creditworthiness of the borrowerPayment schedules: Biweekly, semimonthly, or monthlyOrigination fee: 5% (in some states)Prepayment penalties: None As you can see, the APR for Personify personal loans can be in the triple digits. Such a rate can add up over time and make for an expensive loan. 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 Pros 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. Cons High interest rates. You could repay two to three times the borrowed amount, depending on your APR. If you are eligible, you will get a lower rate with Avant or Upstart. Personal loans from Personify are not available in all states. Bottom Line 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 high APRs can make repayment costly. Make sure to compare alternatives to try and find the lowest rate available. You may be better off taking out a secured personal loan, secured credit card, or a personal loan for bad credit with a rate lower than 36%. Overall, Personify Financial should be viewed as a last resort. 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. 1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.