Personify Financial Personal Loan Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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What is Personify Financial?

Personify Financial is an online lender based out of San Diego. It handles everything remotely: through an online application, by phone or by chat. Personify Financial has only been in business since 2015, and since then, it has made over 20,000 loans. Its speciality is helping applicants with weaker credit scores qualify for personal loans.

Even though Personify Financial is an online lender, its goal is to keep the human element of lending. It claims its loan specialists spend more time getting to know the person behind an application, and that it uses an approval process that considers more factors besides credit scores and income.

It’s an interesting pitch, but does it come through with its loan results? Student Loan Hero has created this Personify Financial personal loan review so you can decide.

Personify Financial personal loan highlights

  • Fast loan funding process: If all goes smoothly, Personify Financial could approve your loan instantly and pay within 24 hours.
  • A simple, free online application: Personify Financial doesn’t charge an application fee, and you only need to answer a few questions to see if you qualify. It does a Soft Pull of your credit to see what kind of offers you could get, which won’t hurt your credit score.
  • High interest rates: Since Personify Financial takes on borrowers with weaker credit scores, it charges high interest rates. Its APR can go all the way up to 179.99%, which is extremely expensive.
  • No loan prepayment penalty: You can pay off Personify Financial loans early without having to pay an extra fee. That’s a good way to avoid paying the high APR for too long.
  • Minimum credit requirement: N/A; it checks credit but does not list specifics
  • Terms: 12 to 36 months
  • Origination fee: 0.00% - 5.00%, depending on the state
Personify Financial Personal Loan Details
Terms
Fees and Penalties
  • Term lengths: 12 to 36 months
  • APR range: 35.00% – 179.99%
  • Loan amounts: $1,000–$10,000
  • Time to funding: 24-48 hours after your loan approval
  • Credit check: Possible Soft Pull to generate offers; hard pull to apply for a loan
  • Origination fee: 0.00% - 5.00%, depending on your state
  • Prepayment fee: None
  • Application fee: None
  • Other fees: It may charge a late payment or non-sufficient funds fee

Personify Financial product details

The possible loan amounts, terms, APR ranges and fees for Personify Financial loans depend on your state of legal residence. It has slightly different rules for each one, which you can check on its website drop-down list.

On the Personify Financial website, it has an educational resource library with videos, fact sheets and articles. You can access these materials for free to learn about how credit scores work and get tips on budget and money management.

When you take out a loan with Personify Financial, it gives you access to your FICO credit score for free. It does this to help people better understand their finances. Personify Financial warns that it is not a credit repair service and does not formally offer advice for how people can rebuild or improve their credit.

Personify Financial does not specifically offer a program to help when you can’t make your payments, such as unemployment protection or payment deferrals. But it says that if you are having trouble with an upcoming loan payment, you should call customer service and it will try to work something out.

Eligibility requirements

  • Minimum credit score: Personify Financial checks your credit score but does not list a minimum
  • Minimum credit history: Personify Financial will consider your credit history for its decision but does not list the requirements
  • Maximum debt-to-income ratio: You must have a source of income to qualify, though Personify Financial does not list a debt-to-income ratio

Personify Financial reviews your credit score and income as part of its decision for a personal loan, but it does not list any specifics. It only says that the amount you could potentially borrow depends on your creditworthiness at the time of the application.

It does say that it accepts borrowers with credit scores that aren’t “prime,” meaning it could be willing to take on customers with possible credit issues and lower scores. But it does not get into specifics on its website. Personify Financial only recommends that you apply and see if you receive any offers.

Beyond credit and income, Personify Financial also requires that applicants have some source of income and a checking account. That’s where it will send the proceeds after a loan gets funded.

Personify Financial offers loans in 29 states. You can only use its services if you live in one of the following states: Alaska, Alabama, California, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah and Washington.

Applying for a personal loan from Personify Financial

You can apply for a personal loan from Personify Financial online through its website. The application will work on any computer, smartphone or tablet. There is no way to apply by phone or mail. While you can get help from a customer service rep by phone or chat, the only way to submit a loan application is online.

The Personify Financial loan application is simple and only has a few questions. It will ask for your name, address, Social Security number, income, employment status and your bank account info. You cannot apply without having an existing checking account.

At this point, Personify Financial could also make a Soft Pull inquiry into your credit report. This does not lower your score. With this information, Personify Financial can decide within a few minutes whether you could be a good candidate for one of its loans. If so, it will give you some initial loan offers, listing how much you could borrow and the interest rates.

If you are happy with one of the loan offers, you can pick it to formally apply. Personify Financial will then make a hard inquiry into your credit report, which could lower your score. It may also ask for documents to verify your identity, income and employment. The faster you get it this information, the faster it can approve your loan.

As part of the application, you will also need to log in to online banking for your checking account, using a portal provided by Personify Financial. It’s read-only, so it can’t see your password and login credentials, though it suggests changing your password right after if that makes you more comfortable. It does so to make sure it sends the money to the right place after approving your loan.

If everything checks out, Personify Financial will send you the loan offer to be e-signed. It will then transfer the money to your bank account within 48 hours, though it sometimes gets this done in as quickly as 24 hours.

While Personify Financial can come up with multiple loan offers, it all comes from the same lender.

Pros and Cons of a Personify Financial Personal Loan
Pros
Cons
  • Quick application and funding. It only takes a few minutes to apply online and see whether you could get loan offers from Personify Financial. If you qualify for an offer, it funds loans within 24 to 48 hours after you’re approved.
  • Offers small loans not available at all lenders. Personify Financial has personal loans that are as small as $1,000.
  • Get initial loan offers for free, with no credit impact. Personify Financial does not charge an application fee. Also, to prepare the initial loan offers, it only makes a soft inquiry into your credit report, which won’t lower your score.
  • Could take on borrowers with weaker-than-average credit scores. The Personify Financial website says its review process lets it take on borrowers with weaker credit scores. If you’ve been denied elsewhere, you still might qualify with Personify Financial.
  • No prepayment penalties. If you pay off your loan ahead of schedule, Personify Financial will not charge a fee.
  • Extremely high APRs. The APRs on Personify Financial personal loans start at 35.00% and go all the way up to 179.99%. That’s a very costly way to borrow.
  • Could charge a steep origination fee, depending on your state. While Personify Financial does not charge an origination fee in every state, it can be a steep 0.00% - 5.00% of the loan amount.
  • You need a checking account to apply. If you don’t have a checking account, you can’t use Personify Financial. It makes applicants log in to their checking account during the loan approval process, which can make some people uncomfortable.
  • Loans only go up to $10,000 max. Personify Financial only deals with small personal loans. It does not offer anything larger than $10,000.

Who’s the best fit for a Personify Financial personal loan?

If you need a small personal loan and are having trouble qualifying with other lenders, Personify Financial could be a good choice. Its website branding and copy make it clear that it takes on applicants with lower-than-average credit scores, thanks to its approval process that looks at more than just credit and income. Just make sure you have a checking account before trying as this is a requirement.

Personify Financial can also be helpful when you need a small amount of money fast and for a short period. Personify Financial can approve and pay out a loan as quickly as 24 hours. Personify Financial does not charge prepayment penalties, so you can pay the money back quickly to minimize what you owe in interest.

On the other hand, if you have a decent credit score, Personify Financial is not a great choice. Its loan APRs and origination fee are extremely high — something you’d expect from a lender that takes borrowers with weaker credit scores. It is also a poor choice for long-term loans, because then you’ll be paying the high interest rate for a long time.

If you need to borrow with Personify Financial, your goal should be to pay back the loan as soon as possible. Not only will this minimize what you owe in interest, after you make the loan payments your credit score will improve. The next time you need to borrow, you could qualify with a company that charges lower interest rates.

Before applying with Personify Financial, make sure you can’t qualify with someone who charges a lower interest rate. Don’t sign up for the steep rates at Personify Financial unless you have to.

Alternative personal loan options

OneMain Financial

  • APR range: 16.05% to 35.99%
  • Credit requirements: Varies
  • Terms: 24 to 60 months
  • Origination fee: Varies

OneMain Financial is another lender that accepts borrowers with weaker credit scores. It does approve loans quickly, sometimes within a business day. It also charges much lower APRs than Personify Financial. One potential downside though is its process is not online-only. You need to visit a OneMain Financial branch to complete your application.

Avant

  • APR range: 9.95% to 35.99%
  • Credit requirements: Varies
  • Terms: 24 to 60 months
  • Origination fee: Up to 4.75%

Avant accepts borrowers with an average credit score of 600 to 700. If you are in this range, you could get a lower APR with Avant than you would with Personify Financial. Checking to see if you qualify with Avant will not hurt your credit score. So if you are unsure, it’s worth giving it a try. Its personal loans range from $2,000 to $35,000. Avant branded credit products are issued by WebBank, member FDIC.

Peerform

  • APR range: 5.99% to 29.99%
  • Credit requirements: 600
  • Terms: 36 or 60 months
  • Origination fee: 1.00% - 5.00%

Peerform is a peer-to-peer lender, which means you collect the money for your loan by connecting with a group of small investors looking to lend. Its platform accepts borrowers with credit scores as low as 600. If you are in a credit score range of 600 to 700, you can likely get a better offer through Peerform than Personify Financial. Its application process is all online, and you can check for offers without hurting your credit score.

Interested in a personal loan?

Here are the top personal loan lenders of 2019!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.

†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com

**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.


7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33


* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

5.74% – 16.99%1$5,000 - $100,000

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

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