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
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.
- 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
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
- 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.
- 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.
- 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!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
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.
8 Important Disclosures for Avant.
* 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
** 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|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|