Your interest in Personify Financial probably began because you are having financial difficulties.
But, there are so many companies offering personal loans, it is hard to settle for Personify Financial without considering other options.
Is Personify Financial the most suitable loan option for you?
Personify Financial offers loans to borrowers with bad credit, but its high-interest rates make it a last-resort option. If you prefer a loan with a lower cost, there are other better options for you.
Personify Financial Overview
Personify Financial is a lending company that offers unsecured personal loans for bad credit. It is a subsidiary of Applied Data Finance, LLC, a technology-enabled financial service firm that offers customer loan solutions.
According to Personify Financial, they look beyond your credit score and other details to get you a suitable loan option, unlike some lenders.
Personify Financial currently offers loans in 26 U.S. states where qualified borrowers can borrow from $500 up to $15,000 with a repayment period of up to four years.
It also gives loans at a fast pace to customers who need funds urgently. However, Personify Financial personal loans are characterized by outrageous interest rates and fees. Its APR can go as high as about 200%.
According to Nextadvisor, Applied Data Finance, the platform's parent company, has been sued twice for using schemes to skirt interest caps. It is also on the National Consumer Law Center (NCLC) radar as a high-cost lender using rent-a-bank schemes.
Personify Financial Personal Loans Highlights
- Estimated APR: 19.00% to 190.00%
- Loan Amounts: $500 to $15,000
- Loan Terms: You can choose a repayment term between 12, 18, 24, 36, and 48 months (1-4 years)
- Origination fees: 5%
- Late fees: Yes, but it doesn't disclose the fee amount.
- Prepayment penalty: $0
- Nonsufficient Funds (NSF) fee: Yes, but it doesn't disclose the fee amount.
- Minimum Credit Score: Not Disclosed
- Minimum income: Not Disclosed
- Funding Time: One or two business days.
- Co-borrowers or co-applicants: Personify Financial does not specify whether it accepts co-borrowers or co-applicants on its official website.
- Pre-qualification: Allowed
- Payment options: You can repay your loan via electronic transfer, an online payment portal, U.S. mail, or a debit card over the phone.
Loan Amounts: Borrowers can take out loans from $500 to $15,000, depending on their state. Some states have much higher starting loan amounts. For instance, Georgia has a $3100 minimum loan amount.
Minimum Credit Score: Personify Financial does not have a defined minimum credit score requirement. It evaluates other factors like steady income source and history of on-time payments in addition to credit score.
According to a Personify Financial rep, the platform checks your VantageScore and favors borrowers with over 500 scores for loans.
Minimum income: The acceptable minimum income for Personify Financial is undefined. According to their rep, there is no minimum income, but Personify Financial ensures that borrowers have sufficient income proof to repay their loan by checking their minimum payment and DTIs.
- It is friendly To Borrowers With Bad Credit Scores.
- You Can Tie The Repayment Date To Your Pay Schedule.
- Pre-qualification Is Available.
- It Is Only Available In 26 U.S. States.
- The Interest Rates Are Super High.
- You Will Be Charged An Origination Fee of 5% and A Late Fee.
Although Personify claims to help people with bad credit take out fast loans, its extremely high-interest rate makes it unsuitable as a first-choice lending platform.
It is advisable to check all other loan options available before considering Personify Financial as your last resort.
Where Personify Financial Personal Loans Stand Out
It is friendly To Borrowers With Bad Credit Scores
Personify Financial does not dwell on borrowers' credit scores when screening for loans application. Instead, it considers other factors in determining your eligibility. This is a breakthrough for people who have had problems securing a loan due to bad credit.
You Can Tie The Repayment Date To Your Pay Schedule
Personify Financial considers your paydays when setting your payment dates so that you can be consistent and comfortable while repaying your loan.
For example, a borrower who gets paid monthly will have a repayment plan that tallies the paydays. You can also request to move your payment dates three days before it gets due if they are inconvenient or you cannot meet up.
Pre-qualification Is Available
Like many other lenders, Personify Financial allows you to pre-qualify for personal loans to preview potential offers, interest rates, and loan terms. During the pre-qualification, there will only be a soft credit check which will not affect your credit score.
Where Personify Financial Personal Loans Fall Short
It Is Only Available In 26 U.S. States
Not all U.S. 50 states residents can borrow money from Personify Financial. The platform currently works in 26 states, including Wisconsin, Washington, Utah, Texas, Tennessee, South Carolina, Oklahoma, Ohio, New Mexico, Montana, Mississippi, Missouri, Minnesota, Michigan, Louisiana, Kentucky, Kansas, Indiana, Idaho, Hawaii, Georgia, Florida, Delaware, Arizona, Alabama, and Alaska.
The Interest Rates Are Super High
Personify Financial charges really high interest on their personal loans, such that the APR can make up more than half of the total money owed. The extended repayment terms worsen as the interest accumulates over time throughout the loan term.
For example, if you borrow $2000 at 99% APR to be repaid within a year, your total interest will be $1226. If the loan term is any longer than a year, you may be paying triple the loan amount you borrowed.
You Will Be Charged An Origination Fee of 5% and A Late Fee
Many lenders don't collect origination fees or limit it to around 1% but Personify Financial collects a rather high percentage. It charges 5% on loan amounts as an origination fee, which gets deducted before the fund is deposited into your account.
For instance, if you borrow $2000 with a 5% origination fee, the fund you will get is $1900.
Personify Financial also charges borrowers for delayed payments. However, the company does not specify the amount you will be fined.
Compare Personify Financial with Other Lenders
People with bad credit may find Personify Financial loans a viable option when faced with an emergency expense.
However, due to Personify Financial's high-interest rates and 5% origination fee, we advise that you only consider it after exhausting all other options.
That is because some other lenders like BadCreditLoans and Personal Loans™ can offer lower interest rates despite your bad credit score.
19.00 to 199.00%
5.99% to 35.99%
Not Disclosed, but it really welcomes bad credit borrowers.
Min. Credit Score
Undisclosed, but it accommodates borrowers with bad credit.
600 for peer-to-peer loans; 580 for personal installment loans and bank personal loans.
$500 to $15,000
$500 to $10,000
$1,000 to $35,000
One to two business days
One business day
One business day
Origination fee: 5%
Late fee: Yes, but undisclosed
Prepayment penalty: $0
Nonsufficient Funds (NSF) fee: Yes, but undisclosed
Origination, Late Payment, and NSF fees all vary by lender
Origination fees: 1%-5%
1 to 4 years
3 months to 6 years
3 months to 6 years
Personify Financial Vs. BadCreditLoans
Personify Financial has a starting APR more than double of BadCreditLoans minimum APR. So, although both companies accommodate people with bad credit, BadCreditLoans still offer a more reasonable cost than Personify Financial.
Note that BadCreditLoans only betters Personify Financial in cost if the loan term is short. When we compare the repayment terms, BadCreditLoans stretches it up to 6 years.
This may look convenient because the monthly payment will be smaller. However, the total interest accumulates over time, and borrowers will be paying more cost for the loan than they should.
Personify Financial has a higher loan limit than BadCreditLoans, meaning borrowers with larger expenses will find it preferable.
Personify Financial Vs. Personal Loans™
Personify Financial's APR triples what Personal Loans™ offers to its customers.
However, unlike Personify Financial, which favors people with really bad credit, Personal Loans™ has a minimum credit requirement of 580 for personal loans. This means that borrowers who choose Personify Financial may have a higher chance of getting a loan with extremely poor credit than on Personal Loans™.
Personal Loans™ offers $35000 as its highest loan amount, which is more than double what Personify Financial allows. Borrowers with the need to cover more expenses can choose Personal Loans ™ instead to access more funds at lower costs too.
Lastly, Personal Loans™ has a maximum repayment term of 6 years, meaning borrowers have access to smaller monthly payments. However, in the long run, they will be paying more interest rates because the longer the term, the higher the total interest payable.
Personify Financial also falls short in this area due to its high interest and extended loan term. Although its repayment term isn't as much as Personal Loans™'s, the high-interest rate makes the total interest rate outrageous.
Requirements For Personify Financial Personal Loans
Age: Borrowers must be at least 18 years old for their loan application to be considered on Personify Financial.
Citizenship: Personify Financial will only offer personal loans to permanent residents in the 26 U.S. states it operates in and also the green card holders in those locations.
Identification: Personify Financial uses a borrower's Social Security Number to verify their identity.
Bank Account: Borrowers must have a verifiable checking account.
Credit Report: Personify Financial will check borrowers' payment history and their outstanding debts to determine whether to consider their loans, suitable interest rate, loan term, and loan amount.
Note: Due to the Military Lending Act, active duty service members and their dependents cannot get their loans approved on Personify Financial.
This is because the act restricts lenders from going over a 36% APR on loans given to active members and their covered dependents. Since Personify Financial charges over 100% APR, these groups cannot secure a loan on the platform.
7 Steps To Apply For A Personify Financial Personal Loan
Step 1: Go to the Personify Financial website via personifyfinancial.com to get started and click on Apply.
Step 2: Type in your Zip code into the appropriate field and click on "See My Loan Offers"
Step 3: Fill in your name and proceed to confirm if you have received a pre-qualification code from Personify Financial.
Step 4: Add your email address to verify your loan account and also to receive updates on your loans. Click on the link sent to your email afterward to verify and move on with the process.
Step 5: Pre-qualify for a loan: After adding all the required details and you qualify, Personify Financial will show you a list of potential loans available to you, including their rate, loan term, and amount.
Step 6: Compare all the offers and select the most suitable loan. Log into your bank account where your income is paid, then submit the application. Note that a hard credit pull will occur to check your payment history. This may affect your score temporarily, depending on how frequently the hard check is done.
Step 7: If you qualify, your loan will be approved almost instantly and if not, you may need to tender more information to borrow a loan. Ensure you check your email often to receive updates concerning the loan. Upon approval, your fund will be deposited into your account within one or two business days.
Note: Depending on how your bank operates, it may take longer to get your fund regardless of when Personify Financial deposits it.
Ensure that you have adequate income to repay your Personify Financial Personal Loan early since there are no penalties for prepayment. This is so that you can save yourself from a debt trap and reduce the total cost of taking the loan.
How Does CreditYelp Rates Personify Financial
|Requirements & Application||4.6/5||It has flexible eligibility requirements and the credit score is not the only factor it takes into account during screening.|
|Loan flexibility||4.7/5||You can tie the repayment date to your pay schedule.|
|Rates, Fees & Other Terms||3/5||Personify Financial Loans charge sky-high interest rates and 5% origination fees.|
|Customer experience||4.5/5||Many borrowers complain about the high APRs and fees on Trustpilot.|
|Transparency||4.4/5||Personify Financial Personal Loans are not very transparent compared to many lenders.|
Personify Financial FAQs
Q1: How Does Personify Financial Affect My Credit Score?
Personify financial reports loan payments to all three major credit bureaus, which can make or mar your credit score. If you default on payments, your credit score will be hurt, but if you are consistent and timely, it can help you build your credit.
Here's how your credit score may be affected when you take out a loan with Personify Financial loan;
- Your payment history: Payment history plays a part in determining your credit score. Making payments on time will positively affect your credit score, which predicts your ability to repay debt.
- Your Credit Mix: Having multiple types of loan accounts, like mortgages, personal loans, student loans, and credit cards, on your payment history shows how well you can handle different credits. So, adding a personal loan from Personify Financial to the list tends to improve your credit score.
- New Credit Account: Taking out a loan automatically opens another credit account on your report. This makes your payment history longer and more diversified and can add to your VantageScore.
Q2: What Can Personify Financial Loan Be Used For?
Personify Financial personal loans can be used for the following;
- Wedding expenses
- Debt consolidation
- Medical bills
- Auto repairs
- Home improvements
You can use the fund for virtually any expenses except business purposes, tuition expenses, and illegal activities.
Q3: Is Personify Financial Legit?
Personify Financial is a legitimate personal loan company owned by a popular tech-based financial service provider, Applied Data Finance. It is recognized by BBB which gives it an A+ review and has recorded over 1000 reviews from customers.
However, being legit does not make Personify the suitable lender for you. This is because although it caters to those with bad credit, it charges a ridiculous interest rate on its personal loans.
Even the National Consumer Law Center (NCLC) has Personify Financial on its list as a high-interest lender that uses the rent-a-bank scheme to avoid interest rate caps in states.
Q4: Is Personify Financial a Payday Loan?
Due to the sky-high interest rates charged by Personify Financial, it is easy to mistake it for a payday loan which operated in the same way. However, Personify Financial is not a Payday loan. It offers personal loans with extremely high interest, making it a last resort for people with bad credit.
Q5: What Documents Are Needed For a Personify Financial Personal Loan?
Personify Financial requires some documents to verify the details that you submit. The common ones requested are;
- A government-issued Identity Card, such as a passport or driver's license, or a resident permit.
- Your SSN
- Proof of address, such as bank statement, utility bills, or lease.
- Your bank checking account number.
- Proof of income such as recent paystubs, W-2, and tax reports.