Personify Financial Installment Loan Review
Rose Wheeler is a freelance editor with over 15 years of experience overseeing personal finance content. She writes and edits stories about money, credit, budgeting, managing debt, and consumer finance (e.g. federal policy, unemployment, student loans). Previously, Rose was the Editor-in-Chief at Future for the Wealth hub and the Deputy Editor at Forbes Advisor for the consumer finance team. She enjoys assigning and editing finance stories that connect with readers and encourage conversations about money.
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Read more about how we rated Personify Financial.Personify Financial offers personal loans online to people with poor credit, as long as they have a steady paycheck and a record of on-time bill payments. Personify’s loans can have extraordinarily high interest rates (as high as 179.50%), so they only make sense for borrowers who don’t have access to other credit options.
- Considers more than just credit score: Personify Financial’s personal loan criteria examines additional factors, such as whether the applicant has a steady job and a history of on-time payments, in addition to credit score.
- Flexible term lengths: Loan terms offered run from 12 to 48 months.
- Quick loan funding: Personify generally funds loans within one to two business days, which means you could have quick access to funds.
- Charges an origination fee: Personify Financial charges an origination fee in most states.
- Flexible payment options: Personify offers a variety of repayment methods, including electronic transfer, an online payment portal, U.S. mail or by debit card over the phone.
Personify Financial pros and cons
Before making any new credit commitments, it’s important to consider the benefits and drawbacks. Here’s what you need to know about the pros and cons of Personify Financial’s personal loan products:
| Pros | Cons |
|---|---|
Examines work and payment history in addition to credit score Quick access to funds Flexible term lengths No prepayment penalty | Extremely high interest rates (179.50%) Charges origination fees (0.00% - 5.00%) Not available in all 50 states |
If you need a bad credit loan, Personify may be a viable option because their approval model examines more than just your credit score; it also considers your work history and income stability. Because of its very high interest rates and origination fee, this lender is best suited for those with few other financing options.
Personify loans are only available in just 24 states, which will exclude many potential borrowers. Making your monthly loan payments is simple, with multiple payment options available to Personify customers.
Personify Financial requirements
Personify Financial isn’t very transparent about the criteria you’ll need to meet to qualify for a loan. They don’t disclose a minimum credit score, income or debt-to-income ratio they require borrowers to meet.
To be approved for a loan with Personify, you’ll need to supply your address, income and employment information, Social Security number and checking account information. You’ll also need to log into your checking account as part of the application process.
While Personify Financial allows borrowers to use its funding for various purposes, its personal loans can’t be used for business purposes or to pay for post-secondary education.
If Personify Financial’s loan options don’t work for your borrowing needs, be sure to shop around for a lender that best suits your financial goals and offers you the best rates, terms and amounts for your situation.
How to get a loan with Personify Financial
Personify is an online lender, so you won’t need to visit a branch in person. Here’s what you need to know about the application process:
- To apply for a personal loan, click “Get Started Now” on the website. You’ll be prompted to enter your zip code, name and e-mail address to receive loan offers. You may also need to provide the following documentation:
- Proof of address (like a utility bill or lease)
- A government-issued ID (like a driver’s license or passport)
- Your Social Security number
- Your checking account number
- Income verification (like a W-2 or tax filing)
- Personify will perform a soft credit pull to show loan offers. This allows you to see the type of interest rate, term and amounts you may be eligible for. A soft pull isn’t reported to credit bureaus and won’t affect your credit score.
- Once you complete an application and choose to move forward with Personify, the lender will do a hard credit pull. Hard pulls affect your credit score, though only by a small amount. If approved, you may receive your funds in one to two business days.
There are multiple ways to increase your chances of getting approved for a personal loan, including paying your bills on time, avoiding maxing out your credit cards, having steady employment and considering a cosigner. Also, prequalifying for a loan can be a good idea, since it lets you know whether you’re likely to be approved or not.
How Personify Financial compares to other personal loan companies
Even if you believe Personify Financial aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how their personal loans stack up against similar lenders.
| Personify Financial | OneMain Financial | LendingClub | |
|---|---|---|---|
| LendingTree’s Rating | 2.4/5 | 3.8/5 | 3.8/5 |
| Minimum credit score | Not specified | Not specified | 600 |
| APRs | 19.00% - 179.50% | 18.00% - 35.99% | 8.98% - 35.99% |
| Loan amounts | $500 - $15,000 | $1,500 - $20,000 | $1,000 - $40,000 |
| Repayment terms | 12 to 48 months | 24 to 60 months | 24 to 60 months |
| Origination fee | 0.00% - 5.00% | 1.00% - 10.00% | 3.00% - 8.00% |
| Funding timeline | Receive funds in one to two business days | Receive funds as soon as one day | Not disclosed |
| Bottom Line | Personify may be a workable personal loan option for those with poor credit scores, but beware of their very high interest rates, which can go into the triple digits. | OneMain Financial is willing to work with borrowers with low credit scores while also weighing work history and income. Though this lender’s interest rates can be high, they may be lower than some other bad credit competitors. | LendingClub has lower interest rates than Personify, but keep in mind that the lowest interest rates are only available to those with high credit scores. LendingClub also accepts co-borrowers. |
How we rated Personify Financial
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft-credit pulls and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decision.
Frequently asked questions
Personify uses additional criteria other than credit score to approve borrowers for loans, such as income and work history. For that reason, the loans may be an option for borrowers with poor credit scores. To qualify with lenders that have better rates, however, consumers may want to consider improving their credit scores.
A payday loan is usually defined as a small loan — typically less than $1,000 — with a high interest rate, due within two to four weeks (roughly, the debtor’s next payday). Personify Financial is not a payday lender since it funds loans up to $15,000 with terms from 12 to 48 months. However, similar to payday lenders, Personify has exceptionally high interest rates.
Most lenders, including Personify, perform a hard credit check when you submit an application for a personal loan. A hard credit check will show up on your credit history, while a soft credit check will not.