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Updated on Thursday, December 31, 2020
|Personify Financial personal loan rates and terms|
|APR range||35.00% - 179.99%|
|Loan amounts||$500 - $15,000|
|Loan length||6 to 48 months|
|Minimum credit score||Not specified|
|Time to funding||One to two business days, depending on the loan program you utilize and the state in which you live.|
Who’s the best fit for a Personify Financial personal loan?
Personify Financial offers high-APR loans to borrowers with bad credit who can’t get approved for traditional personal loans with better terms. So if you have fair or poor credit and you’re in desperate need of a small loan to tide you over, you may qualify for a loan through Personify Financial. Just keep in mind that loans with a high APR are incredibly expensive to borrow.
Still, it’s best for bad credit borrowers to exhaust their other borrowing options, including credit union loans and secured personal loans, before taking out a personal loan with a triple-digit APR.
If you have a good or excellent credit score, Personify Financial is not for you. You’ll be able to find better interest rates with other lenders.
6 to 48
0.00% - 5.00%
Pros and cons of a Personify Financial personal loan
Personify Financial doesn’t specify a minimum credit score requirement on its website. Instead, the Personify website notes that “the approval process considers many factors besides your credit history.”
Personify Financial isn’t available in every state. Residents of the following 28 states can apply:
Applying for a personal loan from Personify Financial
- Fill out Personify Financial’s online application. You’ll be asked for basic information like your name, email address and zip code.
- Personify Financial will do a soft pull on your credit to determine your loan offers, which will not affect your credit score.
- If you decide to formally apply, Personify Financial will conduct a hard credit check, which can affect your credit score.
- Personify Financial may request additional documents to verify your income, employment or identity.
- If approved, you’ll receive your funding within one to two business days.
Personify Financial consumer reviews
On LendingTree, which owns MagnifyMoney, consumer reviews of this lending agency are mixed. Most notably, reviewers make note of the high APRs and easy borrowing process.
Before working with any lender, be sure to carefully read reviews from current and previous borrowers. These reviews can give you a glimpse into what your experience may be like.
Personify Financial FAQ
Personify Financial offers unsecured personal loans, which are lump-sum loans with fixed interest rates that are repaid in equal installments.
If approved, you can borrow between $500 and $15,000, depending on multiple factors, such as the state in which you live and your creditworthiness.
You can apply online from any computer, smartphone or tablet.
In some states, Personify Financial charges an origination fee worth 5% of the total loan amount you receive, as well as non-sufficient funds and late fees when applicable.
Once approved, you can receive funds within one to two business days, excluding weekends and holidays.
You can make payments via electronic funds transfer or through Personify’s online portal using your checking account, savings account or debit card. You can also send a check by mail.
Personify Financial does report to the credit bureaus, which means that any delinquency could affect your credit score. If you think you’ll miss a payment, call a Personify Financial specialist at 888-578-9546 to discuss your options.
Depending on your state of residence, these offers will either be through Personify Financial directly or through its partner, First Electronic Bank.
Alternative personal loan options
Affinity Federal Credit Union vs. Personify Financial
As low as 9.75%
Minimum Credit Score
Up to 60
No origination fee
on Affinity Federal Credit Union’s secure website
Affinity Federal Credit Union offers personal loans that come with no origination fees, no prepayment penalties, and low fixed rates. ... Read More
A good place to start your search is credit unions, as they tend to offer lower interest rates. One credit union is Affinity Federal Credit Union, which offers personal loans starting at 9.75% APR.
In order to borrow a personal loan from a credit union, you must become a member. Each credit union has its own membership requirements. For Affinity Federal Credit Union, simply join one of the eligible clubs outlined on their website and maintain a $5 “share” in the credit union.
LendingPoint vs. Personify Financial
Minimum Credit Score
24 to 60
0.00% - 6.00%
LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $36,500.... Read More
LendingPoint offers personal loans from 9.99% to 35.99% APR — drastically lower than Personify Financial. But while LendingPoint works with borrowers in lower credit bands, it does require that applicants make at least $20,000 in income.
Besides the much more favorable APR, LendingPoint’s loan terms are similar to that of Personify Financial. Loan amounts are slightly higher, from $2,000 to $36,500, and loan lengths are slightly longer, at 24 to 60 months. Like Personify Financial, LendingPoint also offers fast funding, sometimes as soon as the next business day.
Finova Financial vs. Personify Financial
12 to 24
Varies by state
Terms and Conditions Apply. FINOVA 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 Finova's underwriting requirements. A borrower cannot be an active-duty service member of the U.S. Armed Forces (or a covered dependent under the Military Lending Act). 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 any time without notice and are subject to state restrictions. To check the rates and terms you qualify for, Finova 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. Finova is an equal opportunity lender.
Another option is looking at secured loans. Many times this involves putting your car or another valuable item up for collateral, which means that you risk losing an asset if you default on the loan.
Plus, interest rates on auto title loans — where you put your car up as collateral — can be also high. If this is your only option, look to a lender like Finova Financial, which caps its interest rates at a comparatively low 30%.