Personify vs. OneMain Financial: Which offers better personal loans?

Personify and OneMain Financial offer personal loans for bad credit with small loan amounts and a wide range of terms. Each sets similar minimum personal loan rates starting in the double digits, but Personify’s maximum rate hits the triple digits, making it a very pricey borrowing choice.

On the positive side, Personify’s origination fees are half of what you could pay at OneMain, and the minimum loan amount is smaller if you just need a quick emergency loan. Comparing the pros and cons of each lender’s loans may help you decide which is a better fit for you.

Personify vs. OneMain Financial at a glance

Personify and OneMain Financial offer similar products for borrowers with bad credit. OneMain Financial has more competitive rates but Personify charges lower fees.

Personify personal loans

Best for small, short-term bad credit loans

Bankrate’s view

Personify is one of few lenders offering a minimum loan amount below $1,000 and a term of less than 24 months. The $500 minimum makes a Personify loan a good choice for an unexpected expense like a car repair or emergency root canal that you want to pay off quickly. However, you can spread the payment out as long as 48 months if you need extra time.

If you have bad credit, try to pay the balance as quickly as possible to avoid paying an APR of up to nearly 180 percent. Unfortunately, there is no information about what is required to qualify for a rate on the lower end of its APR range. The good news is that Personify offers a prequalification, so you can check the terms first without dinging your credit with a hard inquiry.

Pros

• Low minimum amount
• Shorter terms than most lenders
• Prequalification available

Cons

• Triple-digit maximum APRs
• Only available in 25 states
• Unknown qualifying requirement

OneMain Financial personal loans

Best for same-day bad credit loan funds

Bankrate’s view

OneMain Financial stands out for its same-day funding availability for bad credit loans. That makes it a good choice for an early morning financial crisis, giving you potential access to funds the day you apply.  You also have a bit more borrowing power with access to up to $20,000 compared to Personify’s $15,000 cap.  You also won’t risk paying a triple-digit interest rate since OneMain has an APR cap of 35.99 percent. If your rate is high, you can spread the payment out as long as 60 months, a year longer than if you borrowed from Personify.

Fees are steep at up to 10 percent, and you have to borrow at least $1,500, which may be more than you need. Qualifying requirements aren’t clear on OneMain’s website. Still, you can prequalify without affecting your credit and add a co-borrower if you need help getting a higher loan amount.

Pros

• APR cap of 35.99%
• Longer repayment terms
• Higher maximum loan amount

Cons

• Higher minimum loan amount
• Limited state availability
• Origination fee up to 10%

How to choose between Personify and OneMain Financial

Both lenders offer competitive options for not-so-great credit. Choosing one over the other really comes down to how much you need to borrow and how urgently you need the money.

It’s best to be prequalified with each lender and then calculate the cost of your loan based on the offers. Remember to add the origination fee to your loan amount; otherwise, it will be deducted from the loan proceeds deposited into your account.

APR range

OneMain’s APR minimum is a bit higher than other lenders, but that’s not surprising, considering it caters to lower-credit borrowers’ needs. Personify’s minimum score is a tad higher than OneMain’s but balloons well into triple digits for its maximum rate.

Minimum credit score

Neither lender discloses its minimum credit score requirement. Given how high the maximum rates are at Personify, they may be willing to work with lower-scoring applicants than OneMain Financial would. You may also not be eligible for higher loan amounts or longer terms if your score is very low.

Repayment terms

Personify is the clear choice if you want to pay your loan in 12 months since OneMain’s shorter repayment term is 24 months. Just make sure you can afford the payment, especially considering Personify rates could spike to over 100 percent.

One Main is better if you want to spread your payments out to 60 months – giving you a potentially lower payment than the 48-month maximum at Personify. You may also qualify for a shorter term with OneMain if you add a co-borrower, which is something you can’t do at Personify.

Time to receive funds

OneMain’s same-day funding potential makes it a better choice in a cash crunch, as long as you need at least $1,500.  Personify funds aren’t available for 24 to 48 hours after your approval. One note about customer service: If you need to reach someone on the weekend, Personify offers 8 hours of Saturday access to a representative. OneMain only offers customer service on weekdays.

Fees

Personify’s origination fee is only 5 percent, half of the 10 percent you could pay for a OneMain loan. That means you’ll receive more of the funds you borrow in your pocket with a Personify loan.

The bottom line: Which lender is best?

Personify is your best bet if you need to borrow less than $1,500 and prefer a short repayment term. Lower fees help offset the potentially higher rates, making it a go-to lender for emergencies that require a quick cash solution. One caveat: If you only qualify for the highest rates, make every effort to pay the balance early so you don’t get stuck paying sky-high interest charges over the life of the loan.

OneMain beats Personify when it comes to funding speed and lets you spread the balance over a longer time period than Personify. You can also borrow more and add a co-borrower’s income to help you qualify. You’ll also pay a much lower maximum APR, even if you have bad credit, which, combined with OneMain’s contract term options, could result in a much lower monthly payment.

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Best for small loans

Avant

Best for short repayment options