Personify Personal Loans: 2024 Review

Name: Personify
Item: Personify
Rating: 3.5
Author: Rebecca Betterton

Written by

Rebecca Betterton

Edited by

Hannah Smith

Updated on Jan. 1, 2024

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3.5

Bankrate Score

Availability

4.8

Affordability

2.5

Customer Experience

4.0

Transparency

3.5

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Full methodology

San Diego-based Personify Financial offers unsecured installment loans of up to $15,000, with loan amounts and terms varying by state. Its loans are designed for people who may have trouble finding funding with other lenders. While this lender is willing to look beyond credit scores during the application process, annual percentage rates (APRs) are much higher than other personal loans.

Before applying with Personify, make sure to inspect the website carefully. The lender has the following website address: personifyfinancial.com. Personfinancial.com.co is not the correct lender website, even though it claims to be Personify Financial.

Lender Details

Loan amount

$500-$15,000

APR from

36.00%-179.50%

Term lengths

12-48 months

Funds available in

Next business day, depending on financial institution

Best for fair and bad credit borrowers

Due to its relaxed eligibility requirements, this lender is best for fair and bad credit borrowers who don't qualify for other options.

Personify pros and cons

PROS

Relaxed eligibility requirements.
Loan prequalification.
No prepayment penalty.

CONS

Exceptionally high APRs.
Origination fees.
Limited availability.

Do you qualify?

While Personify doesn’t advertise a minimum credit score for eligibility, the lender says it’s willing to look at factors besides your credit. However, you must live in a valid state, have a verifiable checking account and must be able to apply online to take out a loan.

Alabama
Alaska
Arizona
Delaware
Florida
Georgia
Idaho
Indiana
Kansas
Kentucky
Louisiana
Michigan
Minnesota
Mississippi
Missouri
Montana
New Mexico
Ohio
Oklahoma
Tennessee
South Carolina
Texas
Utah
Washington
Wisconsin

What Personify doesn't allow loan funds to be used for

Personify loans can be used for any legal personal purpose, like paying down an emergency expense. Borrowers may be unable to use personal loan funds for certain business or education-related expenses, such as paying college tuition.

How this lender compares

3.5

Bankrate Score

APR from

36.00%-179.50%

Loan Amount

$500-$15,000

Term Length

12-48 months

Min Credit Score

Not disclosed

Compare rates

on Bankrate

4.8

Bankrate Score

APR from

7.80% – 35.99%

Loan Amount

$1,000 – $50,000

Term Length

36 or 60 months

Min Credit Score

Not disclosed

Read our review

on Bankrate

4.4

Bankrate Score

APR from

18.00%–35.99%

Loan Amount

$1,500–$20,000

Term Length

24-60 months

Min Credit Score

Not disclosed

Read our review

on Bankrate

Personify vs. Upstart

Upstart looks at factors other than just credit score, and like Personify, has flexible eligibility criteria. However, Upstart offers much lower interest rates and a higher borrowing maximum. Due to its astronomically high APR range, borrowers with less-than-stellar credit should consider a lender like Upstart before turning to Personify.

Read a full comparison of: Personify vs. Upstart

Personify vs. OneMain Financial

OneMain Financial offers both unsecured and secured loans, so borrowers who wouldn't otherwise qualify may be able to take out a secured loan — which is backed by collateral. Both lenders have similar terms and APRs, but those with an established credit history may want to go with OneMain before turning to Personify; those with bad credit risk thousands of dollars in interest charges with Personify.

Read a full comparison of: Personify vs. OneMain Financial

Personify: In the details

Loan Amount

$500-$15,000

APR from

36.00%-179.50%

Term lengths

12 to 48 months

Funds available in

Next business day, depending on financial institution

Additional requirements

Must live in a qualifying U.S. state

What we like and what we don’t like

Personify allows borrowers to take out a personal loan who wouldn't otherwise get approved. However, there are drawbacks that come with the lender.

What we like

Eligibility requirements: Unlike most lenders, Personify has flexible eligibility requirements and bases approval on factors other than credit score.
Loan prequalification: Borrowers can prequalify, which lets them see their eligibility odds and predicted terms with no impact to their credit score prior to applying.
No prepayment penalty: Personify doesn't charge fees for paying off their loan balance early, which can help save on interest charges.

What we don't like

Exceptionally high APRs: Rates start at 36.00 percent and go as high as 179.50 percent in some states. An APR this high could cost you thousands of dollars, so those with good credit should look elsewhere.
Origination fees: While Personify doesn’t charge an application fee, you may have to pay an origination fee of up to 5 percent of the loan amount, depending on your state of residence.
Limited availability: Personify is only available in 25 states, and you can’t get a loan if you don’t live within the lender’s footprint.

How to contact Personify

Personify offers a support phone number at 888-578-9546, along with an online contact form if you have any specific application questions, but you’ll have to fill out your application entirely online.

You can contact customer service via phone Monday through Friday from 8 a.m. to 9 p.m. CT and on Saturday from 8 a.m. to 5 p.m. CT.

How to apply for a personal loan with Personify

You can complete Personify’s prequalification application online in just minutes. Head to its website and click “Get Started Now.” You’ll enter your name, email address and ZIP code to see your potential loan offers. If you prequalify and decide to officially apply for a Personify Financial loan, here are the steps you can expect to take:

1. Provide personal details

Enter your full name and address, phone number, date of birth and Social Security number. Tell Personify how much you want to borrow, how you’ll use the loan, your monthly post-tax income and the source of your income. You’ll also provide details about your employer and how often you receive your income.

2. Permissions

Next, give Personify permission to contact you and pull your credit reports.

3. Credit check

Like all lenders, Personify will do a “hard” credit check, which can temporarily drop your credit score by a few points.

4. Wait for a decision

Personify says that you’ll receive a same-day response on whether you qualify and how much you can borrow, along with your loan terms. If you qualify for the loan and accept the loan terms, Personify says that you should receive your funds within 24 to 48 hours.

Features and additional perks

Along with its flexible eligibility and wide acceptance range, Personify offers perks and benefits to help borrowers grow in their financial health. Among others, borrowers can access their FICO score and articles about money and debt management.

Fees and penalties

Personify doesn’t charge a prepayment penalty, so you can pay your debt early and save on interest. It also doesn’t charge an application fee.

However, the lender does charge a late fee and a nonsufficient funds fee. And depending on your state, you may be on the hook for an origination fee that can reach 5 percent of the loan amount.

The origination fee is added to the money you receive upfront. So, if you take out a loan for $5,000, you will receive $5,250. You will have to pay interest on the entire amount, and Personify’s high rates mean the added cost could be substantial. Factor in this cost when calculating the total amount you want to borrow.

Personify frequently asked questions

Borrowers with less-than-stellar credit or a thin credit history may qualify for a personal loan with Personify, although it doesn't disclose a minimum score on its website.
Yes, Personify is a legit personal loan lender. It has an A+ rating from the Better Business Bureau with over 1,000 reviews. However, since the lender caters to borrowers on the lower end of the credit spectrum, those with bad credit could end up with high APRs.
Personify isn't a payday loan; however, its maximum APR is sky-high, so borrowers with bad credit need to exhaust every other option before turning to Personify.
Personify makes loans as Personify Financial and also originates installment loans for the Utah-based First Electronic Bank. Applicants on the Personify platform may be offered a loan through either program, depending on their state of residence.

How Bankrate rates Personify

Overall Score	4.0	Explanation
Availability	4.8	Personify offers fast funding and a low minimum loan amount — though many competitors offer larger max amounts than their $15,000.
Affordability	2.8	Personify has unusually high APRs and a few fees, including an origination fee.
Customer Experience	4.7	Online access is available along with customer service six days a week.
Transparency	4.2	Personify offers prequalification and details rates and fees for each state it serves.

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

We wanna know what you think about Personify

Have experience with Personify? Let us know your thoughts

Personify Personal Loans: 2024 Review

The Bankrate promise

At a glance

Lender Details

Loan amount

APR from

Term lengths

Funds available in

Best for fair and bad credit borrowers

Personify pros and cons

PROS

CONS

Do you qualify?

States for eligibility

What Personify doesn't allow loan funds to be used for

How this lender compares

Personify vs. Upstart

Personify vs. OneMain Financial

Personify: In the details

What we like and what we don’t like

What we like

What we don't like

How to contact Personify

How to apply for a personal loan with Personify

Application steps

1. Provide personal details

2. Permissions

3. Credit check

4. Wait for a decision

Features and additional perks

Fees and penalties

Personify frequently asked questions

What credit score does Personify require?

Is Personify a legitimate company?

Is Personify a payday loan?

Who services Personify’s loans?

How Bankrate rates Personify

Methodology

What customers think

We wanna know what you think about Personify

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