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Personify charges APRs as high as 179.50% on its personal loans depending on the state you live in.
Personify Financial Loans; Insider
The bottom line: Personify Personal Loans is a solid option for borrowers who can’t qualify for loans elsewhere and has a variety of repayment term lengths. But it charges high maximum rates and doesn’t make loans in all states. Personify also charges an origination fee and a late payment penalty.
Personify personal loans
You’re able to get a Personify installment loan in 25 states:
AlaskaAlabamaArizonaDelawareFloridaGeorgiaIdahoIndianaKansasKentuckyLouisianaMichiganMinnesotaMissouriMississippiMontanaNew MexicoOhioOklahomaSouth CarolinaTennesseeTexasUtahWashingtonWisconsin
Most states allow you to choose between a 12, 18, 24, 36 or 48-month term length. You can borrow between as little as $500 or as much as $15,000. Your APR will range from 19% to 179.50%.
However, borrowers in Georgia and South Carolina will find slightly different numbers:
StateTerm lengthLoan amount rangeAPRGeorgia12, 18, 24, 36 or 48 months$3,100 to $10,00019% to 59.99%South Carolina12, 18, 24, or 36 months$1,000 to $7,50035% to 199.99%
Pros and cons of Personify personal loans
Pros
Fast funding. You may get your funds as soon as the next day if your application is approved and signed by you by 11:59 p.m CT. No minimum credit score. There’s no required credit score to get a Personify personal loan. That said, the lower your credit score, the more likely you are to get a high interest rate. Multiple options for repayment term length. You can choose between a 12, 18, 24, 36 or 48-month term length, allowing you to customize your payment schedule.
Cons
Origination fee. In most states, you’ll pay a 5% origination fee, which will add to the total cost of your loan. Other lenders don’t charge origination fees. Late fee. Personify will charge a $25 to $30 fee for late payments. The exact amount will depend on your account and the length of the delay. Not available in all states. Loans are only available in half the US states. If you aren’t a resident of one of them, you won’t be able to take out a loan with Personify. High APRs. The high end of Personify’s APR range is quite high. Any maximum APR above 36% is generally not recommended by consumer advocates. Still, it’s a preferable option to payday loans, which can often come with interest rates as high as 400%.
Who is Personify best for?
Personify is best for people with poor credit who have exhausted other borrowing options. Borrowers who want their money quickly may also like Personify, as it funds loans within one business day.
Remember that if you have a low credit score you may have to pay very high interest rates that could add hundreds or thousands of dollars to the cost of your loan. If you have a good credit score, you can likely get better terms from a lender other than Personify.
How Personify personal loans compare
MoneyKey, Fig Loans, and Personify are slightly lower-cost alternatives to payday loans, many of which have interest rates around 400%. However, you’ll still pay a much higher interest rate with these three than you would with a traditional personal loan lender.
All three companies have term lengths based on where you live. Personify’s terms range from 12 months to 48 months, Fig has term lengths ranging from one to six months. MoneyKey has either a six- or 12-month term length.
None of the three companies have a minimum credit score to qualify, so they could be a good option for borrowers who have been denied by other companies due to a poor credit history.
Compare Personal Loan Rates
Frequently asked questions
Is Personify trustworthy?
Personify is a Better Business Bureau-accredited company with an A+ rating from the BBB, a nonprofit organization focused on consumer protection and trust. The BBB measures companies by evaluating their responses to customer complaints, truthfulness in advertising, and transparency about business practices.
The company hasn’t been involved in any recent controversies. Between its clean history and top-notch BBB rating, you may feel comfortable borrowing from the lender. However, an excellent BBB rating doesn’t guarantee a good experience with the company. Talk with others who have used Personify before deciding to go with the lender.
What credit score do you need for a Personify loan?
There is no minimum credit score requirement for a Personify loan.
Is a Personify loan a payday loan?
No, a Personify loan is not a payday loan. Payday loans are usually taken out of your next paycheck and charge exorbitant rates — usually around 400%. Personify’s loans have longer repayment term lengths and no prepayment penalties.
What’s the interest rate for a Personify loan?
Your rate will range from 19% to 179.50%, depending on your creditworthiness and other financial factors.