Personify Financial installment loans review
Apply online with fast turnaround on unsecured funds — but watch for APRs from 35% to 179.99%.
Personify Financial is among the many online lenders focused on providing installment loans to those with poor credit. The process is fully online, and you could see funding in as little as a day after approval. And despite rates that can reach triple digits, customers say they like what they’ve found with this short-term lender.
What is a Personify Financial installment loan?
Personify offers unsecured short-term loan that borrowers repay plus interest and fees over several months. You can apply for and repay your loan online as long as you live in one of the 22 states Personify serves.
Personify’s loan rates and terms vary by your state’s laws. Depending on where you live, you’ll find loan amounts of $1,000 to $10,000 at rates that start at 35% but can soar to 35% to 179.99% APR. Terms start at 1 year and extend to 4 years, depending on your state.
You’re eligible for a Personify Financial installment loan if you live in:
- Rhode Island
- South Carolina
- South Dakota
What are the benefits of a Personify Financial installment loan?
Like other alternative lenders, you’ll see benefits you won’t find at your local bank:
- Fully online. You don’t have to put on pants to get apply with Personify, thanks to a quick, convenient online application.
- Fast turnaround. You could see a decision on your loan within one business day.
- Flexible terms. Terms of up to 1 year give you the option to pay a smaller amount over a longer period.
- High maximums. Installment loan amounts are available for up to $10,000 in most states, which is relatively high for a short-term loan.
What to watch out for
While fast decisions and funding is appealing, be wary of potential drawbacks that include:
- High APRs. In some states, borrowers face up to a staggering from 35% to 179.99% APR.
- Fees. Personify Financial charges a origination fee equal to 5% of your loan.
- Limited availability. Personify operates in 22 states only, rendering half the country ineligible for a loan.
Beware of high rates
Short-term loans are notoriously more expensive than their longer-term counterparts, partly because they come with lower credit standards than you’ll find with a big-name bank. With APRs as high as 35% to 179.99% on a Personify loan, you could end up paying multiple times the amount you borrow, especially if you sign up for a long term.
While it’s tempting to go for a loan with the lowest monthly repayments possible, signing up for the shortest loan term you can afford can help you save on unnecessary interest and get out of debt more quickly.
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Is it safe to apply with Personify Financial?
Yes. Personify’s site uses SSL encryption to protect the personal and financial information you enter online, and the company uses your information for everyday business and marketing purposes only. It also displays licenses on each state page that requires one, so you can easily make sure they’re legit.
Personify Financial reviews and complaints
|BBB customer reviews||4.73 out of 5 stars, based on 901 customer reviews|
|BBB customer complaints||62|
|Trustpilot score||4.7 out of 5, based on 7,224 customer reviews|
|Customer reviews verified as of||16 October 2020|
Am I eligible?
To qualify for a loan through Personify Financial, you must meet eligibility that includes:
- At least 18 years old.
- US citizen or permanent resident.
- Valid bank account.
- Residency in a state Personify serves.
- Credit score of 550 or higher.
How do I apply?
- Go to Personify Financial’s site and click Apply.
- Enter your name, email address and ZIP code. If you received an offer from Personify Financial in the mail, enter your prequalified code. Click See My Loan Offers.
- Wait for Personify to email a link you can use to continue your application. Click the link in your email to continue your application.
- Enter your address, phone number, date of birth and Social Security number. Click Confirm and Continue.
- Enter the loan amount you’re interested in, and let Personify know how you intend to use the loan. Enter your monthly net income and click Confirm and Continue.
Personify will assess your application and let you know whether you qualify for a loan.
If you qualify for a loan, Personify might ask for additional documentation to process your loan and deposit your funds. Uploading documents takes a few minutes, and after Personify receives your documentation, it aims to deliver its decision within two business days.
If your loan application is approved, you can expect to receive your funds within 24 to 48 hours.
How to apply step-by-step with screenshots
I got the Personify Financial loan. Now what?
- Set up automatic payments. Signing up for autopay can help you avoid missing payment.
- Repay your loan early. Personify Financial doesn’t charge prepayment fees, so you pay off your loan before your term to avoid unnecessary interest.
- Reach out to customer support. Contact Personify Financial by phone, email or live chat with questions.
Personify Financial can help you access unsecured installment loans through a quick online application with fast turnaround on your funds. But APRs can be higher than competitors, depending on where you live.
Shop around for the best rate and terms you’re eligible for before applying for your next loan.
Frequently asked questions
Image Source: shutterstock and personifyfinancial.com