Personify Financial: Legit Lender But Rates Can Be High

Is Personify Financial legit?

Yes, Personify Financial is a legitimate installment loan lender with an A+ rating on the Better Business Bureau (BBB) and hundreds of positive reviews. Loans are issued by either Personify Financial, a licensed lender, or First Electronic Bank, a Utah-chartered industrial bank, depending on where you live. It claims to have approved more than 440,000 loans to date.

What makes Personify Financial shine?

Personify stands out from the competition by offering starting interest rates as low as 36%, although you’ll likely need good credit to qualify for the best rate. By contrast, many installment loan lenders‘ rates start in the triple digits.

It also rewards customers in good standing by reducing its rates by a certain percentage after every six months of on-time payments. Other terms apply, so every loan may not qualify, but any way to reduce high rates is a plus.

Where Personify Financial falls short

Despite Personify’s relatively low starting rates, APRs can reach as high as 179.5%, making its loans very costly if you can’t pay them off early. It also charges origination fees up to 5% of the loan amount in most states. Plus, instead of deducting the fee from the loan amount, it’s added to what you borrow, so you’re essentially financing the fee as well.

Other types of personal loans for people with bad credit also charge origination fees, but they typically have rates capped at around 36%.

Personify Financial loan details

Personify Financial contact info

Calculate your monthly loan payment

Use our loan repayment calculator to compare monthly payments and the total cost of the loan depending on different rates and loan terms.

How to qualify for Personify Financial

Here’s the criteria you need to meet to qualify for a Personify installment loan:

• At least 18 and a US citizen
• A valid Social Security number
• Proof of income
• An active checking account

You may also need to provide documentation to verify your income, employment or identity if the company can’t verify this information using its automated process.

How to apply

Follow these steps to apply for a loan with Personify Financial.

1. Fill out the online application to prequalify.
2. View loan offers if you qualify.
3. Choose an offer and formally apply with a hard credit check.

If approved, you could receive funds as soon as the next business day, depending on the day and time you apply. For example, if you apply late on a Friday, you might not see the money in your account until the following Monday or Tuesday.

How Personify Financial compares to other lenders

5 of 5 results

Updated regularly

Finder Score	Loan amount	Turnaround time	Requirements
Promoted 9.5 Excellent EarnIn	9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1–2 business days standard; minutes with Lightning Speed	At least 18 and a US resident, Valid Social Security number, At least 60 days of banking history, Proof of consistent income, Positive bank balance, Get paid by direct deposit.	Access up to $150 per day, with a max of $1000 between paydays. Not available to CT or Washington, D.C. residents. Subject to EarnIn terms & conditions.	Important information EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit EarnIn.com for full details. Expedited transfers available for a fee. Visit Earnin.com for full details.	Go to siteView details Compare product selection Compare	loading
Promoted 8.2 Great Cleo	8.2 Great	$20 to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteView details Compare product selection Compare	loading
Promoted 9.4 Excellent Varo Cash Advance	9.4 Excellent	Up to $250 today. Build up to $700 over time with direct deposit at Varo. Average loan: $195. Qualifications Apply.	Instant, once qualified	You must have an active Varo Bank Account with a positive balance, no delinquent Varo Line of Credit or charged off Believe account in prior 6 months. Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity.	Important information Varo Advance qualification is subject to evaluation of consumer reports and Varo account activity. If approved, initial limits range from $20- $250. Unlock higher limits up to $700 over time when you bring your qualifying direct deposit to Varo and build a positive history with us. Negative repayment history may impact credit. Fees range from $1.60 - $100 based on loan amount, and deposits to your Varo Bank Account. Your current limit and applicable fees can be viewed in the Varo App. Qualifying direct deposits are electronic deposits of your paycheck, pension or government benefits (such as Social Security or unemployment) from your employer or government agency to the extent that can be identified. Tax refunds and government stimulus payments, Person-to-Person payments (such as Venmo or Varo to Anyone), and funds deposited using a Varo routing number are not considered a direct deposit.	Go to siteView details Compare product selection Compare	loading
9.4 Excellent OppLoans Installment Loans	9.4 Excellent	$500 to $5,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WV. Comes with the option to change your due date so you won’t fall behind on repayments.	Important information The advertised APR is an estimate based on currently available information, is not final, and is subject to change. If approved, your actual rate will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Applications submitted on the OppLoans platform will be originated by one of our bank partners and serviced by OppLoans. Please see the Rates and Terms for details regarding the availability of products in your state of residence. Subject to credit approval and verification. Actual approved loan amount and terms are dependent on our bank partners’ standard underwriting guidelines and credit policies. Funds may be deposited for delivery to your bank via ACH as soon as the same business day if verification is completed and final approval occurs before 12:00 PM CT on a business day. If approval occurs after 12:00 PM CT on a business day or on a non-business day, funds may be delivered as soon as the next business day. Availability of the funds is dependent on how quickly your bank processes the transaction. Installment loan amounts typically range from $500 to $5,000. Annual percentage rate (APR) ranges from 129% to 195%. Installment loan lengths range from 9 to 18 months. Example: A $2,000 installment loan repayable in 9 monthly payments with an APR of 160% would have monthly payments of $394.58. Loan amount, APR, and repayment terms may vary by state, please see https://www.opploans.com/rates-and-terms for additional information. Approval is not guaranteed. If approved, your actual rate will fall within the marketed range of rates, and will be determined and assigned based on your creditworthiness, income, application information, and other relevant factors. Not all applicants will qualify for the lowest available rates. This is an expensive form of credit and you should determine whether the offered product(s) meets your financial needs. OppLoans’ Bank Partners may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. The credit inquiry will appear as a soft credit inquiry on your Experian credit report and a hard credit inquiry on your Clarity report. Therefore it will not affect your FICO credit score. OppLoans and its Bank Partners report customer payment history to the three major credit bureaus. On-time payments may improve credit score.	Go to siteView details Compare product selection Compare	loading
8.8 Great Albert Instant	8.8 Great	$25 to $1,000	Within minutes	An active bank account with transaction history linked to Albert	Advance up to $1,000 in minutes with Albert Instant.	Important information Albert is not a bank. Savings account provided by Wells Fargo, N.A., Member FDIC. Albert plans start at $19.99/mo. Try for 30 days before you're charged. Fees auto-renew until canceled. Cancel in the app. Terms apply. Albert Instant Line of Credit is an unsecured line of credit issued by FinWise Bank, a Utah chartered bank, Member FDIC. Limits range from $25-$1,000. Draw fees apply. Terms and eligibility criteria including geographic restrictions apply. In some states, Albert may offer you an Albert Instant Advance instead. Limits range from $25-$1,000, subject to terms and eligibility criteria. No Albert subscription is required for Albert Instant Line of Credit or Albert Instant Advance. See Albert Terms of Use for additional important terms.	Go to siteView details Compare product selection Compare	loading

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What is the Finder Score?

The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.

Read the full breakdown

Personify Financial reviews and complaints

Personify Financial gets high marks on both the BBB and Trustpilot. Customers praise the easy application process, fast funding and professional service. Many users highly recommend the lender to others and compliment the ability to get reduced rates with a history of on-time payments.

But some customers say it took longer than expected to receive the loan funds, the rates were too high and communication was poor if they had a problem.

Frequently asked questions

Can I pay off a Personify loan early?

Yes! There are no prepayment penalties, and you can easily make additional payments. If you pay by check, you can just increase your payment. Or, you can make extra payments through the borrower portal using your debit card or bank routing and account numbers.

What happens if you don’t pay Personify Financial?

The lender will likely report late or missed payments to the major credit bureaus, which can severely damage your credit score. If you default on the loan, it can stay on your credit report for up to seven years and affect your ability to qualify for new credit in the future.

If you’re having trouble making payments, contact your loan servicer right away to see if you qualify for help.