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Getting an unsecured personal loan can be difficult if you don't have good credit. Personify Financial's online lending platform specializes in working with applicants who have poor credit, and it could help match you with a loan offer.
on Personify Financial's website
Recommended FICO® Score*
Available loan amounts: $1,000 to $10,000
Est. monthly payment: $56 to $1,329
Grace period: 0 days
Application fee: $0
- We look beyond your credit score to get you approved! Check your loan offers right now without hurting your FICO® Score†.
- A+ BBB and 5-Star TrustPilot ratings
- Funds sent in one business day**
- No prepayment penalties, no hassles
|Doesn't require good credit||High interest rates|
|Simple online application process||Not available in every state|
|Loan funds available in as little as one business day||Origination fees in some states|
|Personify Customer Service Contact Info|
P.O. Box 208417
Personify Financial is an online-only lending platform that works with borrowers who don't have good credit. The company connects applicants with two loan programs, one from Personify Financial directly, and another from First Electronic Bank.
The online application process matches you with applicable loan offers for your situation, and your options may depend, in part, on where you live. If you're approved and accept an offer, you could get the funds in your checking account in as little as one business day.
Best as an Alternative to Other High-Rate Loans
Through the Personify Financial platform, you may receive installment loan offers for up to $15,000 with 12- to 48-month repayment terms. The specific ranges for loan amounts, repayment terms and interest rates can depend on your creditworthiness and where you live. You can check the current ranges for each state where Personify operates on the company's website.
In general, the loan offers may present a way to quickly borrow money and repay it with affordable biweekly, semi-monthly or monthly payments. However, the loans may also have a 5% origination fee and high interest rates, and they may be best used as an alternative to other high-rate loans.
For instance, unlike with an auto title loan, you won't need collateral to get approved and won't risk losing your vehicle. And unlike payday loans, you may be able to borrow thousands of dollars and repay the loan over several years—rather than a few hundred dollars that you have to repay within a few weeks.
You can also check your loan offers and rate with a soft credit check, which won't impact your credit scores. Repaying the loan on time might help you build credit, but Personify doesn't specify which credit bureaus it will report your account and payments to.
Watch Out for the High Interest Rates
While a loan through the Personify Financial platform could be a good alternative to some options, these loans can carry a sky-high annual percentage rate (APR) of up to 199%; maximums vary by state.
To put this in perspective, many lenders that offer loans to people with good credit charge a maximum APR of 36%. The Military Lending Act even forbids lenders from charging active-duty service members an interest rate higher than 36%. And, federal credit unions have an 18% maximum APR for loans, except for payday alternative loans (PALs), which can charge up to 28% APR.
Someone with poor credit might not qualify for one of these lower-rate loans. But if you don't have a pressing need for the money, it may make sense to focus on improving your credit before taking out a loan, or looking into other options, such as working with a credit counselor if you're trying to pay down other debt.
How to Qualify for a Personify Personal Loan
To qualify for a loan through Personify Financial, you'll need:
- To live in a state where it operates
- Be at least 18 years old
- Have a checking account
Personify Financial doesn't specify credit score or income requirements for the loans that are available through the platform. However, it uses proprietary models to analyze applications and goes deeper than just looking at a credit score.
How to Apply for a Personify Personal Loan
To apply for a personal loan through Personify, you'll need to complete and submit the application online. You can call and ask a representative questions first, but you can't apply for a loan over the phone.
You can start with a prequalification, which will show you estimated loan offers without impacting your credit. If you want to continue the application process, you may need to share:
- Personal information, such as your name, Social Security number, date of birth and address
- A copy of a government-issued photo ID
You'll also need to log in to your checking account. Personify Financial will then review your bank account to verify your identity and to analyze your income and other financial information.
In some cases, you may be asked to send supporting documents to verify your income, employment or identity. But once you're confirmed, you could receive the funds in your checking account within one business day.
There are also no prepayment penalties. If you can afford to pay off the loan early, you may be able to decrease how much interest you pay overall.
|Loan amount: Up to $15,000 (varies by state)||Origination fee: 5% (varies by state)|
|Fixed rates: Up to 199% APR (varies by state)||Late fee: Varies by state|
|Loan terms: 12 to 48 months (varies by state)||Prepayment fee: No|
|Receive funds: In as little as one business day|
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†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.
Compare Your Options
While a long repayment term might make a loan through Personify Financial manageable, these high-rate loans could still be very expensive. If you have poor credit and need a loan, there are several lenders that operate online to offer similar types of loans. You can compare offers to see which is best, but also look for alternatives that may be less expensive.