What Is Personify Financial?
Personify Financial is an online lender offering personal and installment loans. It serves people in 24 states. It offers loan amounts ranging from $500 up to $15,000. Its loans are unsecured, meaning you don’t have to put up collateral. In addition, all its loans are fixed-rate loans. That means you’ll have a fixed monthly payment to plan around.
Personify strives to offer personalized service. Its commitment is to make loans available to people who need them, even with a poor credit history.
What are Personal Online Installment Loans?
A personal installment loan is a loan where you receive a lump sum. You pay back the amount borrowed plus interest in installments over an agreed-upon term. Personify’s loans are available in 12, 18, 24, 36, or 48-month terms. You can use your personal loan however you choose. People take out personal loans for debt consolidation, home renovations, and emergency expenses, among other reasons.
How Does Personify Financial Work?
This company is committed to treating its customers as people rather than numbers. That means it will go to further lengths than traditional lenders to get you the funding you need.
The initial application process involves submitting basic information. You’ll provide your address, social security number, and details about your income and employment.
Personify uses a more complex review process to find loans that fit your needs and financial situation. Often, it can get you approved for a loan within minutes. But, if more information is needed, someone will contact you immediately to keep the process moving.
Where traditional lenders look for reasons to decline your application, Personify looks for ways to get you approved.
Can You Get a Personify Loan with Bad Credit?
Personify Financial specializes in working with people who have lower credit scores. If you have yet to make payments in your history or your credit score needs to be higher, Personify can help. It will work with you to match you with a personal loan that you can get approved for.
All of its loans have a fixed rate and an installment payment plan. That lets you take out your loan, knowing it fits your budget. Regular, predictable payments also make it easier to plan for the future.
If you have a spotty credit history, you may face high-interest rates, which can make the loan expensive overall.
What Are the Benefits of Using Personify Financial?
Personify Financial provides its customers with several notable advantages.
- Easy Application: It strives to make the application process as easy and streamlined as possible. You’ll begin by entering basic information about yourself, your income, and your employment. That information is often enough to match you with a personal loan and earn approval. However, if more information is needed to secure a loan, Personify will let you know quickly. That way, you can keep your loan application on track.
- Flexible Options: Because Personify uses more complex calculations to determine risk factors, people can often get a personal loan even after other lenders have turned down their applications.
- Fixed Rates: Personify makes it easy for you to plan your monthly budget. Fixed interest rates and payments mean there is no guesswork. You won’t have any surprises regarding your monthly expenses.
- Fast Funding: Once your loan is approved, you can expect the money to appear in your checking account in one to two business days.
What Are the Drawbacks of Using Personify Financial?
Often, there are better financial options than taking out an unsecured personal loan. That’s because these types of loans do have drawbacks.
- High Origination Fees: Personify charges a 5% origination fee on its loans. This is higher than typical origination fees ranging from 1% to 3%.
- Higher Interest Rates: Personal loans often come with a high-interest rate. When you have poor credit, your interest rate can be very high, making your loan very expensive. Personify’s interest rates begin at 19% APR and can be as high as 179%.
Why Choose Personify Financial?
Personify is committed to getting people approved for personal loans. It even works with people who have had difficulty getting approved by other lenders. If you’re facing unexpected expenses such as medical bills or car repairs, you may need extra cash to see you through. It’s wise to weigh all your options, including Personify. This company will look more thoroughly at your risk factors, working to understand your unique situation, so you can get approved for the loan you need.
Who Is Personify Financial Loans Best For?
This company offers personal loans between $500 and $15,000 at interest rates between 19% and 179% APR. If you need a personal loan to cover unexpected expenses, consolidate debts, or make repairs and renovations to your home, Personify can help. It specializes in getting loans to people in any circumstances. So, if you have bad credit and have been turned down for loans elsewhere, Personify may be a better fit for your needs.
How to Get Started with Personify Financial
The loan application process is simple. You’ll begin the application on the company’s website. Start by providing information about where you live, the amount you want to borrow, and your income and employment history.
After you submit your details, you will be redirected to a secure server, where you will submit the documents needed to complete the rest of the application. At this point, you could be approved within just a few minutes. If more information is required to secure your approval, someone will contact you immediately. Once your loan is approved, your funds will be deposited in your checking account. A one-to-two-day turnaround is typical.