Personify Financial personal loans review: No minimum credit score, but you might pay extremely high rates

Illustration of the Personify Financial Loans logo against a red background.

Personify charges APRs as high as 179.50% on its personal loans depending on the state you live in. Personify Financial Loans; Insider

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Personify personal loans

Personify Personify Personal Loans

Fees

5% origination fee (except in GA, SC), late fee of $25 to $30

APR

19.00% - 179.50%, varies depending on your state

Personify Personify Personal Loans

Fees

5% origination fee (except in GA, SC), late fee of $25 to $30

APR

19.00% - 179.50%, varies depending on your state

Personify Personify Personal Loans

Loan Details

APR

19.00% - 179.50%, varies depending on your state

Fees

5% origination fee (except in GA, SC), late fee of $25 to $30

Pros Cons

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Low minimum loan amount

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Fast funding

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No minimum credit score

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High maximum APRs

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Origination fee

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Late fee

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Not available in some states

Highlights

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  • Funds are disbursed on the next business day, if approved and signed by you by 11:59 PM CT
  • Available in Alaska, Alabama, Arizona, Delaware, Florida, Georgia, Idaho, Indiana, Kansas, Kentucky, Lousiana, Michigan, Minnesota, Missouri, Mississippi, Montana, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Washington, and Wisconsin.
  • Loan terms range from 12 to 48 months

You're able to get a Personify installment loan in 25 states:

  • Alaska
  • Alabama
  • Arizona
  • Delaware
  • Florida
  • Georgia
  • Idaho
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • New Mexico
  • Ohio
  • Oklahoma
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Washington
  • Wisconsin

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:

Pros and cons of Personify personal loans

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

How Personify compares

  • Personify Personal Loans

  • MoneyKey Personal Loans

  • Fig personal loans

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Editor's Rating

3/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Regular APR

19.00% - 179.50%, varies depending on your state

Editor's Rating

2.5/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Regular APR

up to 306.00% (rates vary by state)

Editor's Rating

2/5

A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Regular APR

35.99% to 211% APR, depending on your state

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

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. 

There is no minimum credit score requirement for a Personify 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. 

Your rate will range from 19% to 179.50%, depending on your creditworthiness and other financial factors. 

Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.  Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.

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Source: https://www.businessinsider.com/personal-finance/personify-personal-loans-review-rates