Overview

Editor’s note: Personify Financial did not respond to our most recent request for details regarding its personal loan product. We reviewed its website and attempted to contact company representatives, but some of the information presented here may not be complete. Due to the lack of verifiable information, NerdWallet did not give Personify Financial’s personal loan a star rating.

Personify Financial is an online lender that offers high-interest personal loans and looks beyond credit scores to qualify potential borrowers.

NerdWallet recommends avoiding loans with rates above 36% unless you’ve ruled out all alternatives, so consider a Personify loan as a last-resort option.

» COMPARE: Best personal loan lenders

Pros and cons of Personify Financial loans

Where Personify personal loans stand out

May accept borrowers with bad credit: Personify says it looks beyond credit scores to make lending decisions, and applicants with bad credit may qualify.
Can pre-qualify with a soft credit check: Potential borrowers can check their eligibility and see loan offers without affecting their credit score. If they decide to accept a Personify Financial loan, the lender will perform a hard credit inquiry, which can cause credit scores to dip slightly.
Next-day funding: Personify says it can provide instant loan decisions, and loans are typically funded the next business day.
Reports payments to credit bureaus: Personify’s website states the lender reports payment history to major credit bureaus, though it does not specify which ones. On-time payments reported to credit bureaus can help build your credit score.

Where Personify personal loans fall short

Rates exceed 36%: Most consumer advocates say 36% is the highest APR a loan can have and still be considered affordable. Personify’s rates start at 36% and go up to 179.50%. This means interest costs on a Personify Financial loan could make up more than half the amount you borrowed. For example, a $4,000 loan repaid over one year at 99% APR would cost $2,452 in interest.
May charge an origination fee: Personify charges an origination fee that ranges from 5% to 5.49% of the loan amount in most states where it provides loans. The lender adds this fee to the borrower’s total loan amount rather than deducting it before disbursing the funds.
Does not offer large loans: Personify Financial only provides loans up to $15,000, meaning it isn’t an ideal choice if you need to borrow a larger amount.
Available in a limited number of states: Personify loans are only available in the following 28 states: AL, AK, AZ, AR, DE, FL, GA, HI, ID, IN, KS, KY, LA, MI, MN, MS, MO, MT, NC, OH, OK, RI, SC, TN, TX, UT, VA and WI. Many other lenders offer loans nationwide.

How to qualify

Personify Financial appears to consider loan applicants from across the credit spectrum, though it only provides personal loans in 28 states.

Personify Financial’s borrowing requirements

Minimum credit score: None.
Must have a personal checking account and email address.
Must provide proof of income.
Cannot live in one of the following 22 states: CA, CO, CT, IL, IA, ME, MD, MA, NE, NV, NH, NJ, NM, NY, ND, OR, PA, SD, VT, WA, WV or WY.

» MORE: How to get a personal loan

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Compare Personify Financial to the best lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

	4.5	5.0	5.0
EST. APR 36% - 179.5%	EST. APR 8.74% - 35.49%	EST. APR 7.9% - 35.99%	EST. APR 7.74% - 35.99%
LOAN AMOUNT $500 - $15K	LOAN AMOUNT $5K - $100K	LOAN AMOUNT $1K - $60K	LOAN AMOUNT $1K - $50K
MIN. CREDIT SCORE 500 Check Rates	MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE 600 Check Rates	MIN. CREDIT SCORE 600 Check Rates