In this Personify Financial personal loans review, we’ll share with you why this lending company is a good option among people with less-than-stellar credit.
Online lending companies have become popular over recent years. In fact, the online lending companies have grown and have become one of the go-to places of people in need of money. Well, we thought the popularity is because it’s easier and more convenient to apply for loans with them. Needless to say, funds are easily provided (most online lenders send funds in as soon as within the day of a loan application).
In an article published by CNBC online, it says that according to TransUnion, the unsecured personal loan market hit an all-time high in 2018, “surging 17 percent year over year to $138 billion“.
With the increase, experts believe that one of the major factors that affected it is the existence of digital-first financial technology (fintech) companies.
Based on the report, in 2018 alone, “fintech companies issued 38 percent of all U.S. personal loans“. Meanwhile, traditional bank’s share was down to 28 percent, as credit unions are also down to 21 percent.
You see, digital technology has indeed changed even the way people borrow money. Well, for sure you, too, will agree that digital or online lending companies have really made loaning money easier and more accessible.
The online lending industry is growing, and experts believe it will continue to grow in the coming years. With so many options around, sometimes it can get a little intimidating and overwhelming to choose one.
Now, among the many options available, Personify Financial is one of them.
Having said that, we are going to do a Personify Financial personal loans review, which we hope will serve as your guide as you make a decision as to where to borrow money from when the need arises.
To be guided, we are going to tackle the following:
- Who is Personify Financial?
- Why choose Personify Financial?
- What do you need to know about Personify Financial personal loans?
- Who qualifies for a Personify Financial personal loan?
- How to apply for a Personify Financial personal loan?
- What are the pros and cons of Personify Financial?
Before we head onto with our review, here’s a quick personal loan 101 first by MoneyCoach in case you need to refresh your memory:
WHO IS PERSONIFY FINANCIAL?
Before anything else, borrowers need to know at least a little about the lending company they are eyeing for. Getting to know who Personify Financial, for this matter, is important to know how credible the company is especially since they work entirely online.
As a borrower, you also need to ensure that you are dealing with a legit and credible company to avoid wasting time and effort.
Having said that, here are a few things you need to know about Personify Financial —
Personify Financial is an online lender known for specializing in smaller loans. The company aims to provide financial assistance to borrowers who have a poor credit history. But of course, that means getting charged for up to a triple-digit APR.
Personify Financial offers personal loans with no collateral requirements to eligible borrowers. Thus, it makes it even more ideal for people who badly need cash but do not have collateral to serve as a loan guarantee.
The company’s personal loans are offered by Applied Data Finance, LLC, which is a direct lender that was founded in 2015 and based in San Diego, California.
To date, Personify Financial is available in 26 states across the United States of America. However, the company is headquartered in Dallas, Texas.
WHY CHOOSE PERSONIFY FINANCIAL?
On their website, Personify Financial claims that they are “different,” and here are some of the reasons they provided:
- The company ensures borrowers of a simple and fast online loan application process. With people now being on-the-go, and busy with a lot of things, Personify wants to ensure that you only need a little of your time to be able to finish the whole loan application process. Since it’s online, you can do it anywhere and anytime you want.
- Although the process was made easier and quicker, rest assured that the company does complicated calculations as well as comparisons to see if they can help borrowers with the amount of money they need.
- The company is not only open for high-credit customers, but also to those who have a less-enticing credit score. So, if you are someone who’s in need of funds but does not have a good credit score, Personify may just be the right partner for you.
- Personify guarantees borrowers that while other lenders may consider just a few pieces of information, Personify does look at many and make sure that they get to see the borrower’s whole financial story.
- Personify Financial uses powerful technology to be able to provide outstanding service to customers.
- Unlike other online lenders, borrowers are assured that with Personify Financial they get to deal with real people and not loan-bots.
Apart from the above-mentioned characteristics that make Personify Financial different from other online lenders, here are a few more why you should choose the company over many others:
- It provides fast access to cash. Depending on the case of your application, you can get your money in as quickly as within 1 business day.
- Borrowers with a credit score of as low as 560 can apply for a loan. Yes, Personify is a good option among borrowers with poor credit. But of course, expect a high-interest rate in return (which is not surprising because it’s a general rule in the lending industry).
- No prepayment fee, which means if a borrower wants to pay off the loan earlier than the maturity date, he or she may do so without having to worry about getting charged with a prepayment fee.
WHAT DO YOU NEED TO KNOW ABOUT PERSONIFY FINANCIAL PERSONAL LOANS?
So, now that you already know what Personify Financial is all about, and consider rather choose them over other online lenders, it’s time to look into the different factors of a Personify Financial personal loan.
At this point in our Personify Financial personal loans review, we are going to specifically give you detailed information regarding the following aspects of a personal loan:
- Loan Amounts
- Interest Rates
- Loan Terms
- Customer Service
All of the above-mentioned are very important in your decision-making. Thus, make sure to take note of the information provided.
Before anything else, it is important that you already know in mind how much money you need. That way, it’s easy to forego of choices on your list by the amount of loan they offer alone.
Now, for Personify Financial personal loans, the company can lend money of as low as $1,000 up to $10,000 max.
However, it is important to note that loan amounts vary from one state to another. Thus, it is important to check on that, too.
Personify Financial personal loans can be used pretty much for anything like home improvements, special purchases, weddings, or other similar life events, debt consolidation, medical expenses, unexpected expenses, and other similar purposes.
Another important factor that you need to consider when borrowing money from lending companies is the annual percentage rate or APR they charge.
At Personify Financial, the company offers a personal loan product that ranges from 35% APR up to 199% APR. The APR, though, will depend on several factors like the borrower’s credit score, as well as his or her area of residence.
Now, although technically, Personify Financial is not a payday loan, the interest rate can still get that high as compared to other online lenders. Again, certain factors have something to do with that. Keep in mind also that the personal loans they offer are unsecured loans, which means the company does not require collateral as a guarantee.
To ensure that you are able to pay off the loan, make sure to also look into the repayment terms that a lending company offers.
At Personify Financial, personal loans have terms that range from 12 up to 36 months.
The good thing about longer terms is that borrowers have more time to pay off with less monthly payment. However, this may mean a higher interest rate as well.
Meanwhile, paying it off sooner means lower interest. So, make sure to think about that as well.
Once approved of a Personify Financial personal loan, disbursement of money is done within one to two business days.
Personify Financial does not charge both application and prepayment fees. However, it does charge origination and late fees.
For the origination fee, the charge depends on the state. It ranges from 0% up to 5% of the loan amount. What Personify does is that they automatically deduct the fee from the loan about before disbursing the money to the borrower.
With that, borrowers must ensure that the fee is taken into account when deciding how much they will borrow from the company.
As with late payments, it is not clearly stated how much the company charges, but they do.
To avoid getting charged for late fees, make sure to always have enough money in your account.
Unlike other online lending companies, Personify Financial allows borrowers to apply for prequalification. They may complete a soft credit inquiry, which basically means the borrower’s credit score will not be affected.
If the borrower prequalifies, he or she will be able to see the estimated loan rate as well as loan terms that he or she might be approved for.
Currently, Personify Financial is available in 26 states in the US. These are as follows:
Alaska, Alabama, Arizona, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Washington
If you have questions regarding Personify Financial personal loans, you may reach them at 1 (888) 578-9546.
You may also send them an email through their website, and through mailing at PO Box 208417, Dallas, Texas 75320-8417.
WHO QUALIFIES FOR A PERSONIFY FINANCIAL PERSONAL LOAN?
In this Personify Financial personal loans review, we are also going to tackle the qualifications the company has when it comes to those applying for a personal loan.
Knowing the qualifications set by the company is important so borrowers can self-assess. By doing so, he or she gets to save time and effort, too.
As mentioned earlier, Personify Financial is open to personal loan borrowers with a credit score of at least 560 up to 750.
Apart from the credit score, the company also look into the following qualifications:
- The loan applicant must be at least 18 years old or the state minimum (whichever is higher)
- Must be at least a permanent resident or green card holder
Furthermore, personal loan applicants must be able to provide the following documentation:
- An active and valid personal checking account
- Recent pay stubs
- Proof of citizenship or residence permit
You see, that’s all they need to assess your personal loan application. True to their promise of an easy and quick personal loan application process.
HOW TO APPLY FOR A PERSONIFY FINANCIAL PERSONAL LOAN?
As mentioned earlier, Personify Financial does have a prequalification process, which can be done in just a few minutes.
To do the prequalification process, all you have to do is head on to the company website, and then, hit the “Get Started Now” button. You will then automatically be directed to the prequalification page wherein you will be asked to enter the following information:
- Email Address
- Postal Address
If you pre-qualify and decide to pursue a personal loan application at Personify Financial, here are the steps to follow:
1. Fill out the online application form.
You will be asked to provide information like your name and address, your phone number, date of birth, as well as your Social Security number. You will also be asked to indicate the amount of money you will borrow, the purpose of the loan, as well as your monthly post-tax income, and your source of income.
Furthermore, you will also be asked to provide details about your employer and how often you get your income.
2. Allow Personify Financial to get in touch with you and pull your credit reports.
Personify Financial will ask your consent if they can contact you and pull your credit report to first, validate your identification, and to check your credit history and see what the company can offer you in terms of the loan amount, etc.
3. Personify Financial will conduct a hard credit check.
In relation to the above, once you have given consent, the company will proceed to do a hard credit check, which can adversely impact your credit score.
4. Wait for a reply from Personify Financial regarding the status of your personal loan application.
According to Personify, they will send a same-day response regarding your qualification, as we well as the amount of money you can borrow, and the loan terms.
5. If the loan is approved, receive your funds within 24 to 48 hours.
One thing that Personify promises is that once your loan application is approved, the disbursement of funds will be automatically processed so you get the money within one business day or up to two business days.
WHAT ARE THE PROS AND CONS OF PERSONIFY FINANCIAL?
Of course, this Personify Financial personal loans review will not be complete without sharing with you the pros and cons of dealing with this lending company.
This list will definitely help every borrower come up with an informed decision as you can compare it to other online lending companies out there.
- Personify Financial makes a good option for people with a poor credit score. While other lending companies rely on the borrower’s credit score when making decisions on a personal loan application, Personify does not grant loans based on it alone. Thus, making it an option for people with not so good credit or no credit at all.
- It does offer a loan prequalification. A prequalification helps a lot for borrowers to have an idea about the possibility of getting approved for a personal loan. The good thing about the prequalification process is that it only does a soft credit check, which means it won’t affect a borrower’s credit score.
- It does not charge a prepayment fee. Unlike other online lending companies, Personify Financial lets borrowers pay off the loan as soon as they can without having to worry about getting charged with a prepayment fee.
- It helps borrowers build credit. Personify Financial reports every payment made to the credit bureaus, which makes it ideal for those who want to build a good credit score.
- Funding is disbursed within one to two business days. This may not be unique to Personify, but this makes it one of the lending companies borrowers can go to if they need cash immediately.
- The annual percentage rate could go as high as 199%. Unfortunately, for those with bad credit, your interest rate could go as high as 199%. But the actual rate does not rely on that alone, as factors like the amount of loan, terms, and location are also considered.
- Borrowers have no other means to apply but online. This should not be an issue at all, to be honest, unless of course, you have problems with internet access.
- The company charges origination and late fees. Origination fee can go as low as 0% up to 5% depending on the state you’re in. Meanwhile, late payments are also charged.
- Personify Financial is only available in 26 states. Unfortunately, the availability of Personify is limited. Makes sure to check the list we provided earlier to know where it operates.
FINAL THOUGHTS ON PERSONIFY FINANCIAL PERSONAL LOANS REVIEW
Personify Financial has definitely had everything that borrowers can expect from an online lending company.
Now, with all the information we provided, do you think Personify is the right online lending company for you?