Personify Financial, a subsidiary of Applied Data Finance, LLC, offers personal loans to borrowers with poor credit. Qualified applicants may borrow up to $15,000 with a maximum of four years to repay the loan. The company offers loans in 27 states and works with First Electronic Bank to insure loans.
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Personify Financial may be appealing to people who need quick cash, but we don’t recommend this lender due to its high interest rates and fees. APRs can reach up to 199.99% depending on where you live.
How to Get a Personal Loan?
Personal loans allow you to quickly access cash to cover emergency expenses, consolidate debt, or pay for large purchases. Lenders can offer different terms and rates for personal loans. The interest rate you get will depend on your credit score, the loan amount and term, as well as other factors such collateral and cosigners.
Personal loans are available in secured or unsecured options. Unsecured loans do not require collateral. Secured loans require that you provide collateral. Secured loans have lower interest rates than unsecure loans. However, the lender may take your collateral and resell them to recover their money if your payments fall behind.
Alternatives to Personal Loans
A personal loan is a great way to finance purchases, consolidate debt or pay for emergency expenses. However, there are other options that may work better for you and your financial goals.
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Home equity loan (HELOC) or home equity credit line. You can access a lump sum or a revolving credit line through either a HELOC or home equity loan if you have equity in your home. These forms of credit are secured by your home, so you might get a lower interest than with a personal loan. If you don’t make your payments on time, the bank could foreclose on your house.
Savings. Savings. You can save money every paycheck to pay for an emergency expense. To protect yourself against any unexpected expenses, it’s a good idea to create an emergency fund.
Who should get a Personify loan?
Personify Financial loans can be tempting if you are in financial trouble. The lender will disburse loan funds within one business day. It does not require a minimum VantageScore requirement of 500 and there is no income requirement.
You should explore all options before you turn to Personify or any other high-cost lenders. You could end up spending more than what you borrowed initially due to the high APRs and fees associated with Personify. This example was calculated using NextAdvisor’s loan calculator.
Jeff borrows $2,000 and is eligible for a 3-year term. His loan interest rate is 150% and a 5% origination charge is added to the loan amount. Jeff will only pay $9,131.54 if he makes his monthly minimum payments and pays his loan on time. This includes interest, which is more than $7,000
Personify loans can be difficult to repay due to their high interest rates. We don’t recommend Personify loans or other high-interest loans unless we have no other options.
To reduce interest and speed up the elimination of the loan, you should create a payment plan. Personify does not charge prepayment fees so it won’t matter if you pay your loan early.
Alternatives to a Personalify Loan
Before applying for a Personify personal loans, you should consider these options:
Ask for help from family and friends. Although asking loved ones and relatives for money is not ideal, it can be much more beneficial than borrowing high-interest loans. A small loan from a family friend or relative could be a better alternative to borrowing large amounts of money. This route is best for you both. Make sure you and your friend agree on the loan repayment terms. Also, stick to a payment schedule that works for you.
Look into local assistance programs. There may be non-profit assistance programs available in your locality. You may be eligible for assistance with housing, food and transportation costs, depending on your circumstances. To find resources close to you, contact 2-1-1
You can sell unused items. You can quickly sell unused clothes, electronics, books or furniture in order to make quick money.
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You can apply for a loan with bad credit. Personal loan lenders are available to help people with bad credit or fair credit. Many of these lenders have interest rates capped at 36%, which is the highest rate NCLC allows lenders to charge while still giving borrowers a chance to repay the loan on-time.
How do I Qualify to Receive a Personify Loan?
Personify will review the following when evaluating your application:
Income. Lenders will need to know about your income and employment.
Bank account. A valid checking account is required.
Credit report. Personify will review your credit report, looking at your outstanding debts and payment history.
Location. Personify must be located in the state where you reside. Personify loans were available as of September 2021 in Alaska, Arizona, Delaware and Florida.
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How to apply for a Personalify Loan?
Personify Financial is not a lender we recommend. If you have exhausted all other options and you are in desperate need of money, however, you might consider applying for a loan from Personify Financial. You can use the prequalification tool of the company to determine if you are eligible for a loan.
