Personify is a new online lender that offers unsecured personal loans to prime and subprime borrowers at reasonable rates. It is based in San Diego, California, but as of October 2015 it only offers loans in Georgia and Missouri. It has an A- rating with the BBB
How Do Personify's Loans Work?
Personify is carving itself a niche as a provider of fast loans at reasonable prices for people with not-so-great credit. None of Personfy's loans have interest rates above 99% APR and it uses a proprietary risk assessment model that looks at more than borrowers' credit score. This makes it possible for people with all types of credit to qualify.
Personify's loans are unsecured personal loans. No need to provide property as collateral. There are no prepayment penalty fees, so paying off your loans early will save you money in interest.
What Are Personify's Rates And Terms?
Personify's rates vary depending on where you live, your credit profile, loan amount and loan term length.
- If you live in Georgia, your rate will vary between 20.99% and 59.99% APR.
- If you live in Missouri, the interest rates range from 20.99% to 99.99%.
Personify does not charge an origination fee or any other type of disbursement fee. However, there is a $15 late fee for borrowers who don't make payments on time.
How Much Can You Borrow From Personify?
Maximum and minimum loan amounts also vary from state to state. In Missouri, loan amounts range from $1,000 to $10,000. However, in Georgia, loan amounts vary from $3,100 to $10,000.
How Is Personify Better Than Other Lenders?
- Personify provides a fast source of cash to borrowers who don't qualify for traditional loans or credit cards.
- Interest rates are by no means low, but they are extremely competitive (20.99% to 99.99% APR, as of Octobre 2015) when compared to payday loans and other high APR lenders.
- Payment schedules are flexible and terms vary from 12 to 48 months.
- Personify's eligibility criteria doesn't only consider a borrower's credit score. It also looks into other factors that traditional lenders don't measure. This gives borrowers with poor credit a chance to qualify.