Example Personify Finance loan
Here's a worked example of a typical Personify Finance personal loan, for illustration only. Your actual numbers will depend on your state, credit profile, and loan selection.
| Loan Term | $1,000 Loan | $2,500 Loan | $5,000 Loan |
|---|---|---|---|
| 12 months @ 95% APR | ~$142/mo | ~$354/mo | ~$707/mo |
| 24 months @ 95% APR | ~$97/mo | ~$243/mo | ~$486/mo |
| 36 months @ 95% APR | ~$87/mo | ~$217/mo | ~$434/mo |
| 48 months @ 95% APR | ~$83/mo | ~$207/mo | ~$414/mo |
Illustrative payment estimates assume no origination fee and the mid-range APR. Your actual APR may be lower or higher than the 95% example used here. Longer terms reduce monthly payments but increase total interest paid.
Personify Finance fee schedule
| Fee type | Amount | Notes |
|---|---|---|
| Origination fee | 0% – 5% of loan amount | Varies by state. Deducted from your loan proceeds. |
| Prepayment penalty | $0 | None, ever. Pay off early and save interest. |
| Application fee | $0 | No fee to check your rate or apply. |
| Late fee | $15 or 5% of payment | Charged if a payment is more than 10 days late. Varies by state. |
| Returned payment (NSF) fee | Up to $15 | If your payment is returned by your bank. |
How Personify Finance APR is calculated
Your Annual Percentage Rate (APR) is the total yearly cost of borrowing, expressed as a percentage. It includes:
- The interest rate on your Personify Finance loan
- Any origination fee charged, amortized across the life of the loan
APR is the right number to compare across lenders — because it bundles interest and fees into a single, apples-to-apples figure. A lender advertising a "low rate" with a 10% origination fee may actually cost more than Personify Finance.
Why are Personify Finance rates higher than a bank?
Personify Finance serves borrowers who have been declined by traditional banks, often because of a limited or recovering credit profile. The underlying risk of lending to this market is higher — and APR reflects that risk. We're transparent about this because we think you deserve to know exactly what you're paying for before you borrow.
How to lower your effective cost
- Borrow only what you need. A smaller Personify Finance loan costs less in dollar terms, even at the same APR.
- Choose the shortest term you can afford. Longer terms = lower monthly payments but higher total interest.
- Pay more than the minimum when you can. Extra principal payments reduce future interest. No prepayment penalty, ever.
- Pay off early. Personify Finance charges simple interest, so early payoff saves on remaining interest.
- Set up autopay. Avoid late fees and build positive on-time payment history.
Representative APR disclosure
Personify Finance personal loans range from $200 to $5,000 with APRs ranging from 35.99% to 179.50%, depending on your state of residence, loan amount, credit profile, and ability to repay. For example, a $1,000 Personify Finance loan at 95% APR with a 36-month repayment term would have a monthly payment of approximately $87 and a total repayment of approximately $3,132 over the life of the loan. Loans are not available in all states. Actual terms will be disclosed before you sign your loan agreement.