Frequently Asked Questions

Getting Started

  • A personal loan is a small, unsecured installment loan that is based on a borrower's creditworthiness, rather than on any type of collateral.

  • The loans made available through our platform are unsecured personal loans. Loans offered vary by loan program and state. Please see our Rates, Terms, and Licensing Information for more information about the loan terms and programs available in your state.

  • The amount you’re eligible to borrow depends on your creditworthiness at the time you apply online and program parameters. Please see our Rates, Terms and Licensing Information for more information about the loan terms and programs available in your state.

  • We don't charge a fee to apply for a loan, and your loan servicer will not charge a fee for repaying your loan early.

    Late Fee: You may be charged a late fee by your loan servicer should you fail to make a timely payment.

    NSF Fee: If applicable, you may be charged a NSF (Non-sufficient Funds) fee by your loan servicer if there’s not enough money in your account when your loan servicer attempts to collect a payment.

    Origination Fee: An origination fee may be required on some loans. To see if an origination fee is applicable in your state, see our Rates, Terms and Licensing page. It’s a one-time fee you pay for over time as part of your scheduled loan payments.

  • No. For any loan originated on our platform you can pay off your loan at any time without paying a pre-payment fee.

  • Yes. We believe there’s more to understanding your particular financial situation than just your credit score. We are able to include many factors besides credit history in our loan evaluation process.

  • Generally, any loan originated on our platform is scheduled to be paid back in equal installments. However, in certain situations your last payment might differ, depending on your payment history.

  • We don’t take applications by phone. We make it fast and easy to apply for a personal loan online from any computer, smartphone, or tablet.

  • A credit score is a person’s track record of borrowing. Credit bureaus such as Experian, Equifax, and TransUnion each have their own scoring system. Lenders use a credit score to estimate how risky it would be to lend money to someone. Lending money includes:

    • Offering a credit card

    • Providing a vehicle loan

    • Approving a mortgage

    • Making a personal loan

    The higher a person's credit score, the less risky a lender will typically consider that person. Higher credit scores come from borrowing and repaying successfully time and time again, among other factors. Borrowing more and always paying on time will usually increase your credit score. Missing payments or failing to pay off debts usually decreases your score. Your credit score makes a difference. It can affect the amount of money lenders are willing to provide. It can determine the interest rate you’ll pay. It can limit the amount of time a lender will allow you to repay a loan. A higher credit score will usually earn you better loan terms. While we take your credit score into consideration, we are also able to include many other factors when evaluating your online personal loan request.

  • Personify, or your loan servicer, reports data about customers to credit bureaus. By doing so, customers have an opportunity to build their credit when they pay on time. A factor in building higher credit scores come from borrowing and repaying successfully time and time again. Good credit gives consumers access to more financial products at a lower cost.

Applying for a Loan

  • We may evaluate your application for one of two separate loan programs: Installment loans made by First Electronic Bank, a Utah-chartered industrial bank, and installment loans made by Personify Financial, a licensed lender in certain states.

    We can usually deposit your money into your checking account in as little as one business day.* How soon we deposit funds depends on the day of the week and time of day you are approved and e-sign your loan agreement. Under this program, we try to make deposits the next business day, excluding weekends and holidays, but it may take up to 2 business days. Actual availability of funds depends on your financial institution’s policies. Please contact your financial institution for details.

  • If you're approved automatically, you'll receive an instant decision. Sometimes we'll need more information before we can make a decision on your application. If so, we'll provide you with detailed instructions on next steps.

  • Logging into your checking account with your online credentials is an important part of our loan application process. This step helps us protect you from identity theft by making sure that your money is sent to you. Also, it allows us to verify your income and other financial information quickly and easily.

    This process is highly secure and performed by a trusted third-party that supports thousands of financial institutions worldwide. Personify Financial cannot see or record your username or password.

    Even though no one will keep your login information, if you're still concerned about the security of your login, you can go to your financial institution and change your username and password. Regularly changing your login is a good practice under any circumstances.

  • Sometimes we aren’t able to verify the information you provided in your application using just our automated process. If so, we’ll ask you to send us documents to help us confirm your income, employment, or identity. This process usually allows us to give you a loan decision within 2 business days after you provide the requested documents.

    If you don’t send us the documents we ask for within the time specified, your application will expire.

Managing Your Loan

  • When you request a loan, you can select a payment method.

    ACH
    The most popular method is Electronic Fund Transfer, also known as ACH. With ACH, you give your loan servicer permission to transfer your scheduled loan payment electronically from your checking account, usually on the payment due date. This option is automatic and helps protect you from forgetting to make a payment.

    Send a Check By Mail
    Another method is to mail in a check to your loan servicer for each payment. If you choose this option, please make sure you allow sufficient time for mailing. You are responsible for payments to be received on-time.

    You can also make additional one-time payments through the borrower portal (using your bank account and routing numbers), or with a debit card by phone.

  • Please contact your current servicer right away as you may qualify for help with your payments. Login to the Borrower Portal to find the contact information for your current servicer, or use our Contact Us page and we can help you find the correct resource.

  • Not paying back a loan can impact your credit rating negatively. Please contact your current servicer right away as you may qualify for help with your payments. Login to the Borrower Portal to find the contact information for your current servicer, or use our Contact Us page and we can help you find the correct resource.

  • Borrowers who get a loan through our Personify platform can get their FICO® Score for free because knowledge is power and you can make better financial choices with this information. To learn more about FICO® Scores, visit the FICO® Score website.

    Personify and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. Personify and Fair Isaac do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

  • Borrowers who get a loan through our Personify platform, and have an active account, can access their score by visiting the Borrower Portal.

  • You may have been contacted by our sister company, Personify Loan Services. They specialize in loan care and customer service and are the loan servicer for certain loans originated through the Personify platform. If you received a communication from Personify Loan Services, you can contact them for any questions.

Account and Login Help

  • You must have an active account, originated from the Personify platform, to access the Borrower Portal.

  • You can reset your password at any time.

  • To update your contact information, please contact your current servicer. This information is available in the Borrower Portal. Or use our Contact Us page and we can help you find the correct resource.

Privacy and Communication

  • We take protecting your confidential information seriously. We've set up electronic, physical and procedural safeguards for keeping your information safe. For example, we use secure web pages and encryption to protect your sensitive data and personal information from unauthorized access or use. Details can be found in our Privacy Notice.

  • Details of how we use your data are spelled out in our Privacy Notice.

*Funds are disbursed on the next business day, if approved and signed by you by 11:59 PM CT. Actual availability of funds depends on your financial institution’s policies.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.