Both Personify and OneMain Financial work with borrowers who may not be able to qualify for other personal loans. Despite high rates and multiple fees, these are two of the top lenders on the market for people with poor credit.

However, Personify has an APR that stretches into the triple digits — and OneMain Financial only offers loans secured by your valuables.

Personify vs. OneMain Financial at a glance

Personify and OneMain Financial offer similar products for borrowers with bad credit  — but OneMain Financial has more competitive rates.

Personify OneMain Financial
Bankrate score 4.0 4.4
Better for Small borrowing amounts Lower rates
Loan amounts $500-$15,000 $1,500-$20,000
APRs 19.00%-199.99% 18.00%-35.99%
Loan term lengths 12-48 months 24-60 months
Fees •Origination fees
•Late fees
•NSF fees		 •Origination fee up to 10%
•$5 to $30 late payment fee
•$10 to $50 returned payment fee
Minimum credit score Not specified Not specified
Time to funding As soon as the next business day As soon as the same day

Personify personal loans

Pros

  • Low starting amount.
  • Entirely online process.
  • Unsecured loans available.

Cons

  • Exceptionally high APR.
  • Limited state availability.
  • Origination fee up to 5%.

While Personify personal loans are open to borrowers with bad credit, the high maximum APR makes it a better choice if you have fair credit. A fair credit score will help you qualify for rates at the lower end. And while higher than many personal loans out there, a 19 percent APR is significantly less expensive than an APR of almost 200 percent.

It isn’t all about rates, however. Personify allows you to borrow just $500. Most lenders have a minimum loan of $1,000 — and OneMain Financial requires you to borrow at least $1,500 to qualify. Since Personify offers unsecured loans, you won’t need to put up any collateral and risk losing it when you need to borrow a personal loan.

OneMain Financial personal loans

Pros

  • APR maxes out at 35.99%.
  • Quick funding.
  • In-person branch locations.

Cons

  • Only offers secured loans.
  • Limited state availability.
  • Origination fee up to 10%.

OneMain Financial is one of the few bad credit lenders that offers in-person service. It also has significantly lower rates than Personify, which makes it a good choice if you have bad credit and want to avoid a high APR on your loan.

However, all of its loans are secured, which means it does require you to provide collateral. This helps you qualify for lower rates, but if you default, you will lose your property or other assets.

In addition to collateral, OneMain Financial may also charge an origination fee up to 10 percent. Personify does have an origination fee of up to five percent, so you will have to deal with it no matter which lender you choose. However, you stand to pay more with OneMain — especially if you have a 10 percent origination fee on one of its smaller loans.

How to choose between Personify and OneMain Financial

Ideally, you should apply to both Personify and OneMain Financial. Because each lender gives you the ability to prequalify for a loan, you can compare rates without impacting your credit score.

When you do, calculate the cost of your loan. Since Personify has a lower origination fee than OneMain Financial, you may be able to borrow more with Personify even if both lenders offer the same amount. However, a higher APR will significantly impact how much you spend on interest, which may make one choice much more affordable than another.

Personify has smaller personal loans

Personify has relaxed eligibility requirements that make it easy for borrowers to qualify. There are no prepayment penalties, either, so you may be able to save on interest if you are able to pay your loan off ahead of schedule.

It stands out from OneMain Financial because of its smaller loan amounts. Most lenders require you to borrow at least $1,000, but Personify’s starting amount is just $500. This makes it a good choice if you need quick funding for a small expense.

OneMain Financial has lower overall rates

OneMain Financial has similar eligibility requirements. However, it has much lower rates — maxing out at 35.99 percent. And while you will need to borrow more with OneMain, it also doesn’t charge a prepayment penalty. You can repay any amount over what you need before interest begins to accrue to minimize cost.

However, OneMain Financial only offers secured loans. If you don’t have an asset valuable enough to act as collateral, you may be ineligible for one of its personal loans.

Compare lenders before applying

If you need a quick loan, both Personify and OneMain Financial may be able to fund you. Despite high rates and multiple fees, they are two of very few personal loan lenders that are less predatory than lenders offering payday loans or similar products.

But if you can, it may be better to hold off on borrowing until you improve your credit score. This will give you access to lenders that offer better rates than Personify or OneMain Financial. You can also compare other bad credit loans to see if you are able to qualify for lower rates elsewhere.