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Borrowers with less than perfect credit might find Possible Finance helpful. Its convenient app allows you to take out a short-term loan right from your smartphone. But it’s not cheap, and only residents of five states can apply.
$500
Max. Amount
As fast as 1 business day
Turnaround time
| Product Name | Possible Finance Mobile Installment Loans |
|---|---|
| Max. Amount | $500 |
| Loan Term | Up to 2 months |
| Loan Security | Unsecured |
| Turnaround Time | As fast as 1 business day |
| Costs | Rates vary by state, though you’ll likely be charged around $15 or $20 per $100 borrowed. |
| Requirements | Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+ |
Possible Finance is an app that offers short-term installment loans of up to $500. Rates vary by state, though you’ll likely be charged around $15 or $20 per $100 borrowed. This works out to an APR of around 91% or 122%.
Every loan has the same two-month term: You’ll make four payments over eight weeks until your loan is paid off. And once it is, Possible Finance will report your repayments to all three credit bureaus, helping you build your credit if you pay on time.
Possible Finance offers loans to residents of five states:
But it’s working on adding more states to its list. Until then, you can compare more short-term loan options from similar providers.
An installment loan from Possible Finance comes with a few benefits:
Consider these potential drawbacks before borrowing from Positive Finance:
In general, yes — Possible Finance offers a secure app and industry-standard privacy policy. While you need to connect your bank account to apply for a loan, this is done through Plaid, an encrypted service that doesn’t store your information.
If you decide you no longer want to use Possible Finance, you can unlink your banking details and delete your account — but it may retain some personally identifiable information for legal and security reasons.
As of August 2019, Possible Finance has positive reviews on the Better Business Bureau (BBB), Google Play and the App Store. Most customers seem happy with the lender’s quick service and manageable loan repayments. They also like that they can use this loan to boost their credit score by making on-time payments. A few borrowers complained of tech glitches with the app and trouble submitting an application. However, Possible Finance’s customer service team replied to most of these comments to help troubleshoot issues.
To be eligible for an installment loan from Possible Finance, you’ll need to meet the following requirements:
Possible Finance doesn’t support Chime Bank, Simple Bank, PayPal or prepaid debit cards. If you receive your income through one of these, you won’t be eligible for an installment loan.
You can apply for a loan through Possible Finance by downloading the app from the App Store or Google Play. Then follow these steps:
You’ll receive a notification about the status of your application from the app within 24 hours. You have up to three days to accept your loan if you’re approved. Otherwise, you can reapply after three days.
If you have a Visa debit card that’s supported by the app, you might be able to receive your money the same day you’re approved. Otherwise, you’ll receive your funds the next business day if you accept your loan before 2 p.m. PT. Or else in two business days if you accept your loan any time after that.
When you create an account with Possible Finance, you need the following pieces of information ready:
It’s time to start thinking about repayments. Possible Finance syncs your repayment schedule with your pay days — with your first payment due approximately two weeks after you receive your funds. It automatically withdraws repayments from your bank account on each due date, so you don’t need to worry about manually making them.
While Possible Finance doesn’t charge any late fees itself, you could be responsible for overdraft fees from your bank if you don’t have enough funds to make a repayment. And any payment that’s more than 30 days late will be reported to the credit bureaus — which could lower your score.
If you’re unable to make a payment, contact Possible Finance as soon as possible. You might be able to sign up for an alternative payment plan and push back your repayment due date by 30 days.
Possible Finance is a convenient option when you’re looking to borrow funds and don’t have the credit to qualify for a traditional personal loan. But it doesn’t come cheap. And you need to live in one of the five states it services to qualify.
You can see how it compares to other lenders with our guide to short-term loans.
