Borrow up to $500 with just a few swipes — but only for residents of 7 states.
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 seven states can apply.
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What is Possible Finance?
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.
What states is Possible Finance available in?
Possible Finance offers loans to residents of seven states:
What are the benefits of borrowing from Possible Finance?
An installment loan from Possible Finance comes with a few benefits:
Repayments aligned with your payday. Possible Finance schedules your four repayments on your paydays to help you avoid defaulting.
No credit check. You don’t need to have good credit to qualify for an installment loan with Possible Finance — and you won’t need to worry about your score taking a hit when you apply.
Can build your credit. Possible Finance reports repayments to all three credit bureaus to help build your credit. However, this can also have a negative impact on your score if you make a late payment or default on your loan.
Good customer service. Many borrowers have left positive reviews for Possible Finance. And even if the comment is negative, Possible Finance responds to customer complaints and provides polite explanations to help resolve issues.
Quick turnaround with Visa. If you have a Visa debit card, you may be able to get your loan funds on the same day you’re approved.
What to watch out for
Consider these potential drawbacks before borrowing from Positive Finance:
Must have a checking account. You must have an active checking account that’s received regular income deposits for the past three months to qualify. Possible Finance doesn’t work with prepaid debit cards, credit cards or PayPal.
App may have technical problems. Some borrowers complained about glitches with the app, meaning you might need to get on the phone with customer support for help.
Not a payday advance app. Although you’ll be downloading an app, Possible Finance doesn’t issue advances on your paycheck. It’s still a short-term loan, and you’ll still have to pay interest on what you borrow.
Limited availability. Possible Finance installment loans are only available in seven states, though you can still download the app and get added to its waitlist if you live outside its service area.
Is it safe to apply for a loan from Possible Finance?
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.
What do borrowers say about Possible Finance?
BBB accredited: Yes, since 2018
BBB rating: A
BBB customer reviews: 5 out of 5 stars, based on 2 reviews
Google Play rating: 4.3 out of 5 stars, based on 2,300+ reviews
App Store rating: 4.8 out of 5 stars, based on 11,300+ reviews
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.
Am I eligible?
To be eligible for an installment loan from Possible Finance, you’ll need to meet the following requirements:
Checking account with at least three months of banking history
Regular income of at least $750 per month
Live in a state serviced by Possible Finance
At least 18 years old
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.
How do I apply?
You can apply for a loan through Possible Finance by downloading the app from the App Store or Google Play. Then follow these steps:
Log in through your Facebook, Google or Microsoft account.
Select the state you live in. If Possible Finance isn’t available, you’ll be added to the mailing list for updates.
Select how much you want to borrow. Possible Finance will display the fees you’ll pay and your biweekly payment amount.
Take a picture of the front and back of your photo ID. You can also enter these details manually.
Enter your Social Security number, take a picture of yourself and link your bank account.
Confirm your details and click Submit application.
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:
Driver’s license or state-issued ID
Social Security number
Bank account login details
I got the installment loan. Now what?
It’s time to start thinking about repayments. Possible Finance syncs your repayment schedule with your paydays — 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 seven states it services to qualify.
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