Possible Finance Review: Borrow Small Amounts at High Costs

Is Possible Finance legit?

Yes, Possible Finance is a legit fintech company that offers installment loans, credit cards and cash advances. Founded in 2017, it now has over one million customers across the US and has issued more than four million loans. It has direct lending licenses in several states, and its partner, Coastal Community Bank, provides loans in other states.

What makes Possible Finance shine?

• No credit check required. You can qualify without a hard credit pull — unlike most installment lenders that check your score and can lower it even if you’re denied.
• Builds credit with on-time payments. Possible reports your payment history to Experian and Equifax, which can help improve your score over time.
• Flexible repayment options. You can extend your due date by up to 29 days at no extra cost and without hurting your credit, giving you extra breathing room if an unexpected expense comes up.

Where Possible Finance falls short

• High fees compared to some other options. You could pay up to $25 per $100 borrowed, nearly 152% APR, depending on which state you live in, and there’s no discount for repaying early. Possible Finance may end up being pricier than other cash advance apps or personal loans.
• Limited customer support. The listed phone number isn’t a true support line, and users report having to rely solely on email or in-app messaging for help.
• Membership required for higher advances. You’ll need to pay $15 a month to access non-recourse cash advances up to $300, while nonmembers are limited to $150.
• Not the most cost-effective. High fees and monthly membership make this option less competitive than apps that charge little to nothing unless you opt for an instant transfer.

Possible Finance loan details

Possible Finance contact info

How to qualify for Possible Finance

To be eligible for an installment loan from Possible Finance, you’ll need to meet the following requirements:

• A valid checking account with at least three months of banking history
• Recent income deposits
• US cell phone number and valid street address (No PO boxes)
• Social Security number
• Government-issued ID
• Live in a state serviced by Possible Finance

How to apply

Follow these steps to apply for a Possible loan:

1. Download the app.
2. Enter your information and request a loan amount.
3. Link the bank account where your paychecks are deposited.
4. Receive a decision within minutes.

If approved, you can have funds deposited within minutes to a debit card or in one to two days via ACH.

How Possible Finance compares to other lenders

5 of 5 results

Updated regularly

Finder Score	Loan amount	Turnaround time	Requirements	bullet point infobox
Promoted Finder score 9.5 Excellent EarnIn	Finder score 9.5 Excellent	Up to $150/day, with a max of $1000 between paydays	1 to 2 business days or within 30 minutes for a fee	At least 18 and a US resident, Valid Social Security number, At least 60 days of banking history, Proof of consistent income, Positive bank balance, Get paid by direct deposit.	Access up to $150 per day, with a max of $1000 between paydays. Subject to EarnIn terms & conditions.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 8.7 Great Current	Finder score 8.7 Great	$50 to $750	Up to 3 days or within an hour for a fee	Among other factors, you must receive a monthly total of $500 or more in Eligible Payroll Deposits into your Current Account.	Get up to $750 before payday, once you qualify. Paycheck Advance is an earned wage access service and is not a loan or credit product. Subject to Paycheck Advance Terms and Conditions.	Go to siteMore info Compare product selection Compare	loading
Promoted Finder score 8.2 Great Cleo	Finder score 8.2 Great	Up to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.4 Excellent OppLoans Installment Loans	Finder score 9.4 Excellent	$500 to $5,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WV. Comes with the option to change your due date so you won’t fall behind on repayments.	Go to siteMore info Compare product selection Compare	loading
Finder score 9.1 Excellent CreditNinja Installment loan	Finder score 9.1 Excellent	$300 to $5,000	1 to 2 business days	Checking account at least 60 days old, regular income through direct deposit, resident of eligible state, age of majority in your state	Not available in: AK, CO, CT, FL, GA, IL, IA, KY, ME, MD, MA, MT, NV, NH, NJ, NM, NY, NC, ND, OR, VT, VA, WA, WV. Fast online funding up to $5K, but you won't know about rates and terms until after you apply.	Go to siteMore info Compare product selection Compare	loading

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How we picked these

What is the Finder Score?

The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.

Read the full breakdown

Possible Finance reviews and complaints

Possible Finance has many positive reviews on the Better Business Bureau (BBB), Trustpilot and the app stores. Most customers seem happy with the lender’s quick and easy service and the affordable loan payments. They also like that they can use this loan to help boost their credit scores.

But some customers complained they could only get small loan amounts or were denied for subsequent loans. Others say it’s impossible to talk to a live person, and customer support is slow to respond to emails. A few people also said they were disappointed to find there was no benefit to repaying the loan balance early.