Whenever you borrow money, you want to make sure the lender you turn to is a reputable one. This can be especially important if you don't have a long credit history or a good credit score as there are lenders out there that charge very high fees to people with bad credit who are desperate to borrow and have limited options.
But there are ways to get loans with bad credit, and Possible Finance provides a better alternative to these predatory lenders. Although the interest rates are still relatively high, loans from Possible Finance can be both more affordable and a better option than traditional payday loans because you can repay your debt in installments over time and can build credit while doing it.
Although this lender isn't the right choice for everyone, those looking for fast funding who may not have the credit to qualify for traditional financing should give it a look. This Possible Finance review will help you decide whether this lender is right for you.
Is Possible Finance a good company?
Possible Finance is headquartered in Seattle, Washington, and Tony Huang is the CEO and co-founder. Possible Finance has a positive mission around financial health and financial fairness. The company’s founders worked for a decade to develop the technology that makes police body cameras work before eventually founding Possible Finance. The company's goal is to help Americans who have been taken advantage of by a system in which big banks charge billions in punitive fees and trap people in persistent debt cycles. The lender targets Americans who have difficulty gaining access to traditional credit when they need to borrow, as well as people who want to improve their credit score but can't do so until a lender gives them a chance.
The company generally receives positive reviews, and the speed with which it funds loans can be a big boon to those who need immediate access to cash. One downside is that Possible Finance can't offer loans in all states. It's licensed only in Ohio, Idaho, Washington, Texas, Utah, Florida, and California. If you live elsewhere, you'll need to look to competitors for borrowing options.
How does Possible Finance work?
Possible Finance offers only one type of loan: An installment loan. Prospective borrowers can apply online or by using the company's Android or iOS app, and there is no credit check performed when you apply.
Would-be borrowers will receive a decision on their application within minutes and can receive funding within hours of loan approval if they add a Visa debit card to their account.
After you apply, you'll receive a notification in Possible Finance's app indicating whether you've been approved and for what loan amount. You'll have three days to review the terms of service and accept your loan offer before it expires.
Payday alternative loans at Possible Finance
Possible Finance’s installment loans, which it also refers to as payday alternative loans, are short-term loans repaid on a fixed schedule over time. In this case, borrowers will make biweekly payments over an eight-week loan term.
Most payday loans have to be repaid within 10 days to two weeks, and there can be serious financial consequences when you don’t pay back a payday loan. But because Possible Finance gives you an eight-week payment plan, you'll have as much as four times the flexibility in repaying your loan compared with traditional payday lenders. Still, this is a shorter repayment period than those offered by many other lenders, with most personal loan lenders providing years rather than weeks to repay your debt. That said, the best personal loans may not be available to someone with bad credit.
Possible Finance also allows you to borrow only up to $500, which is a lower limit than many traditional personal loan lenders. Still, because you can get approved with poor credit and receive your money quickly, loans from Possible Finance can be a good option if you need fast cash and don't know how to get a loan elsewhere. Because Possible Finance also reports to the major credit reporting agencies (Equifax, Experian, and TransUnion), taking out a loan with this lender can also help you build credit history if you pay on time.
However, you will need to meet some qualifying requirements. To be approved for a Possible Finance loan, you will need to do the following:
- Earn a minimum monthly income of $750
- Not have a low or negative bank balance or a high amount of returned checks or overdraft fees
- Have consistent payroll deposits over at least a two-month period
- Not have a history of late or returned payments on another loan from Possible
- Not be active duty military or a family member of someone who is on active duty
- Not have any other existing loan with Possible, or share a bank account with someone else who has an existing loan
If you meet these qualifying requirements and get approved, here are the terms you can expect from a Possible Finance loan:
|Loan amount||Up to $500|
|Loan term||8 weeks|
|APR (as of Aug. 18, 2020)||151% and up|
What Possible Finance customers are saying
Possible Finance has been an accredited company with the Better Business Bureau since 2018 and has earned an A- rating from the consumer-focused site. It has also received a rating of 3.5 out of 5 stars based on 41 customer reviews on the BBB website (as of Aug. 18, 2020).
However, although most people are pleased with the approval process and the flexibility surrounding repayment, other reviewers complain the lender incorrectly reported late payments to the credit reporting agencies or made it difficult for them to make payments.
Possible Finance also has some reviews on other websites, including TrustPilot, on which two customers gave it an average rating of 3.8 and described the lender as a wonderful loan company that provides a choice of repayment days.
FAQs about Possible Finance
Is the Possible Finance app safe?
Using its mobile apps is just as safe as using the app of any other financial technology company. Although the company will collect your information to provide you with services, this is a standard practice and not something to worry about.
Does Possible Finance help your credit?
Possible Finance reports your installment loan and payment history to the major credit reporting agencies. Establishing an on-time payment history and showing you repaid your loan responsibly can help your credit. However, if you are late in making payments or if you default on your loan and Possible Finance reports this negative information to the credit bureaus, this can hurt your credit score.
What is the Possible Finance help number?
Possible Finance can be contacted at 206-202-5115, Monday through Friday from 10 a.m. to 5 p.m. PDT.
Possible Finance is a good option if you need access to affordable money quickly, don't need to borrow more than $500, and have a score on the lower end of the credit spectrum. Possible Finance loans are more flexible than traditional payday loans and they won’t require a hard inquiry to your credit report. However, the interest rates are still high and your repayment timeline is still relatively short.
If you can qualify with a different personal loan lender offering better rates or you'd prefer to pay off your loan over a longer timeline, Possible Finance may not be the lender for you. But if you’re beginning your journey back to a positive credit history, this loan could be a good fit.