Possible Finance Review [2024]: Fast Funds for Bad Credit

What is Possible Finance?

Possible Finance is a mobile app-based lender that provides small installment loans up to $500 without a credit check.

Possible Finance is designed to be an alternative to predatory lenders that offer payday loans. Loans from Possible Finance are more affordable than traditional payday loans because they have lower fees, and they might help you build or improve your credit. Unlike payday loans, your repayment activity will be reported to major credit bureaus and added to your credit report.

Who is Possible Finance best for?

If you’re considering a payday loan, title loan, pawnshop loan, or similarly costly lending option, Possible Finance might be right for you. Its loans are lower-fee, and therefore less dangerous, than these emergency loans, which can charge fees that equate to APRs of 300% to 400% or more. I’d also recommend Possible Finance to people with damaged credit who are prepared to make their four payments on time since a positive payment history can go a long way toward repairing credit.

However, Possible Finance is still an expensive way to borrow money, so it may not be the right choice if you qualify for a small personal loan at a lower rate. Possible is also not a great fit if you have a credit card — even secured credit cards you can get with poor or fair credit are likely to let you borrow more at a time, and you can avoid interest if you pay your bill on time.

How does Possible Finance work?

Possible Finance offers only one type of loan: an installment loan. It specializes in small loans and fast funding.

Application

Prospective borrowers can use the Android or iOS app to get started or visit the company's website to create an account.

Possible won’t perform a hard credit pull or check when you apply, which sets it apart from most personal loan lenders and credit card issuers. It will look at your bank account balance and want to verify that you have income coming in, though. The company states that a minimum monthly income of $750 is ideal, and it will look at your cash flow — both the regularity of money coming in and going out — to determine your eligibility.

In addition, you'll need the following:

• Valid driver’s license or state-issued ID
• Social Security number
• Compatible checking account

In my experience, the process was straightforward. I downloaded the app, connected my bank account, and received approval within minutes.

Approval and funding

After you apply, you'll receive a notification in the 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.

Potential borrowers will typically receive a decision about their application within minutes ³ <p>Funding typically occurs within minutes of approval but can take up to 5 days.</p> and possibly receive funding within hours of loan approval if they add a Visa debit card to their account. If you choose to have your money delivered by ACH, it will take one to two business days for your funds to arrive. Allow up to five days for funds to process.

Available states

Possible Finance doesn’t issue or service loans in all states. It's available only in:

• Alabama
• California
• Delaware
• Florida
• Idaho
• Indiana
• Iowa
• Kansas
• Kentucky
• Louisiana
• Michigan
• Mississippi
• Missouri
• Ohio
• Oklahoma
• Rhode Island
• South Carolina
• Tennessee
• Texas
• Utah
• Washington

If you live elsewhere, look to competitors for borrowing. Check out the best bad-credit loans and consider unconventional loans if you don’t think you’ll be eligible for traditional lending.

Possible Finance vs. payday loans

We recommend Possible Finance loans over payday loans because they offer more favorable loan terms, loan amounts, and credit score prospects.

Loan terms

Possible Finance’s installment loans, which are referred to as payday alternative loans, are short-term loans repaid on a fixed schedule over time. In this case, borrowers make biweekly payments over an eight-week loan term.

Most payday loans have to be repaid within 10 days to two weeks of funding, and there can be serious financial consequences when you don’t pay back a payday loan (like fees and the risk of defaulting). You'll have eight weeks with Possible. This isn’t as long as a typical personal loan, which usually offers terms starting at one year, but it’s more time to come up with funds if you’re in a pinch.

Loan amounts

Possible Finance allows you to borrow up to $500 ($250 in California), which is on par with most payday loans. But we wouldn’t consider it a tie because you’ll pay fees that come out to APRs of 400% or more with payday loans for the same amount, compared to 150%-200% (as of May 31, 2023) with Possible.

This is a lower limit than many traditional personal loan lenders that may offer loans up to $50,000 or even $100,000, depending on your credit profile and income. But because you can get approved with poor credit, loans from Possible Finance may be a good option if you need fast cash and don't know how to get a loan elsewhere.

Credit score building

Because Possible Finance reports payment activity to Experian and TransUnion, taking out a loan with this lender can help you build your credit if you pay on time. This is typically not the case with payday loans.

Requirements to qualify

You will need to meet some qualifying requirements to be approved for a loan, such as:

• Earning a minimum monthly income of $750
• Not having a low or negative bank balance or a high amount of returned checks or overdraft fees
• Having consistent payroll deposits over at least a two-month period
• Not having a history of late or returned payments on another loan from Possible
• Not being active duty military or a family member of someone who is on active duty
• Not having any other existing loan with Possible, or share a bank account with someone else who has an existing loan

Possible Finance reviews

Possible Finance has been an accredited company with the Better Business Bureau since 2018 and has earned a B rating from the consumer-focused site. It has also received a BBB rating of 4.4 out of 5 stars based on customer reviews (as of Nov. 26, 2024).

Most people are pleased with the approval process and the flexibility surrounding repayment with this company. I checked out Possible Finance on TrustPilot, and it had a 4.5-star average rating, with many reviews emphasizing how easy and fast the process was. For a financial company, this is a very high rating.

That said, other reviewers complain the lender incorrectly reported late payments to the credit reporting agencies or made it difficult for them to make payments.

But the majority of Possible reviews are positive, which makes me inclined to trust it.

FAQs

Bottom line

There are ways to get loans with bad credit, and Possible Finance could be 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 make a hard inquiry into 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. In that case, you should check out our list of the best personal loans.

But if you’re beginning your journey back to a positive credit history, Possible Finance could be a good fit.