Possible Finance Review [2024]: Get Money Fast and Build Credit

Possible Finance provides loans for borrowers regardless of their credit score, but there are some details to be aware of.
Updated Jan. 2, 2024
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Possible Finance Review

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Whenever you borrow money, you want to make sure the lender you turn to is a reputable one. There are lenders out there that charge very high fees to people who don't have good credit and who have limited options for borrowing money.

But 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 financial products might give it a look. This Possible Finance review will help you decide whether this lender is right for you.

Quick Summary

Possible Finance makes borrowing the money you need simple and quick, without a credit check.

  • Borrow up to $5001
  • Apply in only 60 seconds
  • Get your funds instantly via debit2
In this Possible Finance review

Is Possible Finance a good company?

Possible Finance3 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. They specialize in small loans for people who may struggle to qualify for other loan or credit products.

Prospective borrowers can by using the company's Android or iOS app. You can easily download the app by going to the company's website, www.possiblefinance.com.

There is no hard credit check performed when you apply. Possible Finance will want to verify that you have income coming in, though, and you will need a mobile device that can run the Possible Finance app.

In addition, you'll need to have the following:

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

Potential borrowers will receive a decision on their application within minutes2 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 1-2 business days for your funds to arrive.

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, 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 bureaus (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  150%-200% (as of May 31, 2023)
Credit needed N/A

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 BBB rating of 4.59 out of 5 stars based on 408 customer reviews (as of Feb. 17, 2023).

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?

Possible Finance is an accredited, licensed loan provider that publishes information on its privacy policy for both its website and mobile apps. Its mobile apps are available in both the Apple App Store and Google Play.

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, this can hurt your credit score

Possible Finance also does not perform a hard credit inquiry during the application process, so you don't have to worry about this loan hurting 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.

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 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. In that case, you should check out our list of the best personal loans. But if you’re beginning your journey back to positive credit history, this Possible Finance could be a good fit.

Author Details

Christy Rakoczy Christy Rakoczy has a Juris Doctorate from UCLA Law School with a focus in Business Law, and a Certificate in Business Marketing with an English Degree from The University of Rochester. As a full-time personal finance writer, she writes about all things money-related but her special areas of focus are credit cards, personal loans, student loans, mortgages, smart debt payoff strategies, and retirement and Social Security. Her work has been featured by USA Today, MSN Money, CNN Money and more, and you can learn more at her LinkedIn profile.

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