Possible Finance

Possible Finance Reviews

Possible Finance Reviews
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About Possible Finance

Possible Finance is a consumer finance company that helps borrowers get fast funding. Although it only has two products, a credit card and a personal loan, it offers loans large enough to get you out of a small emergency. Plus, since it doesn’t consider your credit when making a decision on your loan, it is suitable for borrowers with bad credit.

Pros & Cons

Pros
  • Funds deposited in as little as one hour
  • Application can be completed from its app
  • No late fees
Cons
  • Low loan maximum
  • Only available in 21 states
  • Extremely high APR

Our editor’s take

Possible Finance can help those in need of money in a pinch, especially if you have less than stellar credit. Since you can apply for its loans directly from your phone or laptop and deposit the money straight to your debit card within an hour of approval, Possible Finance personal loans are extremely convenient.

However, Possible Finance personal loans come with eye-wateringly high interest rates. If interest rates starting at over 200% aren’t in your budget, you’ll want to consider a loan from a lender with lower rates.

Possible Finance personal loan products

Possible Finance only offers one loan, a personal loan with small funding limits up to $500. Called the Possible Loan, it is a payday loan alternative designed to help protect consumers from debt traps.

Loans can be paid back in four installments with no penalties if you’re late on payments.

Possible Finance personal loan rates

Although Possible Finance loans are technically personal loans, their rates more closely reflect those of payday loans. Possible Finance’s example fee schedule states that its annual percentage rates (APRs) range from 178% to 460%.

Possible Finance personal loan fees

Possible Finance doesn’t disclose what fees it charges, but it does give examples of fee costs for the following loan amounts:

  • $100 loan: $17.64 fee
  • $200 loan: $35.29 fee
  • $250 loan: $44.11 fee

How to apply for a Possible Finance personal loan

Applying for a personal loan from Possible Finance is convenient since the whole process is accessible on your cellphone from the Possible Finance app.

To apply for a loan through Possible Finance, follow these steps:

  1. Download the Possible Finance app: The Possible Finance app is available on the iOS App Store, the Google Play Store or on possiblefinance.com. You’ll need to install this application on your cellphone or apply using a device that is compatible with its web app.
  2. Fill out a Possible Loan application: Completing a loan application will require you to give Possible Finance information such as:
    1. Your name
    2. Your street address
    3. Your Social Security number
    4. Your date of birth
    5. Your bank account information (must be a bank supported by Plaid)
  3. If approved, get your loan funds: If you’re approved for your loan, your loan will be deposited into the bank account you provided.

To be eligible for a Possible Loan, you must have an eligible bank account. To be considered eligible, your account must:

  • Be compatible with Plaid
  • Have a transaction history of at least three months
  • Have recent income deposits
  • Have a positive balance

How do Possible Finance personal loans compare?

When compared to other personal loan lenders, Possible Finance has vastly different interest rates. Although it can fund loans within an hour of approval and doesn’t charge late fees, its low loan amounts and sky-high APR range don’t set it far apart from the payday loans it aims to replace.

You can see this clearly in the following table, which compares Possible Finance to a competitor, Upgrade.

Possible Finance personal loans FAQ

What is Possible Finance?

Possible Finance is a financial brand that issues small loans and credit cards directly to eligible borrowers. Since it doesn’t use credit scores to make loan decisions, its personal loans are an accessible option for those who can’t qualify for traditional financing methods.

Can I get a Possible Finance personal loan if I have bad credit?

Possible Finance doesn’t take your credit score into account when determining loan eligibility. Instead, you should be prepared for Possible Finance to link directly to your bank account to verify that your income can support paying back the loan.

Are Possible Finance personal loans available in every state?

Possible Finance personal loans are only available in the following states:

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

Is Possible Finance legit?

Possible Finance is a legal lender authorized to service loans in 21 states. It says it has lent over $400 million to customers and has helped to reform payday lending laws in three states.

However, while Possible Finance can quickly help you out of a tight money situation, you’ll need to weigh the risks carefully before applying. Although these loans are convenient, they could put you in a deeper financial hole than you started if you can’t keep up with Possible Finance’s lofty interest rates.

Possible Finance Reviews

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    How do I know I can trust these reviews about Possible Financial Inc., dba Possible Finance and Possible?
    • 4,476,910 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Verified purchase
    Customer ServiceStaffLoan Process

    Reviewed Nov. 15, 2023

    I have been dealing with this company for about 2 weeks. I applied for a lousy $400 loan. The card that I get paid on which is a Green Dot card they said they don't see any signs of my payroll in there but I've sent them screenshots with my payroll checks that were deposited in there so they just gave me a run around then it came back that they had to put they wanted me to put a different card on there because Green Dot wasn't supported which it's on their list through the Plaid website and then I put my NetSpend card on there and that is on their list as well and it said not supported. I've exchanged emails with these unprofessional worthless workers for weeks and got nowhere, nothing but lie after lie. It's disgusting and I'm so sick and tired of the **. They're very unprofessional. Not trained. Obviously they don't know how to do their job.

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      Possible Finance Company Information

      Company Name:
      Possible Financial Inc., dba Possible Finance and Possible
      Website:
      www.possiblefinance.com