Possible Finance Reviews

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 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.

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 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

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

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 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.