If you’re in need of some quick cash, Possible Finance may be a good option. This online lender offers small, high-interest installment loans to borrowers with no credit history or bad credit. You can borrow up to $500 through the app, but the loans are available in a limited number of states.
Possible Finance is not a traditional bank, so you’ll likely need to pay back your loan sooner than you would with a personal loan from a financial institution. The interest rates are also higher than what you’d find at a bank. However, if you have no other options and need money quickly, this lender could be worth considering.
Possible Finance is a good option for people who need a loan but don’t want to go through the hassle of checking their credit score. The lender looks at your bank account transactions to see how you’ve been managing your money and whether you’re likely to be able to repay the loan. This can be a great option for people who have had trouble getting loans in the past because of their low credit scores.
If you’re interested in applying for a loan from Possible Finance, make sure you have your most recent bank statements ready. The lender will review these statements to get an idea of how you’ve been managing your money and whether you’re likely to be able to repay the loan.
For getting a loan, it’s important to know what the lender is looking for. Here are four things that can help increase your approval likelihood:
- A regularly positive bank account balance. This shows that you’re able to manage your finances responsibly.
- Minimum monthly income of $750. This demonstrates that you have the ability to repay the loan amount.
- Consistent deposits into your account over time. This shows that you’re reliable and likely to repay the loan on time.
- Infrequent returned checks or insufficient funds fees. This indicates that you have a good history of financial responsibility
Here are some Merits and Demerits of Possible finance application: –
Pros :
- May accept applicants with poor or no credit. According to the lender, it may approve applicants with poor credit as well as those who have little to no credit history. This gives borrowers who aren’t eligible for loans from conventional lenders like banks an option. Lenders who provide loans without performing a credit check assume additional risk by doing so. Frequently, they offset that risk with high yearly interest.
- The app will provide your anticipated financing date if you are accepted. If you submit a loan application on a weekday before 2:00 p.m., the funds will be put into your account the next business day. Your cash will arrive two business days later if you apply after 2 p.m., according to the lender. To get access to the funds more rapidly, you can also have a debit card loaded with the money.
- It is possible that before signing a loan agreement, borrowers might determine the date of their payments. Additionally, borrowers are permitted to adjust the payment date once while making payments. This can be helpful if you change jobs and need to accommodate a new paycheck date or a new bill payment. Before taking money out of your bank account, the business sends you an email and an SMS.
- A borrower’s credit score will be impacted by payments that are more than 30 days overdue, but the lender permits consumers to postpone payments for an additional 29 days without incurring late fees or damaging consequences to their credit. So the borrower can request to be four weeks late on payments without harming their credit score rather than reporting a payment as postponed to the credit bureaus.
Cons:
- potential loan In some circumstances, APRs might reach up to 240%. Even a small loan might be challenging to repay due to high-interest rates and short repayment periods. Most consumer advocates agree that reasonable loan rates shouldn’t exceed 36%, which is lower than the Possible lowest APR.
- You can contact a Possible customer service agent through their online form or through the app. Even though the lender has a compliant phone number, it only leads to a voicemail box, and Possible claims that it takes them one to two working days to react. The majority of lenders offer a customer service phone number that is answered.
- In some states, origination fees up to 2% of the loan amount are conceivably assessed. You normally receive a bit less money than you were approved for since a lender typically deducts an origination charge from the loan before depositing it into your account.