Possible Finance 2026 Personal Loan Review
Possible Finance lets you borrow up to $500 and repay the loan over eight weeks. Its fees translate to high rates that can make borrowing costly.
- Have bad credit.
- Have low income.
- Need a mid-size or large loan.
- Want a repayment term longer than two months.
What to know about Possible Finance personal loans
Possible Finance personal loans are what I consider to be a hybrid between a traditional personal loan and a payday loan, which we don’t recommend.
Its fee structure is similar to that of a payday loan. Possible Finance says it charges a flat fee of $15 to $25 per every $100 borrowed in most states instead of charging annual percentage rates. Also, like a payday loan, you can only borrow a few hundred dollars, and you must repay the loan relatively quickly.
But it’s more manageable to repay a Possible Finance loan than a payday loan. Payday loan lenders make you repay the whole amount, plus fees, on your next payday. With Possible, you make four payments over eight weeks.
With a longer repayment schedule, Possible’s fees translate to APRs that are lower than those of the average payday loan. But those rates are still well above 36%, which is the highest that personal finance experts consider to be affordable. So while Possible Finance is a better choice than a payday loan, I would still consider it a last-resort borrowing option.
» MORE: Alternatives to high-cost loans
What we do like about Possible Finance
- May accept applicants with bad credit: You don’t need a good credit score to get a Possible Finance loan. The lender told us it regularly approves loan applications from people with credit scores in the 400s or no credit history. Instead, Possible Finance reviews your income, cash flow and bank account history to make loan approval decisions. It may also check your credit history using Clarity, an alternative credit bureau, rather than conducting a soft or hard credit inquiry from the three major credit bureaus (Equifax, Experian and TransUnion). The Clarity credit check will not impact your FICO score, which lenders commonly check.
- Low income requirement: You may be able to qualify for a Possible Finance loan if you make at least $20,000 a year.
- Fast approval and funding: Possible Finance will let you know if you are approved right after you submit your loan application. You can typically get the money instantly if you choose to receive the funds via a debit card. The lender says opting for an ACH direct deposit could take an additional day or two.
Why Possible Finance may not be right for you
- Fees equate to APRs over 36%: In most states where it operates, Possible Finance charges a flat fee for borrowing, which ranges from $15 to $25. This equates to annual percentage rates of 98% to 163%. The maximum rate that personal finance experts typically consider affordable for personal loans is 36%.
- Only offers small loans with short repayment terms: Possible Finance offers loans from $50 to $500 for new customers, though repeat customers may be able to borrow up to $1,000. You must repay the loan in four installments over eight weeks.
- No option to pre-qualify: Many lenders have a pre-qualification process, which lets you preview details like your expected rate and payment amount before you apply.
How much does a Possible Finance personal loan cost?
The total cost of your Possible Finance loan depends on the amount borrowed and the fee. Here is an example of how different fees affect the costs of a $100 loan that you’ll repay in four installments over eight weeks.
Fee | $15 (an APR of 98%). | $25 (an APR of 163%). |
Installment payment amount | $28.75. | $31.25. |
Total loan cost | $115. | $125. |
Do you qualify for a Possible Finance personal loan?
You may qualify for a Possible Finance loan if you meet its income requirements and live in one of the 34 states where the lender operates.
Loans are available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington and Wyoming.
Possible Finance’s borrowing requirements
- Minimum annual income: $20,000.
- Must provide a Social Security number.
- Must provide proof of residency.
- Must provide proof of employment or income.
- Must have a valid U.S. bank account.
- Must have a valid email address.
Profile of an average Possible Finance borrower
For an idea of where you would fit in among other borrowers and what to expect, we asked Possible Finance about its average borrower. Here’s what the lender told us.
- Most common loan purpose: Emergency expenses.
- Average borrower’s credit score: 629 or lower.
» MORE: How to get a personal loan
Frequently asked questions
Q: What can I use a Possible Finance loan for?
A: You can use a Possible Finance loan for anything. The lender doesn’t have any loan use restrictions but says the most common reason people get its loans is for emergency expenses.
Q: Does Possible Finance report loan payments to the major credit bureaus?
A: Possible Finance reports loan payments to Experian and TransUnion but not Equifax. If a creditor were to pull your credit reports in the future, it would be able to view your Possible Finance loan payment history from your Experian and TransUnion credit reports but not your credit report from Equifax.
Q: What happens if I can’t make an upcoming payment?
A: Possible Finance lets you reschedule an upcoming payment up to 29 days past its due date. The lender doesn’t charge a late fee, but your credit could be negatively affected if your payment is 30 days or more past due. If you’re experiencing financial hardship and won’t be able to make a payment within the 29-day grace period, contact Possible Finance and ask about its hardship accommodations.
How does Possible Finance compare?
 |  |  |  |  |
|---|---|---|---|---|
Est. APRFrom 98.00% to 163.00% | Est. APRFrom 6.99% to 35.49% | Est. APRFrom 5.96% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $50 to $500 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 |
Min. credit scoreNaN | Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Possible Finance’s rate exceeds 36%, which most experts believe to be unaffordable for a personal loan.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Possible Finance has customer service agents available seven days a week. The lender offers hardship accommodations and lets you change your monthly payment date. However, it only reports loan payments to two out of the three major credit bureaus.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
Possible Finance only offers small unsecured loans with a short repayment period. There are no options for co-signed or joint loans.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Possible Finance does not allow you to pre-qualify with a soft credit check. Loans are only available in 34 states rather than nationwide.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
Funding is fast, but Possible Finance’s website does not clearly display the full APR range or loan amount range for its personal loans.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
Learn more about personal loans
