Possible Finance Installment Loans: 2023 Review

Possible Finance provides small installment loans for borrowers with bad or no credit, but its rates are high. Consider alternatives first.
By Annie Millerbernd 

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Our Take

3.5

NerdWallet rating 

The bottom line:

Possible Finance loans are available in an emergency, but you may have cheaper options.

Possible Finance
Est. APR
54.51-240.52%
Loan amount
$50-$500
Min. credit score
None
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Pros & Cons

Pros

  • Borrowers can choose and change their repayment date.
  • Fast funding.
  • May accept borrowers with low credit scores or thin credit histories.

Cons

  • High interest rates.
  • Customer support available through email only.
  • May charge an origination fee.

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Full Review of Possible Finance

Possible Finance is an online lender that makes small, high-interest installment loans through its app. Borrowers with no credit history or bad credit may get up to $500, though the loans are available in a limited number of states.

Possible markets itself as an alternative to traditional payday loans, which are high-cost, short-term loans that are repaid from your next paycheck. Possible’s rates are lower than payday loans (though still high), and it gives you up to eight weeks to repay the loan in biweekly intervals.

Possible Finance loan rates, fees and terms

Possible loan rates, fees and terms vary by state, but here’s what the lender offers across all states where it operates.

APR range

54.51% - 240.52%.

Loan amount

$50 - $500.

Fees

Origination fee: 2% of the loan amount.

Repayment terms

Up to eight weeks.

States where available

AL, CA, DE, FL, IA, ID, IN, KS, KY, LA, MI, MS, MO, OH, OK, RI, SC, TN, TX,UT and VT.

How to qualify for a Possible Finance loan

Possible Finance doesn't check your credit score, so bad-credit borrowers (629 or lower FICO) and those with little or no credit history may qualify. Instead, the lender reviews bank account transactions to decide whether to approve an applicant and for what amount.

Here’s what the lender says can help increase your approval likelihood.

  • A regularly positive bank account balance.

  • Minimum monthly income of $750.

  • Consistent deposits into your account over time.

  • Infrequent returned checks or insufficient funds fees.

Requirements

To qualify for a loan, you must have:

  • A phone that can install the Possible app.

  • A valid driver’s license, ID or passport.

  • A Social Security number.

  • A compatible checking or savings account.

Possible Finance pros and cons

Pros

May approve borrowers with bad or no credit. The lender says it can approve borrowers with bad credit and those with thin or no credit history. This makes it an option for borrowers who don’t qualify for loans from traditional lenders, such as banks. Lenders that offer no-credit-check loans take on extra risk by offering a loan without knowing your credit history. They often make up for that risk with high annual percentage rates.

Fast funding. If you’re approved, the app will show your expected funding date. If you apply for a loan before 2 p.m. on a weekday, the money will be deposited into your account the following business day. If you apply after 2 p.m., your funds will arrive two business days later, the lender says. You can also have the money loaded onto a debit card to access it more quickly.

Borrowers can choose and change their payment date. Possible says borrowers can choose their payment date before signing a loan agreement. Borrowers are also allowed to move the payment date once during repayment, which can help if you change jobs and have a new paycheck date or need to accommodate a new bill payment. The company sends an email and a text before withdrawing payment from your bank account.

Late payment deferral. Payments that are more than 30 days late will impact a borrower’s credit score, but the lender allows borrowers to push payments out 29 days without a late fee or negative mark on their credit report. So instead of reporting a payment as deferred to the credit bureaus, the borrower can ask to be four weeks late on payments and doing so won’t damage their credit score.

Cons

High rates. Possible loan APRs can reach up to 240% in some cases. High rates and short repayment terms can make even a small loan difficult to repay. Most consumer advocates say affordable loans should have rates no higher than 36% — lower than Possible’s lowest APR.

Customer support is available by email only. You can reach a Possible customer service representative in the app or via their online form. The lender has a compliant phone number, but it’s a voicemail box and Possible says it takes one to two business days for them to respond. Most lenders have an answered phone number available to assist customers.

Origination fees. Possible charges an origination fee up to 2% of the loan amount in some states. A lender usually takes an origination fee from the loan before depositing it into your account, so you get a little less money than you were approved for.

Should you get a Possible Finance loan?

Small, high-interest loans with short repayment terms can be difficult to repay, so Possible Finance loans should be considered a last resort in an emergency. Possible reports to two of the three major credit bureaus (TransUnion and Experian) so on-time payments may help build your credit, while missed payments can hurt it.

Depending on your goal, you may have better options. Possible Finance isn't a good idea if you:

  • Only want to build credit: A credit-builder loan or secured credit card are faster and cheaper ways to build credit, and they’re both less risky than a loan from Possible.

  • Can get cash elsewhere: Cheaper alternatives aren't always fast or convenient, and sometimes they require asking for help. NerdWallet strongly recommends exhausting alternatives first, even in an emergency.

How Possible Finance compares

SeedFi offers a personal loan and credit-builder loan in one. Borrowers get part of the funds from the loan immediately, and the rest goes into a savings account. Once you repay the loan, you can access the savings account. These loans are available to bad-credit borrowers, and APRs are capped at 29.99%.

Oportun caps APRs below 36%. The lender doesn’t require you to have a credit score but will consider it if you have one. Like Possible, Oportun may approve borrowers with thin or no credit history.

Capital Good Fund also considers a credit score only if you have one and looks more closely at your bank account transactions. This lender is available in a handful of states but caps APRs at 15.99%, making it one of the most affordable payday alternatives.

Possible Finance loan example

In Mississippi, Possible charges $20 for every $100 borrowed. An eight-week, $300 loan in Mississippi would have an APR of 157%. You’d repay a total of $360.

Alternatives to Possible Finance

Here are some alternatives that may be cheaper than borrowing.

For help meeting basic needs: Seek assistance from local nonprofits, charities and religious organizations. They can help you get food, clothing and access to transportation for job interviews.

For help with rent or utilities: Contact your utility company, landlord or mortgage issuer for help deferring a payment. If you need long-term help, consider seeking other housing, or contact a housing counselor.

To pay medical bills: Learn about ways to cover medical costs, including payment plans.

To cover other one-time emergency expenses: 

Before you take a Possible Finance loan

  • Exhaust all other options: If none of the above alternatives work for you, ask for time from your creditor or work out a payment plan. Also, consider facing the short-term consequences of not paying, like a late fee.

  • Compare the cost of taking out the loan with the cost of not taking it out: Calculate the overall cost of not having funds for your purpose, then weigh that against the typical cost of a Possible loan in your state.

After considering alternatives and weighing the costs, you may decide that a Possible Finance loan is your best option. In that case, carve out room in your budget to repay the loan on time.

How to get a Possible Finance loan

  1. Download the Possible Finance app and create an account using your email address.

  2. Select your state.

  3. Link your bank account to see if you qualify for a loan.

  4. Possible will let you know if you’re approved for a loan and the amount you can borrow. If you accept the offer, the loan will be deposited into your bank account within a day or two.

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Methodology

NerdWallet rates lenders that offer high-interest personal loans separately from other lenders due to the consumer risk associated with these loans. We define high-interest loans as those with rates that exceed 36%, which is the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. The maximum allowable rating for high-interest lenders that we review is four stars. We award points to lenders that offer loans that minimize harm to consumers through affordability, transparency and practices that prioritize consumers’ needs. This includes: checking credit and reporting payments to credit bureaus, monthly payments that don’t exceed 5% of a borrower’s monthly income, fully amortizing repayments, transparency of loan rates and fees, and accessible customer service and financial education. NerdWallet does not receive compensation for our star ratings.