Pros
- Fast funding.
- May accept borrowers with low credit scores or thin credit histories.
Cons
- High interest rates.
- Customer support available through online form only.
- Difficult to assess the loan before borrowing.
- Short repayment terms.
Lender | Est. APR | Loan amount | Min. credit score | |
|---|---|---|---|---|
4.5 Check Rateson NerdWallet on NerdWallet | 8.99-18.00% | $250-$50,000 | None | Check Rateson NerdWallet on NerdWallet |
3.5 Check Rateson NerdWallet on NerdWallet | 32.93-35.95% | $300-$10,000 | None | Check Rateson NerdWallet on NerdWallet |
5.0 Check Rateson NerdWallet on NerdWallet | 8.99-18.00% | $500-$50,000 | 660 | Check Rateson NerdWallet on NerdWallet |
4.5 Check Rateson NerdWallet on NerdWallet | 8.98-35.99% | $1,000-$40,000 | 600 | Check Rateson NerdWallet on NerdWallet |
5.0 Visit Lenderon Upgrade's website on Upgrade's website Check Rateson NerdWallet on NerdWallet | 8.49-35.99% | $1,000-$50,000 | 580 | Visit Lenderon Upgrade's website on Upgrade's website Check Rateson NerdWallet on NerdWallet |
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Full Review
Possible Finance is an online lender that makes small, high-interest installment loans with no credit check. Borrowers 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 but still high, and borrowers make bi-weekly payments over eight weeks.
Consider a Possible loan as a last-resort option. NerdWallet recommends avoiding loans with rates above 36% unless you’ve ruled out all alternatives.
» MORE: Best bad-credit loans
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 | 151.70% - 248.67%. |
Loan amount | $50 - $500. |
Fees | Fees vary by state. |
Repayment terms | 8 weeks. |
States where available | AL, CA, DE, FL, ID, IN, IA, KS, KY, LA, MI, MS, MO, OH, OK, RI, SC, TN, TX, UT and WA. |
How to qualify for a Possible Finance loan
Possible Finance is a no-credit-check lender, so bad-credit borrowers (629 or lower FICO) and those with little or no credit history may qualify. The lender reviews bank account transactions to qualify borrowers.
To qualify for a loan, you need:
A device that can install the Possible app.
A valid driver’s license, ID or passport.
A Social Security number.
A checking account that is supported by Plaid (a service that connects your accounts with financial apps).
At least three months of transaction history in your bank account, including recent deposits and a regularly positive balance.
Possible Finance loan pros and cons
A Possible Finance loan is an option for borrowers who don’t qualify for a lower-rate loan from a different lender. Before you borrow, consider the pros and cons.
Pros
May approve borrowers with bad or no credit. Possible Finance doesn’t check applicants’ credit with the three major credit bureaus to determine their eligibility. This makes it an option for borrowers with low credit scores and thin or no credit histories. Lenders that offer no-credit-check loans take on extra risks by offering a loan without knowing your credit history. They often make up for those risks by charging high annual percentage rates.
Fast funding. Possible Finance funds loans within one or two business days, which is fast but not as fast as some other lenders and cash advance apps. If you agree to 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, according to the lender. You can also have the money loaded onto a compatible debit card to access it more quickly.
» MORE: Fast personal loans
Cons
High rates. Possible loan APRs can reach up to 248%. (The typical rate on payday loans is around 400%.) Most consumer advocates say affordable loans should have APRs no higher than 36%.
Customer support is available by email only. You can only reach a Possible customer service representative via an online form, and representatives respond via email from 10 a.m. to 5 p.m. Pacific Standard Time. The lender has a complaint phone number, but it’s a voicemail box. Most lenders offer live phone support to assist customers during the day.
Short repayment terms. Possible Finance loans are typically repaid in four bi-weekly payments. The schedule is tied to borrowers’ paydays, so the frequency and amount can vary, but the lender says customers make four equal loan payments over eight weeks.
Should you get a Possible Finance loan?
Consider Possible Finance a last resort in an emergency. While you may be able to make bi-weekly payments on a high-interest loan, if the repayment term is too short and the rate too high, you could end up borrowing again to cover necessities.
Possible reports loan payments to two of the three major credit bureaus (TransUnion and Experian, but not Equifax), so on-time payments can help build credit but missed payments will hurt it.
Depending on your goal, you may have better options. Possible isn’t a good idea if:
You are trying to build credit: There are faster and cheaper ways to build credit, including a secured credit card or credit-builder loan. If you don’t know your score, you can get it for free on NerdWallet.
You can get cash elsewhere: Cheaper alternatives are not always fast or convenient, and sometimes they require asking for help. But those alternatives could save you from overpaying in interest and getting caught in a cycle of debt.
How Possible Finance compares
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 histories.
Capital Good Fund also considers a credit score only if you have one and may look more closely at your bank account transactions. Capital Good Fund loans are available in a handful of states but APRs are capped at 15.99%, making them an affordable payday alternative.
» MORE: Best installment loans
Alternatives to Possible Finance loans
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:
Ask a friend or family member for a loan, or form a lending circle to borrow from those you trust without accruing interest.
Get a payday alternative loan or a small personal loan from a credit union. You have to be a member to use this option, but it’s one of the most affordable ways to pay for an emergency.
Try other ways to make money. You need some extra time to make this option work.
Use a “buy now, pay later” payment plan to split up an expensive purchase.
Ask your employer for a paycheck advance, or use a loan app to borrow against your next paycheck.
Before you get a Possible Finance loan
Exhaust all other options: If rent or bills are coming up, try to buy 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 to 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 Finance loan in your state.
If a Possible Finance installment loan is your best option, do what you can to carve out room in your budget to pay it off as quickly as possible. For most people, this loan is too expensive to become a long-term or repeat solution.
How to get a Possible Finance loan
Download the Possible Finance app and create an account using your email address.
Enter your address and Social Security number to verify your identity.
Link your bank account to see if you qualify for a loan.
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.
How we rate Possible Finance
NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:
Category | Star rating |
|---|---|
Affordability | |
Underwriting | |
Loan flexibility | |
Transparency | |
Customer experience | |
Overall |
Category definitions
Affordability (30%)
An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.
Underwriting and eligibility (25%)
Reviews borrowers' credit reports and credit history, and tries to understand their ability to repay a loan, before making a final application decision.
Loan flexibility (20%)
A flexible loan is one that lets users customize terms and payments. That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly.
Customer experience (15%)
A good customer experience can include a fully online application process, financial education on the lender’s website and a customer service team that’s available most of the time and can be reached multiple ways.
Transparency (10%)
A transparent lender makes information about the loan easy to find on its website, including rates, terms and loan amounts. Transparency also means allowing users to pre-qualify online to preview potential loan offers and reporting payment information with the major credit bureaus.
Discretionary (not weighted)
A lender’s score may be lowered for recent regulator actions or lawsuits, accusations of predatory tactics by a reputable source or other features and incidents that may be harmful to personal loan borrowers. Scores may also be raised if a lender offers consumer-friendly features that are above and beyond the expectations of a typical personal loan.
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