Possible Finance Installment Loan
REVIEW

Loan Details

Loan Amount	$50-$500
Term	4 Payments over 2 months
APR	Average of 150%
Credit Bureau Reporting	Reports to TransUnion, Experian and Equifax
Loan Availability	Debit Card - Immediate after approval Bank Account - 1-2 Business Days after approval
States Available	Direct Licence - CA, FL, ID, LA, OH, UT Loans made through Coastal Community Bank - AL, DE, FL, IA, IN, KS, KY, MI, MO, MS, OK, RI, SC, TN, and TX

The typical loan amount you can get from Possible Finance ranges from $50 to $500. The loan is to be repaid over 4 equal installments over a period of two months. This means that you have to make a payment once every 2 weeks. The average APR for a typical Possible Finance Loan is 150%, which is much lower than what a typical payday loan charges (400% to 700%). Nevertheless, it is still higher than what a typical installment loan will charge (up to 36%). Possible Finance will report your loan amount and payments to credit bureaus.

Possible will make the cash available very quickly after approval. It will take 1-2 business days to clear and show up in your bank account after you are approved. If you want the cash in your debit card, it will be made immediately available after the loan is approved.

Approval Requirements

Credit Checks	No Credit Checks or Hard Inquiry
Checking Account	Checking Account Needed with at least 3 month history Has to be linked via PLAID Positive Balance
Minimum Income	$750 per month

Most payday loans have easy requirements. They do perform a hard inquiry, require your social security number, a bank account and pay stub for proof of income.

Possible Finance require additional information. Though Possibe Finance does not perform any credit checks, they do require that you have had your checking account for at least 3 month. It must have a positive balance and your monthly income must be at least $750. You are required to link your checking account to Possible Finance via PLAID where they will check your bank's cash flow and income coming into your account.

Possible Finance is different from PayDay Loans in the following ways:

• Payment Terms - Most regular payday loans will lend you anywhere from $50 to $1,500. The average payday loan is about $350 for a two week term, which requires you to pay the full amount plus interest at the end of the term.
  
  Perpay is slightly different from regular payday loans. They will lend you anywhere from $50 to $500 and you will repay them in 4 equal installments over a 8-week period.


• Interest Rates - Most payday loans have interest rates of at least 400% and higher. The average Possible Finance Loan has an interest rate of 150%.


• Credit Bureau Reporting - Most payday loans do not report to credit bureaus. In contrast, Possible Finance reports your loan amounts and pay history to the major credit bureaus and help you to rebuild your credit score.


• How late payment is handled? - As part of most payday loan agreements, you would have to either allow lenders access to your bank account or write a post dated check to them. In the event that you miss your payment on the due date, the lenders will either cash the check or withdraw what is owed to them from your bank account regardless of whether you have enough money in your bank account. This may lead to overdraft fees or insufficient fund fees.
  
  In contrast, if you miss a payment with Possible Finance, you would have a 29 grade period to make up for your missed payment. You will not be charged a late payment fee.


• Approval Requirements - While Payday loans have easy criteria and do not often perform any credit checks, Possible Finance has other requirements that must be met. You need a monthly income of at least $750 and you have to link your bank account to PLAID, which will verify your income and cash flow. You also must have a positive balance on your checking account and have at least a 3 month history.

Some Complaints

• Need to go through application process for new loans - After paying off your existing Possible Finance loan, you would have to go through the applicaion process again to get a new loan. If you have paid on time for your previous loans, you would most likely to get approved for the next loan and even for a larger amount. But sometimes, you can get denied and you might need to apply again.


• Takes 1-2 days to get cash to your bank account - If you choose to get your loan deposited in your bank account, it will take 1-2 business days to get it processed and deposited. It will be deposited in a debit card if you choose to use one to get your cash.

Our Take: Possible Finance is a cheaper alternative

Being in a situation where you have to contantly take out payday loans to cover your expenses is not an ideal situation. Studies have shown that most consumers require 9 payday loans before they can get out of that debt. Furthermore, you are paying very high interest rates on payday loans and they do not even report to credit bureaus and help you to build or rebuild your credit score.

In an ideal situation, your financical house would be in order and you would not have to take out any short term payday loans or cash advance loans. The second best alternative would be that you take out regular loans or even Payday Alternative Loans from credit unions which charge no more than 36% in interest rates.

But if your credit scores are not good enough, then Possible Finance is a much better alternative than regular payday loans. The interest rates is much lower (average of 150% vs 400%), allows you to pay in 4 equal installments verus a lump sum at the end of the term loan, and also reports your payments to credit bureaus and help you to rebuild your credit.

You may have to jump through a couple of more hoops to get approved for Possible Finance. Even though they do not perform any hard inquiry or credit checks, you would need to link your checking account via PLAID to Possible Finance. You would also need a minimum monthly income of $750, a positive bank balance that has been opened for at least 3 months. While payday loans may lend your more money, Possible Finance considers your cash flow situation and will more likely lend you an amount which will not result in you running on a perpetual threadmill of short term debt.

To sum up, based on our review and evaluation of Possible Finance, we give it a 3.8 star out of 5 because it is a much better alternative to payday loans. It has lower interest rates, reports to credit bureaus and allows you to pay over installments rather than a lump sum. The fact that you are still paying a high interest rate prevents us from giving it a higher rating. But if you are using payday loans now, you should consider switching over to Possible Finance.

Some Cardholders Reviews

It is super easy to get a loan from Possible. I have had loans with them 4 times already. It is quick, easy and direct debit makes it easy to make your payments. I made a one time payment date change and they were very accomodative on that. Totally recommend Possibel if you need a no hassle loan quickly.

Possible is legit and very easy to use and apply for a loan. The only thing to complain is that the loan will hit your bank account only 2 days after approval.

The application process is very easy and you get your money in 1-2 business days. If you use a debit card, you get it immediately. You can even adjust your payment date on the app if you are not able to pay on the due date for whatever reason. Possible is a great loan app if you have unexpected expenses.

I have had 6 loans with Possible and cannot say enough good things about the. There is one thing that I think I should share with everyone, and that is that even though I have had 1 or 2 loans with them and paid off on-time always, I sometimes get a denial when I apply for another loan and they reason they give is that my income is not verifiable (even though we link our checking account with them via PLAID). It can sometimes take a couple of attempts before you are approved again. But once again, I recommend Possible as a way to get emergency cash.