Possible Personal Loan is an online lender offering small, short-term installment loans as an alternative to payday loans. Possible Finance won't initiate a credit check, and has been commended for fast funding and potential for credit building.
Possible Finance offers loans with very high interest rates and operates in a limited number of states, making it a bad option for many borrowers. However, borrowers with poor credit and limited alternatives will find the company is better than a payday lender. The best personal loan for you depends on your credit score, which determines your eligibility and can lower your rate.
Possible Finance Loan Overview
54.51% to 240.52%
$50 to $500
Pros
Cons
Loan Amounts and Terms
Possible Finance offers personal loans ranging from $50 to $500, with repayment terms of up to 8 weeks, with bi-weekly payments. Both the available loan amounts and repayment terms are significantly lower than other lenders, which may be a deterrent to many borrowers. There is no minimum credit score requirement, but income and bank account verification are needed to for Possible to make a decision.
Interest Rates and Fees
As of September 2024, the interest rates for Possible personal loans range from 150% to 460%, depending on your state and application. These rates are exorbitantly higher than most other lenders, but Possible does not charge origination fees, prepayment penalties, application fees, or late payment fees, so some borrowers may feel that it balances out.
Possible Finance Personal Loan Pros and Cons
Advantages
- Low minimum loan amount. Possible offers loans for as little as $50, which may appeal to borrowers who need a small amount of cash to tide them over. However, at the interest rates the lender charges, you may be better off borrowing the money from friends or family, if this is an option for you.
- Reports payments to major credit bureaus. For borrowers looking to build credit, a series of consistent, on-time payments on a Possible loan can boost your score. Beware that if you fall behind on your payments, your credit score could be dinged. Payday loans and other alternatives don't allow you to build your credit score.
- Accessible to borrowers with bad or no credit. There is no minimum required credit score to apply for a Possible loan.
- Fast approval and funding. If approved, you can expect your loan to be disbursed within two business days.
Disadvantages
- High interest rates. The APRs on Possible's loans range from 54.51% to 240.52% — substantially higher than with many other personal loan lenders, but lower than with payday lenders.
- Low maximum loan amount. Possible lets you borrow up to $500, which is much lower than what you can get with other personal loan lenders. As the company markets itself as an alternative to payday loans, it makes sense that the maximum loan amount would be lower.
- Limited customer support options. You are only able to contact Possible via email or via phone at 844-849-7207.
- Not available in all states. Loans are only available to residents of AL, CA, DE, FL, ID, IN, IA, KS, KY, LA, MI, MS, MO, OH, OK, RI, SC, TN, TX, UT or WA. If you don't live in one of those states, you'll have to choose another lender.
Who is Possible Finance Best For?
Possible Possible Personal Loan caters to borrowers who have limited borrowing options because of their poor credit scores. The company doesn't check your FICO score and markets itself as a payday loan alternative.
However, you'll only be able to take out up to $500, and the lender charges extremely high APRs. Other lenders may be a better option if your credit is in good shape or if you need a more substantial amount of cash.
Possible Finance Personal Loan Alternatives
Possible Finance vs. Oportun Personal Loans
Oportun's APRs range from 18.99% - 35.99%, compared with a range of 54.51% to 240.52% at Possible Finance. Loan amounts range from $300 to $10,000 at Oportun, compared with $50 to $500 at Possible Finance.
Oportun's offer loans with term lengths from one to four years. That compares with Possible's only available term length of two months.
Read our Opportun Personal Loans review.
Possible Finance vs. OppLoans Personal Loans
OppLoans offers loans with an APR of 160.00% to 195.00%. Possible Finance's APRs range from 54.51% to 240.52%. You can borrow from $500 to $5,000 with OppLoans and from $50 to $500 with Possible Finance.
Possible has only one term length: two months. Opploans' terms range from 9 months to 18 months, depending on the state you live in.
Read our OppLoans Personal Loans review.
54.51% to 240.52%
$50 to $500
Pros
Cons
Possible Finance Loan FAQs
How long does it take to get approved and funded by Possible Finance?
Possible may approve your loan within minutes, and you'll usually get funded by the next day.
Can I get a Possible Finance loan if I have no credit history?
Yes, you can get a Possible Finance loan with no credit history. If you have an established credit history, you'll find lower loan interest rates elsewhere.
What happens if I can't repay my Possible Finance loan on time?
Possible Finance doesn't charge late payment fees, and offers relief plans for those facing financial hardship.
Why You Should Trust Us: How We Rated Possible Finance Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our ratings methodology for personal loans »
