Possible Finance Review

What Is Possible Finance?

Possible Finance is a newer kind of loan company. Instead of using a storefront or asking you to come into an office, everything is done through their mobile app. Their main goal is to help people who don’t have great credit or access to regular bank loans. Possible Finance offers small installment loans. That means you borrow a set amount of money and then pay it back over time with fixed payments every two weeks.

Here’s a quick list of what Possible Finance offers:

• Loan Amounts: You can borrow up to $500, though in California, the limit is $250.
• Repayment Schedule: The loan is repaid in four equal payments, spaced two weeks apart.
• No Hard Credit Check: They don’t pull your credit report from the big credit agencies, so applying won’t hurt your credit score.
• Credit Reporting: They do report your payments to two of the three major credit bureaus. If you pay on time, it could help improve your credit over time.
• Fast Access: If you’re approved, you can get the money within 24 hours, sometimes even sooner.

How Does Possible Finance Work?

Applying for a loan with Possible Finance is pretty simple. First, you download their app. Then, you connect your checking account. They use the information in your bank account, like how often you get paid and how much you usually spend, to decide if you qualify for a loan. There’s no paperwork to fax, no long application forms. Everything is digital and fast.

If you’re approved, you’ll be offered a loan amount. You can accept it and the money is deposited directly into your bank account. You’ll also see the repayment schedule right away, so you know exactly when each payment is due and how much it will be.

One thing I appreciate about how Possible Finance does things is that they line up your payments with your paydays. That way, you’re more likely to have money in your account when the payment is due.

Comparing Possible Finance to Traditional Payday Loans

Traditional payday loans usually require you to repay the full loan amount, plus fees and interest, all at once on your next payday. That can be hard for a lot of people. If you don’t have enough money to pay it back in one go, you might end up rolling the loan over or taking out a new one, which can get expensive fast.

Possible Finance is different. They let you repay the loan in four smaller payments over about eight weeks. That gives you more time to pay it off, and you won’t need to borrow again right away. That can make it easier to stay on track.

Here’s a chart that shows the difference:

Feature	Possible Finance	Traditional Payday Loans
Loan Amount	Up to $500	Typically $100 – $1,000
Repayment Term	Four bi-weekly installments	Full repayment by next payday
Credit Check	No hard check	Often no credit check
APR	Up to 248%	Can exceed 400%
Credit Reporting	Yes	No
Customer Support	Email and in-app chat	Varies; often limited

And here’s a graph that compares the APR (Annual Percentage Rate) of Possible Finance to other lending options:

As you can see, Possible Finance charges less interest than a typical payday loan, but more than a credit card. It’s somewhere in the middle, which might work for people who don’t qualify for other types of credit.

Pros and Cons of Possible Finance

Let’s break it down:

Pros:

• Easy Application: You can apply right from your phone in just a few minutes.
• No Credit Damage: Since they don’t do a hard credit check, applying won’t lower your score.
• Credit Building: If you make your payments on time, it can help your credit improve.
• Installment Payments: Smaller payments every two weeks can be easier to manage.
• Fast Funding: You can get money quickly in an emergency.

Cons:

• Still Expensive: The APR can go as high as 248%, which is a lot, even though it’s lower than payday loans.
• Limited Customer Service: They don’t have a phone number to call. Help is only available through email or chat.
• Not in Every State: You have to live in a state where Possible Finance is licensed to lend.

What Are People Saying About Possible Finance?

Customer reviews of Possible Finance are generally pretty positive. A lot of folks like how easy the app is to use and how quickly they can get approved and receive funds. Some say they were able to pay bills or handle car repairs right away, without having to wait.

Many customers also appreciate that they had a chance to build their credit, which helped them later qualify for better loans or credit cards.

On the other hand, some users have mentioned they would prefer more ways to reach customer service. Email and chat can work, but not everyone is comfortable with that, especially during a stressful time.

A Look at Payday Loans in the U.S.

Let’s zoom out for a second. Payday loans are a huge industry in the U.S. Millions of Americans use them every year to cover short-term needs like rent, food, or car repairs. But the high fees and short repayment times can lead to a cycle of borrowing that’s hard to break.

Here are some key facts:

• 80% of payday loans are rolled over or followed by another loan.
• The average APR for payday loans is around 391%.
• People who use payday loans often pay more in fees than they originally borrowed.

That’s why some companies, like Possible Finance, are trying to offer something different. By spreading out payments and helping build credit, they give borrowers a better chance to improve their finances.

Who Is Possible Finance Good For?

From what I’ve seen, Possible Finance is a solid option for people who:

• Don’t have great credit
• Need money fast
• Want to build their credit over time
• Prefer an app-based, no-hassle experience
• Can handle a repayment plan with four payments over two months

It’s probably not the best fit for someone who can qualify for a lower-interest personal loan or credit card. But if you’re in a bind and don’t have many other options, it can be a much better choice than a traditional payday loan.

Final Thoughts

Possible Finance isn’t perfect, but it’s doing a lot of things right. It gives people access to money when they need it and does so in a way that’s more forgiving and helpful than a traditional payday loan. I respect that they’re trying to offer a product that can help people improve their financial lives over time.

As someone who works in the lending space, I’ve seen how tough things can get for people without access to credit. It’s good to have more choices, and Possible Finance is one of the better options out there.

Thinking About Another Option?

As someone who works at Ready Payday Loans, I know how important it is to find a loan that works for your life. At Ready Payday Loans, we offer flexible, transparent, and fast loan options, including payday loans, installment loans, and loans for people with bad credit. We believe in treating every customer with respect and giving you the tools to succeed. If you’re thinking about using Possible Finance but want to see other options, I encourage you to check out what we offer at Ready Payday Loans. We’re always here to help.

Thanks for reading!

— Randy Murrie