Small personal loans are available from Possible Finance, which markets them as alternatives to payday loans. You’ll need to apply using its smartphone app, and even if you have bad credit, you might be eligible for a loan. However, that also means you’ll have to pay hefty interest rates, so look into your other options first before applying for a loan with Possible Finance.
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Things to consider before choosing Personal Finance Loans
Before applying with Possible Finance, take into account the following additional information:
High-interest rates
In contrast to payday lenders, Possible Finance views itself as an option. However, it still has high-interest rates, in the triple digits. Its APRs may be smaller than those of a regular payday loan, but you’ll still have to pay for them.
Additionally, you must keep in mind that Possible Finance only provides two-month short-term installment loans; this is another crucial consideration. That might be a lengthier repayment time than with a payday loan, but if you only need a modest sum to cover an unexpected expense, you might want to think about using a payday advance loan app like Earnin.
Can help you build credit
The fact that Possible Finance discloses your payments to two of the three major credit bureaus is certainly its best-selling point. Therefore, you can gradually establish a credit history if you’re approved for one of its loans and routinely make payments on time and in full. (On the other hand, making a payment that is late or paying less than what is due could hurt your credit.)
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Small loan amounts available
Possible Finance normally provides short loans up to $500 for emergencies like auto repairs or other unforeseen expenses. That can be useful if you only need a small sum to get by and you desire one or two months to pay back your loan.
Not available in many states
Since Possible Finance is only authorized to originate loans in the following 21 states: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, and Washington, many people won’t be able to apply for a loan from them.
Potentially fast funding
If you require the funds the same day that you apply, you might be able to get them by having them put onto a Visa debit card that qualifies. A direct deposit, which normally takes one to two working days, is an alternative.
Doesn’t work with all banks
You should probably find out if Possible Finance cooperates with your present bank or credit union before submitting an application. Although the company claims to support more than 9,000 financial institutions, this does not guarantee that your particular institution will be supported.
Credit checks
When you apply, Possible Finance runs a mild credit inquiry, which won’t lower your credit scores.
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Is a Possible Finance Loan best for me?
Given the high-interest rates and short repayment terms of a Possible Finance loan, you should give it some thought before accepting. A federal credit union payday alternative loan can be a better choice if you’re short on money. Payday alternative loans are available in small quantities as well, but the financing is much more affordable with rates capped at 28%.
However, if your main objective is to establish credit and you don’t need to borrow money, you’re probably better off applying for a secured credit card or credit-builder loan. If you believe a loan from Possible Finance would be a suitable fit for you, first calculate the total interest you’ll pay. For instance, Possible in Utah levies a fixed price of $20 for each $100 borrowed. Therefore, if you borrow $500, you’ll have to pay back $600 in total, which is a significant amount extra for an eight-week loan. If at all possible, look elsewhere for a better deal.
How to apply for Possible Finance?
The mobile app is the only way to submit an application for a loan from Possible Finance. You’ll also need to fulfill a few other conditions.
a checking account online with a $750 minimum monthly income
a license or other ID granted by the state the social security number you have
a smartphone with access to the Google Play app store or the Apple iOS store so you can download the Possible Finance app.
Information about your compatible checking account’s account. The program only works with compatible accounts, which have a positive balance, recent income deposits, and a minimum of three months’ worth of transaction history.
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In summary
Two of the three major credit bureaus, Experian and TransUnion, receive payment reports from Possible Finance. You might be able to establish or enhance your credit history if you take out a Possible loan and pay your bills on time. Possible Finance Loans are the best option for building credit.
That is all for this article, where the review of Possible Finance is being discussed. I hope you learn a lot from the reading, if so, kindly share with others. Thanks for reading, see you around!
