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Possible Finance personal loan amounts and interest rates
Possible loan offers between $25 and $500. Personal loans provide cash for expenses such as debt consolidation, medical bills, and home improvement projects.
The lender markets itself as an alternative to payday loans, which are short-term, high-cost unsecured loans where the principal is a portion of your next paycheck. Payday loans can trap borrowers in a cycle of debt because high interest rates can prevent you from paying the money back on time while interest continues to accrue on the balance.
Possible’s APR on loans ranges from 151% to 249%, which is higher than most other personal lenders charge. You should consider lenders with lower rates before choosing Possible, although this may be a good option if you have limited or bad credit.
Possible has a repayment tenure of two months duration.
You can only get a Possible Loan as a resident of the following states:
- Rhode Island
- Caroline from the south
Pros and Cons of Possible Finance Personal Loans
Who is Possible Finance for?
Possible is for borrowers who have limited borrowing options due to poor credit. The company does not verify your FICO score and advertises itself as an alternative to payday loans.
However, you will only be able to withdraw up to $500 and the lender charges extremely high APRs. Therefore, other lenders may be a better option if your credit is in good shape or if you need more money.
Possible Finance Personal Loan Comparison
Possible only has one term: two months. Opploans terms range from nine months to 24 months, depending on which state you live in, while Oportun terms range from one to four years. Possible is not a good choice if you need to spread your costs over a long period of time.
Oportun has the lowest fares, but it charges departure and late fees. Possible also fees and assembly fees, while OppLoans does not charge any fees.
If you need money fast and are looking for a shorter loan term, Possible and OppLoans are probably better options than a payday loan. Many payday loans have APRs of up to 400%.
Is Possible Finance trustworthy?
Possible at a B+ rating from the Better Business Bureau and is a BBB accredited company. The BBB, a non-profit organization focused on consumer protection and trust, rates companies by measuring their responses to customer complaints, honesty in advertising and transparency in business practices. Possible has a B+ rating due to 137 complaints filed against the company.
Keep in mind that Possible’s BBB score is not a guarantee that you will have a good relationship with the company and should simply be used as guiding information.
Possible has not been involved in any recent controversy. Between Possible’s strong BBB score and its clean track record, you might feel comfortable borrowing from the lender.
Frequently Asked Questions
Is the Possible Finance app safe?
Yes, the Possible app is secure. You will need to link your bank account to the lender to apply for a loan, but your information is encrypted by a third party who does not store your information.
How much can you borrow with Possible Finance?
You can borrow up to $500 with Possible, and as low as $25. Borrowers looking for more money will need to consider another personal lender.
How long does it take for Possible Finance to approve a loan?
Possible can approve your loan in minutes, and you’ll usually be funded the next day.