Possible Finance Installment Loans Review 2022 – Business Insider

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Possible Finance personal loan amounts and interest rates

Possible offers loans between $25 and $500. Personal loans provide cash for expenses such as debt consolidation, medical bills, and home improvement projects. 

The lender pitches itself as an alternative to payday loans, which are high-cost, short-term, unsecured loans that have a principal that is a portion of your next paycheck. Payday loans can trap borrowers in a cycle of debt because the high interest rates may make it hard for you to pay back the money on time while interest continues to accrue on the balance.

The APR on Possible’s loans ranges from 151% to 249%, which is higher than what most other personal loan lenders charge. You should consider lenders with lower rates before choosing Possible, though it may be a good option if you have limited or bad credit.

Possible has one repayment term length of two months.

You’re only able to get a Possible loan as a resident of the following states:

  • Alabama
  • California
  • Delaware
  • Florida
  • Idaho
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Michigan
  • Mississippi
  • Missouri
  • Ohio
  • Oklahoma
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Washington

Pros and cons of Possible Finance personal loans

Who is Possible Finance best for?

Possible 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, so other lenders may be a better option if your credit is in good shape or if you need a more substantial amount of cash. 

How Possible Finance personal loans compare

Possible has only one term length: two months. Opploans’ terms range from nine months to 24 months, depending on the state you live in, while Oportun’s lengths are one to four years. Possible isn’t a great choice if you need to spread out your costs over an extended period. 

Oportun has the lowest rates, but it charges origination and late fees. Possible also charges and origination fee, while OppLoans does not charge any fees. 

If you’re in need of money fast and are looking for a shorter loan term, Possible and OppLoans are likely better options than a payday loan. Many payday loans have APRs as high as 400%.

Is Possible Finance trustworthy?

Possible has a B+ rating from the Better Business Bureau and is a BBB-accredited company. The BBB, a nonprofit focused on consumer protection and trust, evaluates companies by measuring their responses to customer complaints, honesty in advertising, and transparency about business practices. Possible has a B+ grade because of 137 complaints filed against the business. 

Keep in mind that Possible’s BBB score isn’t a guarantee that you’ll have a good relationship with the business and should merely be used as a guiding piece of information. 

Possible hasn’t been involved in any recent controversies. Between Possible’s solid BBB score and clean history, you might feel comfortable borrowing from the lender. 

Frequently asked questions

Is the Possible Finance app safe?

Yes, the Possible app is safe. You’ll need to link your bank account with the lender to apply for a loan, but your information is encrypted by a third party that doesn’t store your information. 

How much can you borrow with Possible Finance?

You’re able to borrow up to $500 with Possible, and as little as $25. Borrowers looking for more money will need to consider a different personal loan lender. 

How long does Possible Finance take to approve a loan?

Possible may approve your loan within minutes, and you’ll usually get funded by the next day.  

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