Possible Finance personal loans: 2024 Review

Written by
Hanneh Bareham
Edited by
Hannah Smith
Updated on October 24, 2023

At a glance

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Check rate with Bankrate
4.7
Bankrate Score
Caret Down
Availability
5.0
Affordability
4.1
Customer Experience
5.0
Transparency
4.6

About Bankrate Score

Full methodology

Possible Finance is an online lender that offers a payday loan alternative for borrowers with little to no credit. Founded in 2017, the company has set out to provide lending opportunities (in the form of buy now, pay later installment loans) to those who otherwise wouldn’t get approved. 

While the pay-in-four feature and low fees may seem tempting, the company's interest rates are much higher than the average personal loan rate. Because of this, we recommend Possible Finance as a last-resort option if you don't need to borrow a large amount of money. 

Lender Details

Moneybag

Loan amount

Up to $500

Rates

APR from

Average of 150%

Clock Wait

Term lengths

Up to 8 weeks

Best for financially stable borrowers with little to no credit 

Possible Finance has a convenient pay-in-four installment lending model and doesn't require a credit score for approval. However, it does require that borrowers have healthy transaction and bank account activity and make at least $750 a month. 

Possible Finance pros and cons 

PROS

  • Checkmark

    Credit score not used for approval.

  • Checkmark

    Long grace period options.

  • Checkmark

    Fast funding.

CONS

  • Close X

    Sky-high interest rates.

  • Close X

    Small maximum amount of $500.

  • Close X

    Loan details vary by state.

Do you qualify?

While the minimum requirements are less stringent than traditional personal loans, you still need to meet the following qualification criteria. 

  • A working mobile or electronic device that can access the mobile or web app.
  • Must be at least 18 years of age. 
  • Verifiable U.S. cell phone number.
  • Valid Social Security number.
  • Driver's license or eligible state-issued ID. 
  • A Plaid checking account* with at least 3 months of transaction history, recent income deposits and a positive bank account balance. 
  • Make at least $750 a month. 
  • A minimum number of returned checks or insufficient funds fees.
  • Have a healthy amount of available credit. 

You also must live in one of the following U.S. states to qualify for a Possible Finance loan:

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

 

What Possible Finance doesn't allow loan funds to be used for 

Possible Finance doesn't disclose exactly what the funds can't be used for, but the usage requirements may vary depending on the state. Like most personal loans, you may be able to use the funds for nearly every legal expense. 

However, you'll want to check and make sure that your intended usage is approved by the app before signing on the dotted line. 

How this lender compares

logo
4.7
Bankrate Score
APR from
Average of 150%
Loan Amount
Up to $500
Term Length
Up to 8 weeks
Min Credit Score
Not disclosed
logo
4.6
Bankrate Score
APR from
8.99% – 35.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
600
Read our reviewArrow Right
on Bankrate
logo
4.7
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
$5,000–$100,000
Term Length
24 to 84 months
Min Credit Score
680
Read our reviewArrow Right
on Bankrate

Possible Finance vs. PayPal 

PayPal's buy now, pay later loan option has some unique perks that Possible doesn't offer. For example, if you pay down a loan of $99 or more in full within 6 months, you won't be charged any interest on the balance. Plus, PayPal has a much lower APR maximum of 29.24 percent, making it a much more competitive option when compared to Possible Finance's loan. 

Possible Finance vs. Sezzle 

Sezzle and Possible Finance both offer loan options that are better for borrowers who need to finance a smaller purchase. However, Sezzle comes out on top due to its maximum loan amount of $25,000 and much lower APR maximum of 34.99 percent. If you don't qualify for a Sezzle loan — or similar options — you'll want to consider a buy now, pay later option from Possible Finance.

Read a full review about Sezzle

Possible Finance: in the details 

Loan Amount
Up to $500
APR from
Average of 150%
Term lengths
Up to 8 weeks
Funds available in
1-2 business days

What we like and don't like 

Because its loans are a buy now, pay later tool, there are disadvantages to be aware of before applying. Here's what we like about Possible Finance and what we think could stand to change. 

What we like 

  • Credit score not used for approval: Like other buy now, pay later loans, Possible FInance doesn't take credit score into account for approval, nor does it run a hard credit check after applying. 
  • Long grace period options: The company allows for a 29-day grace period and has a hardship repayment option under special circumstances.
  • Fast funding: The funds will be deposited into your account of choice within one to two days, depending on what time of the day you submitted your application. 

What we don't like 

  • Sky-high interest rates: Although the rates on a Possible Finance loan are lower than payday loans, they're still much higher than traditional personal loans, coming in at an average of 150 percent. 
  • Small maximum amount of $500: The maximum loan amount sits at $500, which is much lower than what other lenders offer. 
  • Loan details vary by state: The loan fees and details will vary depending on the state you reside in. Before you accept the loan agreement, check to see what your rate structure and general loan terms will look like. 

How to contact Possible Finance 

The contact information on its website is thin, but it does say that you can email help@possiblefinance.com or call 844-849-7207 for questions or concerns about electronic transfers connected to a Possible Finance loan. 

How to apply for a personal loan with Possible Finance 

In order to apply, you'll need to apply for one of its loans through the app. Here are the steps you can expect to take when applying for a Possible Finance loan. 

  1. Download the Possible Finance app and create an online account.
  2. Verify your identity through the online application portal.
  3. Link your bank account or credit card in the portal. 
  4. Sign your loan agreement and choose where the loan will be deposited.
  5. Start the repayment process.

Features and additional perks 

Possible doesn't require a credit check or a deposit when applying and offers numerous repayment options. Additionally, Possible has a generous grace period should you not be able to make one of the payments. 

No interest will be charged if you make the payments on time and the company never charges a late fee.

Fees and penalties 

Possible Finance tacks on a flat-rate borrowing fee for every amount borrowed. However, this amount will vary by state and in Florida, Indiana, Louisiana, Michigan, Ohio, Oklahoma and Texas, the borrowing fee isn't a flat-rate fee. 

The borrowing fees are divided equally across the 4 installment payments. 

Possible Finance frequently asked questions

How Bankrate rates Possible Finance 

Overall Score 4.7 Explanation
Availability 5.0 Low minimum loan amounts and approval and funding as quickly as one day.
Affordability 4.1 Low starting APR, but several fees.
Customer Experience 5.0 Customer support on weekends, online access and mobile apps.
Transparency 4.6 Prequalification is available, but not all credit requirements are listed.

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.