It is not all that hard to get approved with possible as possible finance uses a cash flow based underwriting algorithm that focuses on your current income and financial habits instead of your credit score or doing FICO credit checks.
Although approval for possible finance loans or credit cards is not guaranteed and you may still be denied if you don't meet their specific internal criteria.
Unlike other loans, your traditional credit score does not affect the initial application outcome, but instead possible finance looks for regular direct deposits into your bank account and ideally an income of at least $750.00 to $1,000.00 a month.
Also maintaining a positive bank balance and avoiding frequent overdrafts insufficient funds fees will increase your chances of approval for possible finance.
And having several active loans or cash advances with other lenders can lead to denial as it can indicate you're overextended.
Also possible finance is not available to all states due to various lending regulations and laws.
Common reasons for being denied a possible finance loan are having insufficient or inconsistent income detected in your linked bank account, having frequent negative balances or a high number of NSF fees, having an inability to securely link your bank account via their third party service, "Plaid".
Ad having an active loan with another lender or a previous, unpaid Possible loan and living in a state where the loan product possible finance is not available or where the state lending laws prevent approval.
The amount of money that you can borrow from possible also known as possible finance is up to $500.00 although you might only be approved for a $200.00 or so as it can vary, but the max you can borrow from Possible Finance is $500.00
Possible Finance is a short term installment loan and offers loans up to $500.00.
The loans through Possible Finance are short term installment loans that are offered as a payday alternative loan, which focuses mainly on bank activity and not credit scores for approval.
Possible Finance lets you pay back the installment loans in manageable installment payments over weeks, which help build credit, but they also come with high APRs and fees.
Possible Finance is a tech company that provides access to cash with flexible payment options, along with a 29 day grace period and reporting to credit bureaus, but users also must be aware o the high costs of the loan despite being positioned as better than the traditional payday loans.
Possible loan company is also known as Possible Finance and they offer short term installment loans and credit cards to people at meet their requirements.
Possible Finance is a BBB accredited business that also has a physical address and pretty positive reviews for their speed and accessibility.
However Possible Finance loan company does come at high costs.
Although Possible Finance loan company markets themselves as an alternative to payday loans, their APRs can be very high, and can range from around 54% to over 240% in some cases, depending on the state.
This makes Possible Finance loans more expensive loans than traditional personal loans for borrowers that have good credit.
Possible Finance loans are primarily designed for borrowers that have bad or no credit history who have limited other options.
Many users also report having difficulty in reaching the live customer support of Possible Finance, and often have to rely solely on email and in app messaging, which can also be a big drawback if any issues arise.
And loans through Possible Finance are only available in a limited number of states.
To determine if a loan company is legitimate check if the lender is registered to operate in your state, and look for a physical address and a secure website with https: and be aware of any upfront fees as scammers will often demand payment through a prepaid credit card or wire transfer before they will disburse the loan.
A legitimate lender will be interested in your ability to repay the loan and your credit history and a scammer will not care about your payment history or credit.