How Does Possible Finance Work? Loans & Credit Building

Possible Finance is a mobile-first financial service offering small, short-term installment loans. It serves individuals who may struggle to qualify for traditional credit products. The service aims to bridge financial gaps and help users establish or improve their credit profiles, supporting financial wellness through accessible loan options.

Understanding Eligibility and Applying

To apply for a loan with Possible Finance, prospective users must meet specific eligibility criteria. Applicants need a valid checking account with a positive balance, proof of regular income, and a valid identification document (such as a driver’s license, state ID, or U.S. passport). A Social Security number is also required for identity verification. Possible Finance does not primarily rely on traditional credit scores for approval, which benefits individuals with limited or no credit history.

Users link their primary bank account securely through a third-party service. This allows Possible Finance to assess income, spending patterns, and cash flow. The system requires at least three months of transaction history, including consistent direct deposits, to evaluate financial stability.

The application process is quick and conducted within the app. After submitting information, Possible Finance performs a soft credit inquiry, which does not negatively affect the applicant’s credit score. Most applicants receive a decision within minutes. If approved, loan terms are communicated directly through the app.

How Loans are Structured and Repaid

Once approved, funds are disbursed rapidly. Borrowers receive funds directly into their linked bank account, often within one to two business days via ACH transfer. For quicker access, funds may be available within minutes if disbursed to an approved debit card. Loan amounts typically range up to $500.

Possible Finance loans are installment loans, repaid over a set period. The repayment schedule commonly involves four equal payments over approximately eight weeks. Payments align with the borrower’s income schedule, such as bi-weekly or semi-monthly, to facilitate timely repayment.

Possible Finance loans involve a flat fee rather than traditional interest charges. For example, a fee might be around $15 to $20 per $100 borrowed. While a flat fee, this translates to a high Annual Percentage Rate (APR), reflecting the short-term nature of these loans. Payments are primarily made through automated deductions from the linked bank account. Borrowers can reschedule a payment up to 29 days from the original due date without incurring late fees.

Building Credit and Additional Features

A key benefit of Possible Finance is its contribution to credit building. Possible Finance reports loan payment activity to major credit bureaus, TransUnion and Experian. Consistent, on-time payments positively influence a user’s credit score by demonstrating responsible borrowing behavior. Conversely, missed or late payments, particularly those exceeding 29 days past the due date, can negatively impact a credit profile.

This reporting helps individuals with thin or no credit files establish a positive credit history, broadening access to other financial products. The company states that while a credit score increase is intended, it is not guaranteed, as various factors influence credit scores.

Possible Finance offers additional features designed to enhance the user experience and provide flexibility, such as the ability to extend due dates for payments through the app. Customer support is provided primarily through in-app messaging and email, without a traditional customer service phone number.