Is the Possible App Legit for Loans and Credit Building?

This article reviews Possible Finance, a mobile application offering small installment loans and credit-building opportunities. It explores the app’s operational framework, application process, loan management, and security measures.

Understanding Possible Finance

Possible Finance is a mobile application providing short-term installment loans, serving as an alternative to traditional payday loans. It focuses on individuals with limited or no credit history, or those with less-than-perfect credit scores, who are often overlooked by conventional lenders. The service offers cash advances and installment loans, typically up to $500, to help users manage unexpected expenses or bridge financial gaps.

The app’s business model emphasizes transparent pricing and aims to help users build credit through responsible repayment. Unlike single-payment payday loans, Possible Finance structures repayments into multiple installments over several weeks, making them more manageable. This approach provides a more sustainable financial solution, with on-time payments reported to major credit bureaus to potentially improve credit scores.

Applying for a Loan

Before applying for a loan with Possible Finance, users need an active bank account with a history of regular income deposits. Identification details and proof of income are also necessary. The app assesses an applicant’s financial health based on banking activity and income patterns, rather than relying solely on traditional credit scores.

The application process is conducted entirely through the Possible Finance mobile app. After downloading, users create an account and link their primary checking account. The app then analyzes the linked bank account’s activity to determine eligibility and potential loan amounts, providing a decision within minutes. If approved, funds can be disbursed rapidly, often within one to two business days via direct deposit.

Managing Your Loan

Before accepting a loan from Possible Finance, it is important to understand the repayment structure and terms. Loans are generally structured with bi-weekly payments over an eight-week period, dividing the total loan amount and associated fees into manageable installments. The total cost of the loan is presented upfront, often as a fixed fee rather than a traditional interest rate, though this can equate to a high annual percentage rate (APR) depending on the loan amount and repayment term.

Once a loan is approved, users can view their payment schedule directly within the Possible Finance app. Payments are typically set up for automatic debits from the linked bank account, but the app also allows for manual payments using a debit card or bank account number. A notable feature is the ability to reschedule a payment, allowing for extensions of up to 29 days without incurring late fees, which offers flexibility in managing financial obligations.

Operational and Security Measures

Possible Finance operates as a licensed lender and partners with Coastal Community Bank, a federally regulated bank. This structure places the company under relevant lending regulations, contributing to its legitimacy. The company is also incorporated as a Public Benefit Corporation, indicating a legal commitment to social impact alongside business objectives.

The app employs security measures to protect user data and privacy. It uses encryption and adheres to privacy policies to safeguard sensitive financial and personal information. For customer support, users can access assistance through various channels, including in-app chat, email, or a help center.