Personal Finance Loans Personal Loans
Written by Ryan Wangman, CEPF; edited by Richard Richtmyer; reviewed by Elias Shaya
2023-12-21T16:10:46Z
- Who Is Possible Finance Best For?
- Possible Finance Personal Loan Pros And Cons
- How to Apply For a Possible Finance Personal Loan
- Possible Finance Personal Loan Frequently Asked Questions
- Why You Should Trust Us
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews.
Possible Personal Loan
Compare loan options and get your rates today.
Insider’s Rating
2/5
Regular APR
54.51% to 240.52%
Loan Amount Range
$50 to $500
Pros
- Low minimum loan amount
- Reports payments to major credit bureaus
Cons
- High interest rates
- Low maximum loan amount
- Origination fee
- Limited customer support options
- Not available in all states
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. Other lenders may be a better option if your credit is in good shape or if you need a more substantial amount of cash.
| Possible Personal Loan Availability by State | ||
| Alabama | California | Delaware |
| Florida | Idaho | Indiana |
| Iowa | Kansas | Kentucky |
| Louisiana | Michigan | Mississippi |
| Missouri | Ohio | Oklahoma |
| Rhode Island | South Carolina | Tennessee |
| Texas | Utah | Washington |
Possible Finance Personal Loan Features
- APR range: 54.51% to 240.52%
- Loan amounts: $50 to $500
- Terms: Two months
- Recommended credit score: No minimum credit score required
- Funding time: Usually within one day of approval
Possible Finance Personal Loan Pros And Cons
How to Apply For a Possible Finance Personal Loan
1. Download Possible Finance's app or log on to its website. Possible loan applications are done through its secure mobile app or the lender's website. Use either one to set up and account.
2. Provide personal information and other details. Once you've set up an account, enter personal information including your name, address, date of birth, and Social Security number. You'll also need a US cell phone number and a compatible checking account that is supported by Possible Finance's partner, Plaid.
3. Review loan offer. If you're approved, Possible Finance will offer you a loan with an amount and interest rate that are aligned with your creditworthiness. Be very clear about how much you're paying back on the loan, including the interest, and be absolutely sure you can make make the payments before accepting.
4. Sign off on the loan agreement and receive your money. Possible Finance says you're likely to receive your loan proceeds within one day after being approved.
Possible Personal Loan
Compare loan options and get your rates today.
Insider’s Rating
2/5
Regular APR
54.51% to 240.52%
Loan Amount Range
$50 to $500
Pros
- Low minimum loan amount
- Reports payments to major credit bureaus
Cons
- High interest rates
- Low maximum loan amount
- Origination fee
- Limited customer support options
- Not available in all states
Possible Finance Personal Loan 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 and as little as $50 with Possible Finance. 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.
Compare Possible Finance Personal Loans
Possible Finance vs. Oportun
Oportun's APRs range from 18.99% - 35.99%, compared with a range of 54.51% to 240.52% at Possible Finance. Loan amounts range from $300 to $10,000 at Oportun, compared with $50 to $500 at Possible Finance.
Oportun's offer loans with term lengths from one to four years. That compares with Possible's only available term length of two months.
Possible Finance vs. OppLoans
OppLoans offers loans with an APR of 160.00%. Possible Finance's APRs range from 54.51% to 240.52%. You can borrow from $500 to $4,000 with OppLoans and from $50 to $500 with Possible Finance.
Possible has only one term length: two months. Opploans' terms range from 9 months to 18 months, depending on the state you live in.
Possible Personal Loan
Compare loan options and get your rates today.
Insider’s Rating
2/5
Regular APR
54.51% to 240.52%
Loan Amount Range
$50 to $500
Pros
- Low minimum loan amount
- Reports payments to major credit bureaus
Cons
- High interest rates
- Low maximum loan amount
- Origination fee
- Limited customer support options
- Not available in all states
Why You Should Trust Us: How We Rated Possible Finance Personal Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See our ratings methodology for personal loans »
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
Jr Compliance Associate
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate. He joined Insider in February 2022 as a fellow on the compliance team. Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
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Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
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