Possible Finance Personal Loan Review 2024

We review Possible Finance personal loans including interest rates, credit requirements, fees, repayment terms, and more. Compare to other lenders.
Written by Shannon Lee
Financial Expert
Managing Editor
twitter facebook

When you are looking for ready cash to cover you in a minor emergency, Possible Finance offers up to $500 to those with a bank account in good standing.

Here’s what you need to know about using Possible Finance to cover the emergency cash flow you need and pay it back over two months.

Possible Finance At-a-Glance

Those who live in a state where Possible Finance is available will find the potential to borrow up to $500 for up to two months. That includes those with bad or no credit, as the company looks more at income than credit history.

Though the interest rates are higher than most other types of personal loans, this one works very well for consumers in a financial bind who need cash right now.

Which Lenders Have the Best Personal Loan Rates?

Finding the right lender could help you save hundreds or even thousands of dollars. The smartest way to know if you’re getting the best loan rate is to compare offers from competing lenders.

Pros and Cons of the Possible Finance Personal Loan

Let’s run down the pros and cons of what to expect from Possible Finance:


  • Funding can happen within minutes of approval
  • Focuses on income rather than credit score
  • No late fees or prepayment fees
  • The opportunity to change your due dates with no penalty
  • Two months to pay off the loan
  • Co-signers are welcome


  • Interest rates can be very high
  • Customer support is available via app or online only
  • Short repayment terms
  • An origination fee of up to 25% of the loan
  • Denial if income is less than $750 per month

Compare to Other Personal Loans

How does Possible Finance stack up against other personal loan companies?


The vast majority of personal loan options you’ll find are for a much longer term and, thus, have a much lower interest rate. For instance, a lender like SoFi offers terms of up to 72 months but requires excellent credit to qualify; they also offer loans in a much higher dollar range, up to $100,000.


Some lenders, like Upgrade, allow co-signers to help you get a loan, just like Possible Finance does. They might also accept those with fair credit or a shorter credit history. But again, the loan amount is higher, with at least $1,000 required (some states require higher minimums) and a longer payoff term. That makes it a less-than-ideal option for those who need emergency cash.

Fifth Third Bank

Regarding location, some lenders are even more restricted than Possible Finance in the state they can legally operate in. For instance, Fifth Third Bank is available in only 10 states and only offers loans to those already in good standing with an account at the bank. You must take out a minimum of $2,000 but have an excellent credit score to get the best rates.

Remember that all of these lenders check your credit score; only lenders like Possible Finance and those considered payday loan providers look at income instead of credit score, but they charge much more in interest for that privilege.

Who Is a Possible Finance Loan For?

Possible Finance works well for those who can’t get a personal loan through other lenders, as the company works with those with bad or no credit.

The loan amounts are only up to $500 and might be even less, depending upon the state, so it works for those who need a small amount of emergency cash.

Because this is a very short-term loan, the rates are relatively high, so it pays to pay off the loan as soon as possible.

If you live in one of the states in which Personal Finance operates and you’re okay with using only an app or email to communicate with the company, this one might work for you.

Top Features of the Possible Finance Personal Loan

Understanding the top features of any loan company will help you compare them to the competition and choose the one that best fits your needs. Here are the elements to consider at Possible Finance.

Approval for Bad- or No-Credit Borrowers

Unlike many other lenders, Possible Finance makes a loan possible for those with fair credit, bad credit, or no credit. The company does this by focusing on income and the longevity of employment rather than credit score. However, remember that they are taking a much more significant risk, which means they will charge higher rates for the loans.

Quick Funding

In many cases, the loan is deposited the same business day or one to two days after approval, depending upon the approval timing.

For instance, if your loan approval comes at 9 a.m., it’s possible to have the funds in your account by that evening. However, if your approval comes at 3 p.m., you might not see the funds for a day or two. Since it can be challenging to know precisely when approval will come, plan for the funding to take up to 48 hours.

Two-Month Installment Plan

Just as the funding is quick, so is the repayment. If you want to repay the loan and get on with your life, you only have two months to worry about the issue.

This quick repayment works well for some who simply need emergency cash but might not work for others who are in a financial bind and need to spread their payments out for longer.

Online Customer Service

Customer service is available via an online form, and you can expect your request to be answered between 10 a.m. and 5 p.m. PST.

You can call a complaint number, but it goes to a voicemail that doesn’t allow you to speak directly to a customer service representative. That can be difficult for those who want to speak to an actual person but great for those comfortable handling their finances online.

No Late Fees or Prepayment Penalties

If you pay the loan off early, there is no penalty. If you miss a payment, there is no late fee; however, other fees or charges might add to the loan if you miss a payment or otherwise run into problems with repaying it.

How to Apply

Rather than weighing the credit score, Possible Finance looks at your income and bank account history. That’s why you don’t have to worry about having poor or no credit. To get started with this company, you will need to provide the following:

  • Basic personal information, such as valid identification and a social security number.
  • A checking account that works with Plaid (Plaid is a service that allows you to connect your bank account to financial apps).
  • At least three months of banking transactions in your bank account.
  • A positive bank balance.
  • A valid email address.

You must download the app to sign up.

Signing up will require your personal information, including your email address.

Once you link your bank account, Possible Finance will determine how much loan you qualify for. If you choose to accept the terms, the funds will be deposited into your account within a day or two.

Rating the Features

Understanding what you get with Possible Finance can help you decide if this lender is right for you. Here are the features and what to expect from each.

User Experience

The maximum loan amount offered is $500, but the cap on the amount depends on your state. For example, you can borrow only $250 in California.

There is no credit check, so those with bad or no credit can still get a loan. The two-month repayment plan breaks your loan into four easy payments, making it easy to plan your immediate financial future. Co-signers are welcome.


Possible Finance might levy fees vary from one state to another, as each state has unique regulations. No matter the state, the company doesn’t charge late fees, and there is never a prepayment penalty.

However, there is usually an origination fee, ranging from $15 to $20 for every $100 you borrow, up to 25% of the loan amount.


The rates for a Possible Finance loan are relatively high, but that’s because the loans are short-term and meant to serve as an emergency loan, not a long-term option.

The rates are controlled by the state where you obtain your loan, but Possible Finance states that their APR can range from 150% to $249%.


As a straightforward personal loan company with a $500 cap on lending, Possible Finance is an easy way to get the cash you need for an emergency but doesn’t offer any other loan services.

However, the Possible Card requires a membership fee and offers a $400 or $800 credit line. This allows you to build good credit.

Customer Support

The robust app allows for easy contact with customer support, but only through online means – there is no number to call to get assistance.

You can change your payment dates during the 29-day grace period, which helps you keep track of your financial life. There is no fee to change your due date.


You can usually get your funds within a day, but sometimes, it can take the better part of a week. That depends upon the state where you got the loan and your bank’s policies.

The loans are only available in some states, so you must check with Possible Finance to determine if you can apply.

Bottom Line

Those with bad or no credit and need a quick $500 or less can turn to Possible Finance to make it happen.

Though the interest rates rival some payday loans, the installment plan of two months to repay the loan might make the high rates worthwhile for those who need only a short-term, one-time financial boost.

Frequently Asked Questions (FAQ)

How easy is it to get a loan through Possible Finance?

The choice of providing you with a loan depends on various factors but mostly on your monthly income and bank account status. Possible Finance says that 80% of customers get approval immediately, and almost all get an answer within one day.

Is a checking account required for the loan?

Yes, it is. However, you can deposit your funds into that account or load them onto a debit card; it’s your choice. The bank account requirement is so the company can check your income stream and banking history. You must have at least two months of banking history to qualify.

When is my first payment due?

Your first payment will be due seven days after your loan is awarded. However, you have a grace period of 29 days, during which you can adjust your due dates.

About Author
Shannon Lee
Shannon Lee, a versatile contributor to MoneyRates, is a freelance writer with a passion that spans over two decades. Her extensive writing portfolio encompasses a myriad of topics, ranging from personal finance and home improvement to education, relationships, and medical and health subjects. In addition to her prolific freelance career, Shannon is also a novelist. Shannon’s dedication to providing insightful and informative content makes her a valued voice in the world of personal finance.
Our reviews are unbiased and thorough, focusing on consumer needs. For details, see our Editorial Policy & Methodology.