![]() ![]() ![]() Is it safe to apply for a loan from Possible Finance? Credit cards typically charge lower interest rates than short-term loans, even on cash advances, making them a flexible, less costly alternative for up to the $500 you can typically take out with a payday loan. Talk with your bill providers about a longer payment plan or extension on your due date if you're behind on payments. Government agencies, nonprofits and local charities often offer free financial services and help with food, utilities and rent for those in need. The majority of short-term loan borrowers renew their loan at least once, piling on fees that make it even more difficult to repay.Ĭonsider alternatives before opting for a payday, installment or title loan: Payday loans, installment loans and auto title loans come with high rates and fees, which can trap you in a cycle of debt. Carefully review your finances and the loan cost to make sure it fits your budget. ![]() If you don’t repay a short-term loan on time, you could end up owing several times the amount you borrowed. The Consumer Financial Protection Bureau (CFPB) no longer requires lenders to consider your ability to repay a loan. Possible Finance installment loans are only available in eighteen states, though you can still download the app and get added to its waitlist if you live outside its service area. It’s still a short-term loan, and you’ll still have to pay interest on what you borrow. Although you’ll be downloading an app, Possible Finance doesn’t issue advances on your paycheck. Some borrowers complained about glitches with the app, meaning you might need to get on the phone with customer support for help. Possible Finance doesn’t work with prepaid debit cards, credit cards or PayPal. You must have an active checking account that’s received regular income deposits for the past three months to qualify. If you have a Visa debit card, you may be able to get your loan funds on the same day you’re approved.Ĭonsider these potential drawbacks before borrowing from Positive Finance: And even if the comment is negative, Possible Finance responds to customer complaints and provides polite explanations to help resolve issues. Many borrowers have left positive reviews for Possible Finance. However, this can also have a negative impact on your score if you make a late payment or default on your loan. Possible Finance reports repayments to all three credit bureaus to help build your credit. You don’t need to have good credit to qualify for an installment loan with Possible Finance - and you won’t need to worry about your score taking a hit when you apply. Possible Finance schedules your four repayments on your paydays to help you avoid defaulting. What are the benefits of borrowing from Possible Finance?Īn installment loan from Possible Finance comes with a few benefits: Until then, you can compare more short-term loan options from similar providers. All international money transfer servicesīut it’s working on adding more states to its list. ![]()
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