Written by: Eric Bank
Edited by: Jon McDonald
Reviewed by: Ashley Fricker
Possible Finance participates in a growing marketplace of payday loan alternatives. By combining features of payday and installment loans, the Possible app charges high APRs on loans of up to $500 while giving borrowers up to eight weeks to repay.
Fortunately, many lenders and networks offer small, short-term loans, which means you have the freedom to choose a loan that best meets your requirements. This article reviews several loan networks and apps to consider when you need a short-term loan. And as you’ll see, many offer a better deal than Possible.
Best Loans Like Possible Finance
The following networks can find payday or personal loans in minutes. They prequalify your loan requests and link you to one or more loan offers.
These lending networks are free to use and won’t impact your credit score. By comparing each loan offer, you can choose an APR and repayment period to fit your budget.
1. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual is our top pick as the best loan network for borrowers with bad credit looking for payday or personal loans. It can prequalify your request for a short- or long-term loan in seconds and immediately connect you to a suitable payday lender. You must meet certain age, residency, income, and bank or credit union account requirements to prequalify for a loan.
2. Avant
- Personal loans of $2,000 to $35,000
- Compare rates in 2 minutes without affecting your credit
- Best for low origination fees for bad credit
- 550 minimum credit score required
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $2,000 to $35,000 | 9.95% – 35.99% | 12 to 60 Months | See representative example |
Avant can rapidly prequalify your request for an unsecured personal loan of $2,000 to $35,000. You must have an active email account, bank account, and phone number to qualify. Avant partners with WebBank to issue loans to consumers of all credit types.
3. Upstart
- Personal loans starting at $1,000
- Find loans you prequalify for, complete your application, and close your loan
- Loans for 300+ FICO Scores
- Checking rates doesn’t impact your credit score
- Powered by Credible
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $1,000 to $50,000 | 6.40% – 35.99% | 3 or 5 Years | See representative example |
Upstart provides an instant prequalification decision when you request an online installment loan. Its network of direct lenders can provide you with multiple small- to medium-sized loan offers to accommodate your individual requirements. The site safeguards your privacy with AES 256-bit encryption.
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% – 35.99% | 60 Days to 72 Months | See representative example |
24/7 Lending Group can find multiple loan quotes ranging from $500 to $35,000. This loan-matching website serves consumers with all types of credit, and it can help you borrow money quickly. The lenders on its network directly deposit the loan proceeds into your bank account as soon as the next business day.
5. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
CashUSA.com can quickly prequalify your request for a $500 to $10,000 loan, even if you have poor credit. You must be a US citizen or resident, 18 or older, and earn an after-tax income of at least $1,000 per month. You also must have a working phone number, an active checking account in your name, and a valid email address.
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
SmartAdvances.com offers fast prequalification that can match you to multiple direct lenders. You must have a monthly income of at least $1,000 from employment or government benefits to be eligible. SmartAdvances.com is a member of the Online Lenders Alliance (OLA), a trade group committed to a responsible lending policy and compliance with federal law.
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next the business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 60 Months | See representative example |
Its name tells the story: BadCreditLoans.com serves consumers with less-than-perfect credit who need to borrow $500 to $10,000 and repay it in monthly installments. To prequalify, you must collect enough income to repay the loan. Alternatively, you can apply for a revolving line of credit if you want extra flexibility,
- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $5,000 | Varies | Varies | See representative example |
The CreditLoan.com lending network can quickly prequalify you for a loan offer despite a low credit score. You can join more than 33 million consumers who have benefited from the many financial tools and resources available on its website. By displaying the TRUSTe® logo, the company also proclaims its commitment to data security.
Best Mobile Apps Like Possible Finance
The following cash advance apps are similar to Possible and can lend up to $500. But here’s the twist — most other apps charge little to no interest. Which begs the question: Why pay 460% for a short-term loan instead of 0%?
9. Dave
The Dave app offers several options, including an online spending account and the ExtraCash™ loan plan. You can borrow up to $500 from ExtraCash without fees, interest, or a credit check. You can transfer the Dave cash advance to your spending account for a small fee.
You repay a Dave cash advance on your next payday, or if Dave can’t determine that date, the nearest Friday to when you took the advance. You can leave a voluntary tip to help finance the app, and Dave will donate 10% of every $1 tipped to Feeding America.
10. EarnIn
The EarnIn app provides cash advances of up to $100 per day (maximum $750) based on the work you’ve already completed during the pay period. You link the EarnIn app to an electronic timesheet to track your available earnings and an external bank account to receive your advances.
EarnIn charges no interest or mandatory fees and does not perform credit checks. You can also leave a tip to help finance the EarnIn app.
11. Even
The Even app partners with leading employers to provide cash advances to members. The app’s Instapay feature lets you borrow up to 50% of your next paycheck in seconds with no interest charges. Your employer may charge you a fee for using Instapay.
Even tracks your work schedule to determine how much you’ve earned in the pay period. In most states, your employer will process your loan repayment as a deduction from your paycheck. If that isn’t an option, the repayment will come from your connected bank account after you receive your paycheck.
12. Brigit
Brigit lets you borrow up to $250 per pay period with no credit check or interest charges. The loan app takes a comprehensive approach to your financial health by offering tools to help you budget and build your credit.
The app withdraws money from a linked bank account on your next payday to repay the cash advance, although you can request an extension. Brigit charges $9.99 monthly and claims to have helped more than 4 million members save over $750 million in overdraft fees.
13. Cash App
Cash App can lend eligible users $20 to $200 with a 5% flat fee and a four-week repayment term (plus a grace period of one week). If you have not repaid the loan in full by the grace period, Cash App will charge you a 1.25% finance charge per week on the outstanding balance.
The app never imposes hidden fees. Cash App loans require a hard credit check from a major credit bureau and will appear on your credit report. Your ability to borrow from Cash App depends on your credit profile.
14. MoneyLion
MoneyLion is a comprehensive app that provides its members with mobile banking accounts, credit builder loans, investing products, and credit score tracking. The app’s InstacashSM feature lets you borrow up to $500 with no interest, monthly fee, or credit check.
It can take up to five business days to receive your loan proceeds, but for a fee, you can get instant funding through Turbo Delivery.
15. Payactiv
Payactiv gives you timely access to your earned wages via partnerships with employers. This app directly links to your work timesheet and allows you to request payday advance loans based on wages you’ve already earned.
Employers automatically deduct your repayment from your next paycheck. This service is free, but your employer must partner with Payactiv before you can receive an advance.
What Is Possible Finance?
Possible Financial Inc. (also doing business as “Possible Finance” and “Possible”) is headquartered in Seattle, Washington. The company’s stated aim is to “help you and your community break the debt cycle and unlock economic mobility for generations to come.”
We admit to a degree of cognitive dissonance, as the mission statement is hard to reconcile with Possible’s loan APRs, which can exceed 400%.
In its defense, Possible Finance loans do not permit rollovers and never charge a late fee. Payday loan rollovers can lead to a debt spiral, and you may never catch up on your payments, which could ultimately result in bankruptcy. Possible doesn’t allow you to get into a rollover cycle.
The company offers two products: A mobile app and a credit card.
Possible Finance App
The Possible Finance App provides short-term loans of up to $500 that you repay in four weekly or bi-weekly installments. These loans charge the same APRs as payday loans, but you have more time to repay the debt.
Consider a $250 loan from the Possible app. You’ll have four weeks to repay the loan, and the payback total will be $294.12. You link your bank account with the app, allowing you to receive a direct deposit.
The APRs for Possible Finance loans vary by state. Here are some examples provided by the Possible website:
- In Rhode Island, a Possible loan costs $10 for every $100 borrowed.
- In Alabama, Kansas, Kentucky, South Carolina, Tennessee, and Washington state, a Possible loan costs $15 for every $100 borrowed.
- In California, a Possible loan costs $17.65 for every $100 borrowed.
- In Idaho, Mississippi, and Utah, a Possible loan costs $20 for every $100 borrowed.
- In Delaware and Missouri, a Possible loan costs $25 for every $100 borrowed.
- The borrowing fee is not flat in Florida, Indiana, Iowa, Louisiana, Michigan, Ohio, Oklahoma, and Texas.
You have up to eight weeks to repay the loan in four equal installments. The app lets you update payment dates. Possible offers a 29-day grace period following the due date of the last installment.
In a handful of states, Possible Finance funds its loans directly. In the remaining states where Possible operates, Coastal Community Bank, Member FDIC, makes the loans that Possible services. The maximum loan amount varies by state.
Possible states that disbursements typically occur within minutes of approval but can take up to five days.
Possible does not use your credit score to determine your eligibility for a loan. It relies on several factors, including your bank account balance, regular income deposits, and a Clarity Services credit check.
Clarity Services, a part of Experian, provides traditional and non-traditional credit information but does not generate a hard inquiry to the major credit bureaus.
When you receive a loan, Possible reports your payments to TransUnion and Experian, two of the three major credit bureaus. This reporting can build your credit if you pay on time, but overdue payments can damage your score.
Possible Finance Credit Card
The Possible Card offers credit limits of $400 or $800 with an $8 or $16 monthly fee ($96 or $192 annually). You can apply in minutes with no FICO check or security deposit. Aside from the monthly charge, the card never assesses a late fee or overdraft fee.
You can pay your balance in full on the due date or in four installments through its Pay Over Time (POT) plan. You can set up automatic payments for either option.
Possible Finance will lock your card if you choose the POT plan to repay the balance. The card remains locked until you repay your entire balance. The card never charges a late fee and provides $0 liability fraud protection through Mastercard.
The Possible Card does not permit cosigners or authorized users. Possible evaluates your payment performance after six months and may offer you a higher credit limit.
The Possible Card is one of the few unsecured credit cards that doesn’t perform a hard credit check. While this policy and the 0% interest rate are helpful for consumers with poor credit, you pay a high price for it — $96 or $192 per year. The card doesn’t pay rewards and offers only the most rudimentary benefits.
We suggest you instead consider a secured credit card with a low or no annual fee. The security deposit will initially be higher than the Possible Card’s membership fees, but deposits are refundable — Possible fees aren’t. Secured cards are easy to get even if you have poor credit, and a few don’t perform credit checks.
Several secured cards offer cash back rewards and other benefits missing from the Possible Card. And remember, virtually all credit cards have a 0% APR if you pay your entire monthly balance.
How Much Can I Borrow From Possible Finance?
You can borrow up to $500 from Possible Finance through its mobile app. The loan’s maximum size and interest rate depend on your state, but the APR can reach as high as 460% for a 14-day loan.
California permits the Possible app to lend up to $250. Possible Finance doesn’t offer loans in all 50 states, so check the website to see if you can borrow from Possible.
The repayment requirements for short-term Possible loans differ from those for standard payday loans. You can repay the Possible loan in four installments over four to eight weeks, reducing the loan’s APR. Traditional payday loans require full repayment on your next pay date.
Possible also doesn’t allow you to roll over any remaining balance into a new loan after the due date. This feature can ensure you don’t compound one missed payment into a debt spiral.
What Credit Score Do I Need to Use Possible Finance?
Possible Finance does not use credit scores to approve your loan or credit card application. It does not perform a hard credit check, and applying won’t impact your credit score.
Possible Finance uses Clarity Services to check your credit, and it may reject your application if you have a troubled credit history. The company reports your loan and credit card payments to two major credit bureaus, giving you the opportunity to improve your credit score through timely payments.
We have no information about the percentage of loan applicants that Possible Finance approves. We can say the company has received many complaints about all aspects of its operations. Trustpilot gives Possible a Poor score of 2.1 and has plenty of scathing reviews.
The Better Business Bureau gives Possible a rating of B, but many of the customer comments on the BBB website are positive.
Possible claims to have received more than 100,000 five-star reviews. We are unable to verify the claim.
How Quickly Can I Get a Loan From Possible Finance?
Possible Finance provides a quick decision when you apply for a loan. Funds disbursement typically occurs within minutes of approval but can take up to five days.
Most applicants can expect Possible to deposit loan proceeds into their bank account by the next business day.
Get a Loan From a Trustworthy Lender
Researching a payday lender is essential when you need to borrow money fast — even if the loan amount is modest. We consider the reviewed loan sources legitimate, but we cannot judge the trustworthiness of Possible Finance.
We see recurring comments from borrowers concerning the company’s poor customer service. On the other hand, customer reviews give Possible Finance around 4.5 out of 5 stars on the BBB website.
Whether you borrow from a loan network or a cash advance app, read the loan agreement before accepting an offer. Knowing the provisions of a loan can help you avoid costly surprises.
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