If you’re looking for apps like Possible Finance, consider CreditNinja. CreditNinja personal loans are similar because they are short-term loans for borrowers with low credit scores. If you are approved after completing the quick and easy application process, you could get same-day funding directly deposited to your bank account.*
It’s not always obvious where to turn when you need quick cash. There might be a lot of different lenders and options out there, For example, the U.S. has more than 4,000 small banks. That’s more than any other country in the world.1 But are these loans from banks or other financial institutions safe? And are they affordable? These are the most important questions to ask when you’re shopping for a new loan or financial obligation.
Possible Finance® is a registered trademark of Possible Financial, Inc.
Reasons To Take Out An Emergency Loan
One small financial emergency can throw off an entire household budget breakdown. You worked hard, planned out all your expenses, and then boom! You’re suddenly hit with a medical bill, vehicle repairs, or some other unexpected expense. If you don’t have solid savings, which many Americans don’t—36% of all Americans have absolutely no savings—you may need to look for a loan option.2
Here are some types of common emergencies:
| Category | Common Emergencies |
| Medical | Accidents, sudden illnesses, dental emergencies, prescription medication needs |
| Automotive | Car accidents, major repairs, flat tires, locked keys in car |
| Home/Residential | Natural disasters, home break-ins, major appliance breakdowns, plumbing issues |
| Financial | Unexpected job loss, unplanned bills, fraud/identity theft, urgent travel needs |
| Personal | Death in the family, legal troubles, unanticipated educational expenses, urgent child/pet care needs |
When these situations arise, many people choose to take out a personal loan to settle the expenses. But the loan you select and the lender that offers it could potentially affect your finances for years to come. Therefore, it’s crucial to do plenty of research into loans and lenders before you sign on that dotted line.
One option some borrowers opt for is a small personal loan from Possible Finance.
What is Possible Finance?
Possible Finance is an online lender offering a payday loan alternative to borrowers with bad credit. They also have an app that allows people to borrow money through their phone or tablet device.
Their loan options may be called cash advances. Cash advances make a small amount of money available for borrowers, usually in the form of cash; they usually don’t have a credit check.
Cash advance options, in some cases, may have similar qualities to personal loans and payday loans. And so, to understand the product that Possible Finance is offering, you’ll first need to understand what unsecured personal, cash advances, and payday loans are.
Understanding Unsecured Personal Loans
Unsecured personal loans mean that you won’t need to offer the lender any collateral to receive the loan. Instead, these loans are given based on the borrower’s credit history, credit score, income, and overall ability to repay the loan.
Points to Remember About Cash Advances and Payday Loans
- Cash advances, especially from credit cards and payday loan institutions, typically come with high fees and interest rates.
- Payday loans and similar cash advance options are meant to be short-term financial solutions and can become costly if not paid back promptly.
- It’s advisable to understand all terms before opting for a cash advance. Consider other financing options that might be more affordable in the long run.
How Do Loans Like Possible Finance Work?
Getting personal loans from Possible Finance is similar to other lenders that offer online loans. You can apply from your phone or a computer, get a decision, and receive money in your bank account through direct deposit.
- Once you apply, they review your application and financial information.
- If your information is sufficient, they might offer you a small loan.
- Review this loan offer very carefully, check the fees and interest rate, and then decide whether or not you’re able to repay it on time.
- If you do accept the loan, you’ll need to sign for it. Then they will deposit your cash into your bank account.
- Once you receive the money in your bank account via direct deposit, you can spend it on whatever you need. Your repayment will begin on the date they list in your loan agreement—review your loan agreement thoroughly.
- Possible Finance offers more extended repayment than a lump-sum payday loan. Which means you’ll make smaller payments over time.
- Once you pay the loan and fees in full, the loan agreement is fulfilled.
Eligibility Requirements
In order to qualify for a Possible Finance cash advance, you must be at least 18 years of age or older and live in one of the 23 states where Possible Finance does business. You must also have the following to be eligible for cash advances online:
- A mobile or electronic device
- A U.S. cell phone number (for account verification)
- Valid driver’s license or state-issued ID
- A compatible checking account that is supported by Plaid
- At least 3 months of transaction history
- Recent income deposits
- A positive bank account balance
What Credit Score Do I Need for Loans From Possible Finance?
Possible Finance has flexible FICO score requirements on cash advances. Applicants do not need good or excellent credit scores to qualify. Possible Finance claims to offer credit builder loans with no FICO checks. However, your payment history will affect your FICO score, so it’s important to use a credit monitoring service when using short-term loans. You can also use financial tools to keep track of your monthly bills.
Features of Loans Like Possible Finance
A cash advance app like Possible Finance offers various features. If you’re comparing multiple lenders to find the best cash advance apps on the market, here’s what you can expect from Possible Finance:
Loan Amounts
Possible Finance claims to provide cash advances up to $500. However, maximum loan amounts vary by state. For example, eligible California residents may only get up to $250. The cash advance is directly deposited into your bank account but can take up to five days. Since starting their business, Possible Finance has lent over $400 million to customers.
Loan Terms
Unlike traditional cash advances, Possible Finance allows customers to repay their funding in installments rather than single lump sums. Payments are divided into four installments over four paydays.
Interest Rates
Possible Finance does not provide interest rate information, but online sources state that APRs generally range between 54.51% to 240.52%. Possible Finance provides sample payment schedules on its website.
Fees
Possible Finance claims that they do not charge late or penalty fees. However, customers are still subject to finance charges.
Repayment Options
Borrowers typically repay their cash advances in four bi-weekly payments over eight weeks. However, repayment terms can vary. Repayment is typically automatically withdrawn from the bank account on file.
How Quickly Can You Get a Loan from Possible Finance
You may get funding from Possible Finance within minutes of approval, but funding may also take up to five days. The time it takes to get your cash advance money depends on how long it takes to verify your information.
Who Are Possible Finance Loans For?
Possible Finance describes their loans as payday loan alternatives for the borrower with a low FICO score. This means if your score is lower than average, you may still be approved.
Having a low FICO score makes life difficult in various ways. You might not be able to get a traditional loan from banks or credit unions. This means many borrowers struggling with a low FICO score turn to payday loans and other predatory financing options.
FAQS About Loan Options Like Possible Finance
Cash advance apps allow users to borrow a small amount of their upcoming paycheck ahead of time. While apps like Possible Finance provide payday loan alternatives, cash advance apps typically provide smaller amounts to cover immediate expenses and might not require a full repayment on the next pay period.
Fees can vary across payday advance apps. While some might offer a service with no hidden fees, others might charge monthly fees or fees for instant transfers to bank accounts. Always read the terms and conditions to be aware of any costs.
Most cash advance apps like Possible Finance don’t conduct credit checks, including Possible Finance. When conducted, a hard credit check can bring down your credit score. Although there is no check with Possible Finance, they do report your payment history to Transunion, Experian, and Equifax, so your payment history with them can impact your credit score.
Many cash advance apps require users to set up direct deposit because it provides them with a consistent view of their income and ensures they can auto-debit repayments. However, requirements can differ, so it’s best to review individual app policies.
Cash advance apps can provide you with a small buffer of money before your next paycheck, ensuring you don’t overdraw your bank account. By using these apps responsibly, you can potentially avoid overdraft fees charged by banks.
CreditNinja: How Does It Compare?
CreditNinja is a premier online lender offering larger, more secure, and more flexible funding than any payday loan you’re considering.
Our installment loans allow you to get more cash than Possible Finance and repay your loan over a longer amount of time than a typical payday loan. And the best part is that you won’t need to have a perfect credit score to be approved.
While both Possible Finance and CreditNinja are better alternatives than payday loans, you can potentially get a lot more cash with a CreditNinja installment loan. Possible Finance is designed for small-dollar loans.
CreditNinja’s Installment Loans
A personal installment loan from CreditNinja is a great option when you find yourself in a financial bind. Whether you need to pay off some bills, consolidate your credit card debt, or pay for your children’s school costs, CreditNinja is here to help.
These loans will provide you with more money than a payday loan, a longer amount of time to repay the loan, more flexible terms and conditions, and an overall lower interest rate.
If you need money in your bank account right away and you want to repay it over time, then a CreditNinja installment loan may be right for you.
How Does CreditNinja Stand Out?
CreditNinja cares about your financial future. We want to help you get the cash you need and the favorable and flexible repayment options you deserve.
CreditNinja stands out for several reasons:
- You can apply online in minutes and receive a decision right away.
- If approved, your cash will be deposited right into your bank account.
- You can still be approved even with a low credit score.
- Spread your payments out over a longer amount of time.
- Unmatched customer service whenever you have questions or concerns.
Who Should Pick CreditNinja?
A CreditNinja Loan is for any borrower who has a poor credit history and needs a little extra cash to handle a financial emergency.
If you typically run out of cash before your next payday, and you usually solve that problem by taking out a cash advance, then it’s time to look at your alternatives. There are a number of good reasons to take out a personal loan. If you have one, then it’s wise to check out a personal installment loan.
Don’t let cash advances drag you even deeper into debt. Instead, consider a safer, larger, more flexible personal loan from CreditNinja. And if you’re wondering about more details on how to maintain good credit, or anything else related to personal finance, check out the rest of the CreditNinja Dojo!
References:
