Possible Finance lends low credit borrowers a helping hand when they need to cover small emergencies. The service also has its unique credit card with an up to $800 credit limit. While the card is interest-free (but requires a monthly membership fee), the company’s loans come with a high overall cost. Let’s learn more about Possible Finance borrowing options and their reasonable alternatives.
Comparison Table for Short-Term Loans
Below is an ultimate overview of the most commonly used short-term personal loans and their key features:
| Loan Types | Overview | Loan Amount | Repayment Terms | APR | Collateral | Credit Checks | Consideration |
|---|---|---|---|---|---|---|---|
| Payday loans | Payday loans are short-term loans for small emergencies. They are one of the most expensive options on the market | $100 to $1,000 | By your next paycheck, typically 2 to 4 weeks | 400% or more (usually comes in the form of a flat fee, which is $10 to $30 for every $100 borrowed) | No | Most lenders accept bad credit and conduct only soft credit inquiries | Payday loans are risky due to their high APRs and short repayment terms. Borrowers often get into debt traps. Extra fees for late payments and rollovers may result in owing more in interest than you’ve initially borrowed |
| Installment loans | An Installment loan is a flexible solution for longer-term needs. It offers higher loan amounts and makes the loan easier to manage | $500 to $5,000 | 2 to 24 months | 16% to 100% | No | Most lenders accept bad credit and conduct only soft credit inquiries | APRs are higher than those on traditional bank loans. This, along with a longer repayment term, may result in a high total loan cost. Late payments may affect your credit score |
| Cash advances via apps | Cash advance apps provide small amounts against a borrower’s next paycheck. Many options are interest-free, but membership fees may be applied | $50 to $500 | By your next paycheck, usually in 2 to 4 weeks | Some apps charge no interest, while others come with APRs of over 400% | No | Most lenders accept bad credit and conduct only soft credit inquiries | Some options may have hefty interest rates. You can only borrow a small amount for a short period |
| Car title loans | Car title loans are short-term borrowing options against your vehicle’s title. You’re allowed to drive your car while repaying the loan | Up to 50% of your car’s title | Up to 30 days | About 300% | Yes, your vehicle’s title | Most lenders accept bad credit and conduct only soft credit inquiries | You can lose your car if you fail to repay the loan on time. Short repayment terms and higher maximum amounts make them difficult to handle |
| Payday Alternative Loans | PALs are cheaper and longer-term alternatives to regular payday loans offered by credit unions | $100 to $2,000 | 2 to 12 months | Up to 28% | No | Come with a hard credit pull | You need to be a CU member to apply. PALs typically involve a hard credit check, so your credit score may drop by a few points |
| Pawn shop loans | Pawn shop loans are cash loans backed by your valuable assets | 25% to 60% of your collateral’s value | 30 to 60 days | Around 200% | Yes, any valuable item you own | None | A pawnbroker will seize and sell your belongings if you don’t repay the money on time |
Possible Finance Overview
Possible Finance is an online lending company that offers up to $500 alternatives to payday loans and credit cards with up to $800 limits. The service is known for its easy application process, lenient eligibility requirements, and fast funding times.
You can access its loans via the company’s website or by using its Possible Finance app. The service charges no late or early payment fees. However, the company’s loans still have several pitfalls that can make them difficult to manage.
Considerations Regarding Possible Finance Loans
As responsible borrowing is a priority, pay attention to the following Possible Finance considerations before you strike a deal.
Loan Amounts
Possible Finance only allows you to borrow up to $500 or $800, depending on the product you choose. While it may be enough to cover small, short-term emergencies, it’s not the way to finance major purchases or cover longer-term needs.
Loan Cost
Loans offered by Possible Finance come with APRs from 54.51% to 248.67%. Although it’s still lower than most regular payday loans charge, they can’t be called reasonable or affordable. Credit cards come with no interest, but you will be asked to pay a monthly membership fee instead. It will be $8 for a $400 limit and $16 for a limit of $800.
Repayment Terms
The company’s payday loan alternatives can be repaid within up to 8 weeks in equal monthly installments. Although it’s more convenient than making a one-time payment, it may be challenging for those who already face financial problems to stick to due dates.
Impact on Your Credit Score
Although the service accepts bad credit borrowers, it still checks your application details via three major credit bureaus as a part of the approval process. Therefore, your credit score will temporarily drop by a few points. At the same time, the company’s payday loan options can be used as credit-builder loans since on-time payments can boost your FICO rating.
Funding Times
The company’s disbursement process is much faster compared to traditional lenders. The money usually arrives within 1-2 business days. However, most cash advance apps offer same-day funding options, so they may work better if you face an extreme emergency.
Requirements
The company has quite easy-to-meet requirements. However, pay attention to several criteria applied to your bank account. You must have:
- No less than 3 months of transaction history;
- Recent income deposits;
- A positive bank account balance.
Operation Zone
Possible Finance loans are not available in all states. The service has direct lending licenses in California, Florida, Idaho, Louisiana, Ohio, Utah, and Washington. It also serves residents of AL, DE, FL, IA, IN, KS, KY, MI, MO, MS, OK, RI, SC, TN, and TX, but loans there are made by Coastal Community Bank.
Credit cards are available to residents of AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IN, IA, KS, KY, LA, MD, MA, MI, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY.
Possible Finance Alternatives: Meet Magnolia Payday Loans
While Possible Finance can provide a quick fix for individuals with bad and poor credit, it’s not a one-stop solution. Borrowers who don’t want their credit to be affected or those who are looking for higher amounts or longer repayment terms may not find its offers suitable. Plus, the company’s loans tend to be very expensive. Therefore, you should consider alternatives before you make a final choice.
Magnolia Payday Loans is one of them. We are an online connecting service that can help you find a personalized loan option tailored to your unique needs. We partner with a wide range of trusted payday lenders and charge no extra fees for connecting you with them. By choosing us, you’ll get:
- 24/7 online application process;
- Fast funding within one business day;
- High approval rates for bad credit;
- No hard credit checks;
- Competitive interest rates;
- Multiple offers from reliable loan providers;
- Repayment flexibility.
Features of Loans from Magnolia Payday Loans
Our lenders offer various loan options, which can be divided into two main categories.
Payday Loans Like Possible Finance
A Payday loan is a small, short-term personal loan for poor credit. It can help you get up to $1,000 without undergoing a hard credit check. The repayment is made in 2 to 4 weeks in one lump sum. This is a type of emergency assistance that can provide you with loan funds within just one business day. Some lenders may even offer same-day funding under certain conditions.
Installment Loans Like Possible Finance
Installment loans offer more repayment flexibility, with payback times ranging from 2 to 24 months. With their help, you can borrow up to $5,000, depending on your income. These make them suitable for longer-term needs and life projects that require more financing. Bad credit borrowers are also welcome to apply.
How to Get a Loan in Magnolia Payday Loans?
Before you start the application process, make sure you meet a few basic requirements. Luckily, they are quite simple. You need to:
- Be at least 18 years old;
- Provide a valid government-issued ID;
- Be a US permanent resident;
- Have an active checking account in your name;
- Verify your steady source of income.
Once you match the criteria, you can apply by following a few simple steps:
- Complete an online loan request form. Provide some basic information needed for making decisions. It only takes 5 minutes.
- Get an approval decision. It will be sent to you via email shortly after submitting a form. Most partners perform only soft credit checks, so you will be informed within less than one hour.
- Sign a loan agreement. If approved, review the loan terms and make sure you understand what you’re going into. If everything is fine, accept the offer by e-signing the contract.
- Access the funds. You will receive a direct deposit into your bank account within 24 business hours.
In Conclusion
Possible Finance can help you overcome small emergencies or get an interest-free credit card in exchange for a monthly membership fee. Although the options are available with any rating, the service still checks your credit report details via major credit bureaus. Additionally, the company’s loans have high APRs and very short repayment periods, making them quite questionable.
If you’re looking for a reasonable alternative to Possible Finance loans, Magnolia Payday Loans is happy to assist. With our help, you can access multiple loan offers and find an option with competitive interest rates, suitable amounts, and flexible repayment terms.
Access multiple short-term loan offers in a few clicks!
FAQ on Loans Like Possible Finance without a Credit Check
- Is Possible Finance Safe to Deal with?
Possible Finance is a legal company that operates in accordance with state and federal laws. However, it charges high interest rates, so make sure you can repay the money on time before going into debt. - How Much Do Possible Finance Loans Cost?
Payday loan alternative options come with APRs between 54.51% to 248.67%. Credit cards have no interest but require you to pay a monthly membership fee of $8 or $16, depending on the chosen limit. - What If I Can’t Repay My Possible Finance Loan on Time?
For those who experience financial difficulties, Possible Finance offers a Relief Plan, which is a 30-day payment postponement. You can also consider a loan payment plan that provides more repayment flexibility. If you don’t pay on time, your credit rating will be damaged. - Do Loans from Possible Finance Affect My Credit Scores?
Applying for a Possible loan can affect your credit as the company performs hard credit checks. Late payments may also decrease your score since they will be reported, too. At the same time, you get a credit-building opportunity since your on-time payments are also sent to credit bureaus. - Where Can I Find Loans Similar to Possible Finance?
At Magnolia Payday Loans, we can connect you with multiple lenders that offer loans similar to Possible Finance. Some of them may even offer better rates and more favorable loan conditions. - Are There Trusted Apps Like Possible Finance?
Apps like Earnin, Chime, Dave, and Bright may be considered reasonable alternatives. There’s also the MoneyLion cash advance app that allows you to get money without paying interest or any mandatory fees.
Educational Resources
Magnolia Payday Loans strives to help customers make intelligent financial choices by boosting their financial literacy. Here are a few articles you may find useful:
https://www.experian.com/blogs/ask-experian/how-do-credit-cards-work/ – Test yourself on your knowledge of the basic principles of how credit cards work
https://www.incharge.org/debt-relief/payday-loan-alternatives/ – Learn more about 12 alternatives to costly payday loans available on the market
https://www.experian.com/blogs/ask-experian/ways-to-improve-credit/ – Give your credit score a boost with these 24 practical tips