Loans Like Possible Finance: Explore Your Options

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:

1. Complete an online loan request form. Provide some basic information needed for making decisions. It only takes 5 minutes.
2. 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.
3. 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.
4. 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.