Why was my loan application denied?

We wish we could support everyone but sometimes we have to make hard decisions. 

Possible uses a proprietary underwriting system to make lending decisions. Loan applications are evaluated on the following considerations:

  • Bank account balance
  • Minimum weekly income
  • Consistency of income deposits over time
  • Number of returned checks or insufficient funds (NSF) fees
  • Existence of deposits and withdrawals from other lenders
  • Previous loan repayment history with Possible 
  • Monthly cash flow analysis
  • Valid identification information

Loans are most commonly denied for the following reasons: 

  • The average bank account balance is low or often in the negative 
  • Monthly income does not meet the minimum requirement of $750
  • Consistent payroll deposits over at least a 2-month period aren’t able to be detected
  • A high amount of returned checks or insufficient funds (NSF) fees are present
  • Multiple existing loans out with other lenders were detected 
  • Payments on previous loans with Possible were returned or late 
  • Identity is not able to be verified using the identification information provided
  • The applicant is an active military member or a family member of one
  • State regulation is preventing Possible from lending to the applicant 
  • A shared bank account with someone who already has an active loan with Possible  has been detected 
  • A duplicate account with Possible  was detected and needs to be removed before proceeding
  • Possible is unable to connect with the applicant's bank account to pull sufficient data to make a loan decision 

Please reapply when you feel your application will better satisfy the considerations listed above.

You're welcome to reapply every 3 days. However, if your financial situation hasn't changed much, it may be in your best interest to wait a little longer. Click here for more information on how you can increase your chances of being approved. 

Your denial of credit isn't reported to credit bureaus and won't impact your credit score in any way.

Unlike traditional credit providers, Possible doesn’t rely on your  credit score as part of its loan decision. Because Possible didn't initiate a hard pull on your credit as part of the decision process, your credit score will not be impacted in any way.

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