We wish we could support everyone but sometimes we have to make hard decisions.
We use a proprietary underwriting system to help us make credit 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 Finance
- 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 our minimum requirement of $750
- We’re not able to detect consistent payroll deposits over at least a 2-month period
- 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 we’ve been provided
- The applicant is an active military member or a family member of one
- State regulation is preventing us from lending to the applicant
- A shared bank account with someone who already has an active loan with us was detected
- A duplicate account with us was detected and needs to be removed before proceeding
- We’re unable to connect with the applicant's bank account to pull sufficient data to make a loan decision
We encourage you to reapply when you feel your application will better satisfy these considerations.
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 FICO credit score in any way.
Unlike traditional credit providers, we don't rely on the FICO credit score as part of our credit decision. Because we didn't initiate a hard pull on your credit as part of our decision process, your credit score will not be impacted in any way.