We aren't able to disclose exactly how we make our loan decisions but our algorithms help us determine the amount we can safely lend to you.
We can't guarantee you'll be eligible for the maximum amount at this time.
We want to make sure we're not over-lending, which can cause overdraft fees and credit damage if payments become too difficult to keep up with.
Here's our best advice:
- Bank account balance: you should have a positive bank balance; the higher your bank account balance is when you apply, the better!
- Minimum monthly income: we like to see at least $750/month worth of income.
- Consistency of income deposits over time: the more, the merrier!
- Returned checks or Insufficient Funds Fees: this could be a bad sign that our payments might be retuned too, so try to keep these to a minimum to maximize your loan offer amount!
- Existence of deposits/withdrawals from other lenders: we want you to have money left over after you pay your bills, having other loans out already could decrease your loan offer amount.
- Previous loan repayment history with Possible Finance: the best way to increase your loan offer amount is to repay your loans with us on time, without any returns.
- Monthly Cash Flow analysis: same as before, we want you to have money available in your account so if your account is being drained too quickly, we might decrease your loan offer amount to prevent overdraft and insufficient funds fees.