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.
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 an income of at least $750 per month.
- Consistency of income deposits over time: the more, the merrier!
- Returned checks or insufficient funds (NSF) fees: keep these to a minimum; frequent returns could be a sign that our payments will be returned too.
- Existence of deposits and withdrawals from other lenders: having loans out with other lenders could decrease your loan offer amount; we want you to have money left over after you pay your bills!
- Previous loan repayment history with Possible: the best way to increase your loan offer amount is to repay your loans with us on time, without any returned payments.
- Monthly cash flow analysis: if your account is being drained too quickly, we might decrease your loan offer amount to prevent overdraft and insufficient funds (NSF) fees.