Good credit is not required to loan with Possible and your credit score is not used to determine your eligibility!
During the application process, Possible performs what is called a "soft pull" on your credit report for fraud prevention and identity verification. This will not affect your credit score in any way.
Once you’re approved for a loan, Possible will report the status of your loan to TransUnion and Experian with the goal of helping to increase your credit score.
Your credit score is determined by a variety of factors including your payment history and the length of your credit history.
One of the best ways to improve your credit score is to make on-time payments over time. This is why Possible created a friendly, short-term loan product that can be repaid in 4 equal payments over approximately 8 weeks. Making your payments on time could help improve your credit score!
Things to keep in mind:
- Your credit score may be negatively impacted if you pay your loan off early.
- Making your payments late will negatively impact your credit score.
- At this time we’re unable to predict exactly how your score will be affected by using our product because TransUnion and Experian do not disclose exactly how they calculate credit scores.