Will taking a loan out with Possible affect my credit score?

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Good credit is not required to loan with us and we do not use your credit score to determine your eligibility! 

During the application process, we will perform 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, we will report the status of your loan to the credit bureaus 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 we 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 the credit bureaus do not disclose exactly how credit scores are calculated.