General Information

What is being evaluated?

Possible uses a proprietary underwriting system to make decisions. 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
  • Monthly cash flow analysis
  • Valid identification information

When can I reapply after being denied?

The date you are eligible to reapply will be shown in the app at all times!

You can reapply for a Possible loan every 72 hours without any impact on your credit score.

Unlike traditional credit providers, Possible doesn’t rely on your credit score as part of its loan decision. Because Possible doesn’t initiate a hard pull on your credit as part of the decision process, your credit score will not be impacted by applying for a card.

Please reapply when you feel your application will better satisfy the considerations listed above.

If your financial profile has changed since your last application, you can always retry the eligibility check. To do this, simply initiate a new application from within the app. We’re happy to take new applications from returning applicants. You should receive a decision on your new application within 24 hours.

 

Should I reapply for a lower amount?

Reapplying for a lower amount won't change the approval decision if nothing else about your application has changed.

The amount you select during the application process gives us a target to reach for, so there's no harm in selecting the maximum amount you'd like to receive.

When we review your application, we consider all amounts up to the amount you've selected. We always offer the most we can safely lend for every application.

For example, if you apply for a $350 loan but our algorithm determines that we can safely lend you $200, you will still be approved for $200.

 

Loans

What are common loan application denial reasons?

We wish we could support everyone but sometimes we have to make hard decisions.

Loans are most commonly denied for the following reasons:

  • The average bank account balance is low or often in the negative
  • The monthly income does not meet the minimum requirement of $750
  • Consistent payroll deposits over at least a 2-month period aren’t able to be detected
  • 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 provided
  • The applicant is an active military member or a family member of one 
  • State regulation is preventing Possible from lending to the applicant
  • A shared bank account with someone who already has an active loan with Possible has been detected
  • A duplicate account with Possible was detected and needs to be removed before proceeding
  • Possible is unable to connect with the applicant's bank account to pull sufficient data to make a loan decision

Why was my loan application denied for a State Database Restriction?

Possible has to operate in accordance with state lending laws.

Washington state currently prevents Possible from lending to people who meet the following criteria:

  • Eight or more loans in the prior twelve months
  • One or more outstanding small loans in default
  • One or more outstanding small loans in an installment plan
  • Total outstanding small loan principal amount will exceed the limit allowed ($700 or 30% of monthly income)

Florida currently prevents Possible from lending to people who meet the following criteria:

Why can’t you give loans to active duty military?

The Military Lending Act prevents Possible from working with anyone who is an active military member or a family member of one.

We would love to work with active duty military members. Unfortunately, the Military Lending Act prevents us from doing so.

If you would like to learn more about the Military Lending Act, the Consumer Financial Protection Bureau's article titled, "What are my rights under the Military Lending Act" is a great resource.

We wish you the best of luck as you look for alternative lending options and we thank you for your service!

 

Possible Cards

What are common card application denial reasons?

  • The average bank account balance is low or often in the negative
  • Residual monthly income does not meet the minimum requirement of $1000
  • Consistent payroll deposits over at least a 2-month period aren’t able to be detected
  • A high amount of returned checks or insufficient funds (NSF) fees are present
  • Payments on previous loans with Possible were returned or late
  • Identity is not able to be verified using the identification information provided
  • A shared bank account with someone who already has an active loan with Possible has been detected
  • A duplicate account with Possible was detected and needs to be removed before proceeding
  • Possible is unable to connect with the applicant's bank account to pull sufficient data to make a loan decision
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