Applying for a Loan

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7. Does Possible lend to active duty military?

 

How to Apply

Loan applications are done through Possible's secure mobile app or at possiblefinance.com. To get started, download the Possible app: 

• Download from Google Play Store
• Download from iOS App Store

Are you a returning customer? You may be eligible for Fast Apply. 

If you are eligible for Fast Apply, you'll see a screen titled "Applying is fast and easy" after entering your phone number. Tap Continue to let Plaid securely gather your information. If you'd like to enter your information manually, tap the X on the first popup after Continue. 

 

Application Requirements

When submitting an application for the Possible Loan, it’s important to keep application requirements in mind.

To submit an application, you will be asked for:

• A mobile device that can download and install the Possible Finance app OR an electronic device that can access our web app
• A U.S. cellphone number (for account verification)
• Your name, Date of birth, street address (no PO Boxes) and SSN
  • Please make sure the name you use in your application matches the name on your ID
• Valid driver’s license or state-issued ID, when requested*
• A compatible checking account that is supported by our partner, Plaid**
  • At least 3 months of transaction history
  • Recent income deposits
  • A positive bank account balance

We're currently able to accept the following forms of identification:

• State-issued Driver's Licenses or Learner's Permits
• State-issued Identification Cards
• U.S. Passport Cards
• U.S. Passport Books
• U.S. Employment Authorization Cards
• U.S. Permanent Resident Cards
• Tribal Enrollment/Membership Cards
• I-872 American Indian Cards

We're unfortunately not able to accept the following forms of identification at this time:

• Military Identification Cards
• Foreign Passports
• Expired Identification Cards
• Temporary, paper Identification Cards

When taking a photo of your ID, please keep the following requirements in mind:

• The ID must be placed on a flat surface
• All 4 corners of the ID must be clearly visible
• Hands and fingers must not cover any part of the ID
• The photo must be clear and all information must be easy to read
• There should not be any excessive shadows or glares
• The ID must NOT be expired

NOTE: Meeting the listed minimum requirements does not guarantee approval. While we aren't able to disclose exactly how we make our loan decisions, our algorithms help us determine the amount we can safely lend to you.

*There may be times during the application process that we will request a valid driver’s license or state-issued ID. This is to help us verify your identity and/or address attached to your profile.

**To learn more about bank linking and requirements, please see this article

 

What States Can I Get a Possible Loan In?

Possible loans are available in the following states: Alabama, Arizona, Arkansas, California, Delaware, Florida, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, Nevada, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington state, Wisconsin and Wyoming.

If you would like to sign up for our waitlist you can download the Possible app, select your state of residence, and fill out your contact information. You’ll be notified once Possible becomes available in your state.

• For Google Play Store, use this link to download the app
• For iOS App Store, use this link to download the app

In the meantime, follow us on Facebook and Instagram for the latest updates about Possible and financial well-being, tips, and tricks.

 

Why am I being asked to provide proof of income?

If you live in the state of OH and share an account with someone else, you may be asked to provide proof of income since we cannot accurately determine your individual income. Please note, we will request updated proof of income for each loan application submitted with a joint account linked.

When uploading your paystub in the app, please be sure it includes:

• Your full name
• Gross pay
• Days worked
• Number of hours worked
• Employer Name
• Employer contact information
• Tax & deduction details

Alternatively, if you receive SSI or VA benefits as your income, we will need a copy of your benefits letter or recent benefit paystubs. When uploading a copy of your SSI benefits letter, please be sure it:

• Names you as the beneficiary (We are unable to accept benefits for dependents as your individual income)
• States your benefit amount
• States the benefit frequency
• Is dated within the past 45 days

If you are self employed, and do not have traditional paystubs, we can accept bank statements showing payments made to you/your business and copies of invoices as proof of income.

Please be sure your proof of income documentation includes the following:

• 4 weeks of payment details
• Clear date(s) (within the last 45 days)
• Your full name and/or your business name

In the event you send in documentation that only lists your business name, please also include documentation that reflects you as the sole owner of the business. If we cannot identify the payments/invoices as yours, or your businesses, we will not be able to accept them as proof of income.

 

How often can you reapply?

You can reapply every 72 hours after a denial. Your next eligible date is always visible in the app.

If you just paid off a loan, you’ll need to wait for the payment to finish processing before reapplying.

 

Will I be eligible for more money when I reapply?

We can't pre-approve loan amounts at this time or guarantee that your loan amount will increase.

Our algorithms help us determine the amount we can safely lend to you when you apply.

Once you’ve established a positive borrowing history, you are more likely to be approved for more. However, we can't guarantee approval or an increase in the amount. We review each loan application thoroughly and must continue to follow lending guidelines.

If you're approved for less, know that we have your best interests in mind!

 

Does Possible lend to active duty military?

We would love to work with active duty military members; but, because the rates on our short term loans are higher than permitted by the Military Lending Act, we are unable to.

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!