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 access on possiblefinance.com! The Possible app can be downloaded in the Google Play Store or the iOS App Store. Click here to get started.

If you are a returning customer, you may have the option to fast apply. If you are eligible to fast apply, you will see a screen titled Applying is fast and easy after entering your phone number. You can tap Continue to use the fast apply option, which will work with Plaid to gather your information vs you manually entering all the details. You can also tap the X to opt out on the first popup after tapping the Continue button.

 

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 is Possible available in?

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

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. Once Possible becomes available in your state, you will be notified immediately!

In the meantime, follow us on Facebook and Instagram for the latest updates 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?

The date you are eligible to reapply will be shown in the app at all times. If you’ve been recently denied, you can reapply every 72 hours.

If you recently paid off a loan, you will need to wait for your repayment to finish processing in the app before you can reapply. 

If you happen to take out two loans in a seven day period, there is a cool down period one calendar week before applying for the next loan.

 

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!