Applying for a Loan

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6. 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.

Application Requirements

• 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
• 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

   

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 to new applicants in Alabama, California, Delaware, Florida, Indiana, Iowa, Louisiana, Michigan, Missouri, Ohio, Rhode Island, South Carolina, Tennessee, Texas, Utah, and Washington state. 

If you are a new applicant residing in a state that is not listed above, we're sorry for your disappointment and hope to serve you in the future. Lending regulations differ by state and we must adhere to the lending laws in each of the states we enter. This takes time, but we are working on reaching more states as quickly as possible!

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.

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!