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
  • Valid driver’s license or state-issued ID**
  • Your social security number (SSN)**
  • A compatible checking or savings account that is supported by the app and has*:
    • At least 3 months of transaction history
    • Recent income deposits
    • A positive bank account balance

At this time we are only able to accept loan applications from new applicants in the following states: Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Louisiana, Michigan, Ohio, Oklahoma, Rhode Island, Texas, Utah, and Washington state.

*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. 

**Possible needs your social security number (SSN) in order to verify your identity. Rest assured, the Possible app is secure so your information will be safe! Possible is required by law to check your SSN against certain databases in order to remain compliant with state lending regulations.

 

What states is Possible available in?

Possible Loans are available to new applicants in Alabama, California, Delaware, Florida, Idaho, Indiana, Iowa, Kansas, Louisiana, Michigan, Ohio, Oklahoma, Rhode Island, Texas, Utah, and Washington.

If you are a new applicant residing in a state that is not listed above, we hope to serve you in the future! Each state has its own lending regulations and we must adhere to state lending laws. This will take time and we're working to reach other states as quickly as possible.

In July of 2022, Possible and Coastal Community Bank made the business decision to pause accepting new applicants in the following states: Kentucky, Mississippi, Missouri, South Carolina, and Tennessee.

Because this change only impacts new applicants, existing and returning customers from these states will still be able to:

  • Complete active loans they have out with us, per the loan agreement signed upon acceptance
  • Reapply for new loans as needed

We apologize for the difficulties this may cause for new applicants who were hopeful of using our services. We are working to determine a more viable and sustainable business model for residents of these states, but this will take time. We appreciate you choosing Possible as your first choice, but recommend that you find alternative options for financial assistance at this time. Please sign up for our waitlist and we will notify you in the app when this changes.

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, can reapply every 72 hours without any impact on your credit score.

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?

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!

Was this article helpful?
5 out of 6 found this helpful

Comments

0 comments

Article is closed for comments.