Possible Finance Review

Possible Finance for Credit Building With Higher APR

Possible Finance ranks #10 of 10. Unlike the tip-based apps above it, Possible is primarily a small-dollar installment loan product (with a separate cash advance feature) that charges fees and reports payments to build credit. It is best for borrowers with thin or poor credit who want their on-time payments to help their score, and who understand the cost.

How it works

You apply through the app, which underwrites you on banking activity rather than a FICO score, so applying does not affect your credit. Approved borrowers get a loan up to about $500 (lower in some states) repaid in installments, or a smaller advance. On-time payments are reported to TransUnion and Experian.

Costs and fees

Possible charges a fee per $100 borrowed rather than traditional interest, which works out to a high effective APR that varies by state, well above the 36% many advocates consider the affordability line. A $15 monthly subscription is required to reach the full cash advance limit. There are no late fees, and you can reschedule payments.

Funding speed, eligibility and availability

Funding is often within minutes to an eligible debit card, or one to two business days by standard ACH. Availability is limited: the loan is offered in roughly 34 states and the advance in a smaller, shifting set, so check whether it is available where you live before applying.

Pros and cons

Our verdict

Possible Finance ranks #10. It is a credit-building tool more than a plain advance, and its high effective APR plus limited state coverage make it the costliest, least accessible option here for someone who just wants earned-wage access.

Want to see how Possible Finance stacks up against the field? Compare it on our full ranking of the best EWA apps, or read more in the EWA Learning Center.