How does the possible credit card work? (2024)

How does the possible credit card work?

The Possible Card doesn't require a credit check and instead relies on a cash-flow-based underwriting algorithm to determine whether you qualify. But that underwriting process requires you to link an eligible account through a third party called Plaid.

Does possible have a monthly fee?

Possible Finance states that it doesn't charge interest, and instead has fees of $8 or $16 month depending on your credit limit. Origination fees. Fees vary by state, as well.

Is possible a real loan company?

Possible Finance is a consumer finance company that helps borrowers get fast funding. Although it only has two products, a credit card and a personal loan, it offers loans large enough to get you out of a small emergency.

How much can you get from possible finance?

Sky-high interest rates: Although the rates on a Possible Finance loan are lower than payday loans, they're still much higher than traditional personal loans, coming in at an average of 150 percent. Small maximum amount of $500: The maximum loan amount sits at $500, which is much lower than what other lenders offer.

Can you use the possible card anywhere?

However, you can still use your Possible Finance card everywhere Mastercard is accepted. The fact that Possible Finance credit card cash advances are not an option might actually be a blessing in disguise.

How long does it take to get money from possible?

You can receive your money through an ACH transaction or with a debit card. Money sent by ACH takes 1-2 business days (not including Saturdays, Sundays, or bank holidays) to arrive in your account.

What is the most you can borrow from possible?

Does possible pull credit?

Possible Finance doesn't check applicants' credit with the three major credit bureaus to determine their eligibility. This makes it an option for borrowers with low credit scores and thin or no credit histories.

How to get $500 instantly?

You can get a $500 loan via a personal loan, payday loan, payday alternative loan, cash advance app, or credit card cash advance.

Can I pay my possible loan early?

Can I Repay My Loan Early? There is no penalty for repaying early! If you're still within our 29-day grace period, you should be able to update your payment dates in the app at your convenience.

Does possible finance report to credit?

When does Possible report loans to the credit bureaus? We actively report to two of the three major credit bureaus, TransUnion and Experian. We report the status of all loans at the beginning of each month for the previous month.

What is a possible card?

The Possible Card is the first and only no credit check, flat fee credit card. The Possible Card is designed to help you stay out of long-term debt, build credit history, and achieve long-term financial health.

Is there another App like possible finance?

Possible Finance's top competitors include Cambio, SoLo Funds, and SeedFi. Cambio serves as a financial technology company specializing in credit recovery and financial health improvement. The company offers AI-powered tools to help individual…

Is possible credit card worth it?

No APR or late fees apply, but don't be fooled

Possible Finance claims on its website that the monthly fee is cheaper than the charges on a traditional credit card, but that's misleading. For most credit cards, interest charges don't apply at all if you pay off the balance in full every month.

How do I speak to someone at possible finance?

In case of errors or questions about electronic transfers related to a Possible Loan, call us at 844-849-7207 or write us at help@possiblefinance.com as soon as you can. For errors or questions about electronic transfers or transactions for a Possible Card, please review the Cardholder Agreement.

Does possible finance use plaid?

In order to connect with your bank account, Possible uses a third-party bank data integration partner, Plaid.

How does Dave loan work?

Dave offers cash advances of up to $500 — an amount similar to a payday loan. Although there's a fee to get the funds within minutes, it is capped at $13.99, depending on the amount and account being used. There's no minimum account balance or credit check required to get approved.

Why is my possible app not working?

Many of the issues can be resolved by uninstalling and reinstalling the app before signing back in. This assures that you are on the most recent version of the app and clears any errors that existed in previous versions.

Does cash instantly deposit?

The role of business days and holidays

If you deposit cash, that money goes directly to your account and will be ready for you to use immediately. But for checks and other items that might need verification (to protect you and the bank), the money usually won't be available until the next business day.

Can you borrow 5000 dollars?

There are lots of options available for getting a $5,000 loan, including payday loans, personal loans and credit cards. For those with a good credit score and favorable debt-to-income ratio, personal loans are probably your best option, thanks to their manageable interest rates and clear repayment terms.

Can you borrow $5000 from bank?

Several online lenders and banks offer personal loans for $5,000, but to find the best option for you, it's important to assess your current financial situation and compare the pros and cons of borrowing. In this article, we'll discuss eight of the best lenders for a $5,000 loan along with how to qualify and apply.

Can I take a loan out for $1000?

You can find $1,000 loans offered by many lenders, including banks, credit unions, online lenders, and payday lenders.

What is the possible credit score?

Credit scores typically range from 300 to 850. Within that range, scores can usually be placed into one of five categories: poor, fair, good, very good and excellent.

What credit score is pulled the most?

For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO^® Score 8, which is the score most widely used by lenders.

Can you be denied a pre approved credit card?

Yes, it is possible to be denied a pre-approved credit card. This is because being pre-approved for a credit card simply indicates that your chances of approval for an account are very high (around 80-90%) should you decide to apply.