How to Apply for a Possible Finance Loan in Broken Arrow?
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Download the App. Go to the Google Play Store (for Android devices) or the iOS App Store (for iPhones) and search for the "Possible Finance" app. Download and install the app on your mobile device.
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Create an Account. Open the app and sign up for an account. You'll need to provide your personal information, including your name, email address, and password.
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Provide Required Information. Once you've created an account, the app will guide you through the process of providing the necessary information. This typically includes details such as your employment, income, banking, and other relevant details.
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Submit Documents. Possible Finance may require you to provide certain documents to verify your identity, income, and other information. These documents could include a photo of your ID, proof of income, and bank statements. You'll usually be able to upload these documents directly through the app.
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Loan Application. After submitting all the required information and documents, you can proceed to fill out the loan application. This will include selecting the loan amount you're requesting and the repayment terms that suit you.
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Review and Accept Terms. Carefully review the terms and conditions of the loan before accepting them. Ensure you understand the interest rates, repayment schedule, and associated fees.
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Submit Application. Once you've reviewed the terms and are comfortable with them, you can submit your loan application through the app.
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Wait for Approval. Possible Finance will review your application and the provided documents. This process may take some time, and the company will notify you about the status of your application.
Conditions and Requirements
Conditions
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Loan Amount. Possible Finance loans range from $100 to $500, depending on eligibility. Possible Finance states that APRs range from 150% to 200%, though they may go up to 249% in some states.
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Loan Term. Possible Finance loans must be repaid within four weeks or over four equal installments, depending on the borrower's repayment preference and eligibility.
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Fees. Possible Finance charges lower fees than traditional payday lenders, but there is still a fee associated with borrowing. The exact origination fee varies based on the amount borrowed, repayment terms, and other factors. Typically, it is 2% of the loan amount. Possible Finance does not charge interest or penalties for late payments but charges a fee for missed payments.
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Credit Check. Possible Finance does not require a traditional credit check to approve loan applications. Instead, they use alternative data sources to assess a borrower's creditworthiness.
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Eligibility. To be eligible for a Possible Finance loan, borrowers must be at least 18 years old, have a steady income, and meet other eligibility requirements. Possible Finance loans are only available in certain states, so borrowers should check the website or mobile app to determine if they are eligible. To be eligible, you must have a monthly income of no less than $750 and maintain consistent deposits for a period of at least two months.
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Repayment. Borrowers can repay their loan in four equal installments or in full on their due date. Possible Finance loans can be repaid early without penalty.
Requirements
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Device Compatibility. You can use either a mobile device capable of downloading and installing the Possible Finance app or an electronic device that can access our web app.
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U.S. Cellphone Number. A valid U.S. cellphone number is required for account verification purposes.
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Personal Information. Provide your full name, date of birth, street address (excluding PO Boxes), and Social Security Number (SSN).
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Identification Documentation. When requested, you may need to submit a valid driver's license or state-issued ID to assist us in confirming your identity.
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Checking Account. You'll need a compatible checking account supported by our partner, Plaid. This ensures a secure and seamless loan transaction process.
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Financial History. Have at least 3 months of transaction history, showcasing recent income deposits and maintaining a positive bank account balance.
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Income. You must have a monthly income of at least $750.
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
