Possible Finance review: is the Possible Finance cash advance app legit?
Possible Finance is a legitimate cash advance app, and Possible Financial Inc. , a public benefit corporation from Delaware headquartered in Seattle is the company behind it.
- Biggest advance
- $650
- Fee per month
- $15
- Fast transfer cost
- Free for most products; the fee for Single Advance is set in the app
- Complaints to the CFPB
- 2,912
Possible Finance on file
- Owner
- Possible Financial Inc. (doing business as Possible Finance), a public benefit corporation from Delaware headquartered in Seattle
- Issued by
- Across 29 states (AL, AR, AZ, CA, DE, FL, IA, IN, KS, KY, LA, MI, MO, MS, MT, NC, NE, NH, NV, OH, OK, OR, RI, SC, TN, TX, VA, VT, WY) the lender is Coastal Community Bank; in Alaska, Hawaii, Idaho, Utah and Washington, Possible Financial Inc lends under its own licenses
- Product
- Small installment loans span about 8 weeks with four payments, and some states include a $15/month membership cash advance.
- Subscription
- $15 a month, optional
- Fee for a fast transfer
- Possible Loan: debit card transfers have no instant fee (a footnote notes an Instant Delivery fee might apply in some states); Installment Advance: instant delivery costs nothing; Single Advance: the app displays an instant fee based on the advance amount
- Tips
- None asked
- Time without a fee
- The site footnote gives ACH 1-2 working days, while advances may take up to 3 working days
- APR
- 136.6% to 248.67%
- Credit checks
- Application requires no FICO check or hard inquiry; eligibility depends on linked bank account activity; credit bureaus receive reports on loan payments
- Time to get the money
- A debit card usually gets the money within seconds. Otherwise ACH takes 1-2 working days; a few loan customers wait up to 5, and advances up to 3
Taken from what Possible Finance publishes, CFPB complaint counts and public enforcement files. All sources are listed at the foot of the page
Possible Finance fees and costs
Possible Finance gives this example: In Alabama, a sample $500 loan carries an $87.50 finance charge for a $587.50 total, with a 176.23% APR paid over four bi-weekly payments.
Good to know about Possible Finance
- Most cash advance apps do not offer a real installment loan. This one does, with a published APR, 136.60% at the lowest and 248.67% at the highest, depending on state
- Four payments over about 8 weeks cover the loan, and you may move each due date up to 29 days at no cost.
- No FICO check is used when you apply, but credit bureaus receive Loan payment reports.
- Loans carry no tips or instant transfer fees; in nine states, a separate advance of up to $300 costs $15 per month as part of a membership.
- Coastal Community Bank acts as lender in most states, while Possible handles loan servicing
States where Possible Finance works
Possible Finance names 43 states on its own site. Each link opens that state's payday and small-loan rules as general background, not a ruling on Possible Finance's own advances.
- Alabama
- Alaska
- Arizona (capped)
- Arkansas (capped)
- California
- Colorado
- Delaware
- Florida
- Georgia (capped)
- Hawaii
- Idaho
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Massachusetts (capped)
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana (capped)
- Nebraska (capped)
- Nevada
- New Hampshire (capped)
- New Jersey (capped)
- New Mexico (capped)
- North Carolina (capped)
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Rhode Island
- South Carolina
- South Dakota (capped)
- Tennessee
- Texas
- Utah
- Vermont (capped)
- Virginia
- Washington
- West Virginia (capped)
- Wyoming
Possible Finance complaints and lawsuits
The CFPB database lists 2,912 complaints naming Possible Financial Inc. Most common issues: your report shows information that is incorrect.; someone tried to collect a debt you do not owe; they threatened or took legal or negative action. Check the CFPB count
- 2019 · California Department of Business Oversight (now DFPI)In a consent order, Possible told the regulator itself that it had made deferred deposit loans in California without the right license, which led to a desist order and a $51,500 penalty. Source
Short on cash before payday?
Talk to a specialist about lower-cost ways to cover the gap in your state. Talk to someone about cheaper options: 855.947.5189
This line reaches a debt and loan options specialist. We are not Possible Finance and cannot reach your Possible Finance account.
Possible Finance alternatives: apps like Possible Finance
| App | Fee a month | Biggest advance | Fast transfer on $100 | CFPB complaints |
|---|---|---|---|---|
| Possible Finance (this record) | $15 | $650 | – | 2,912 |
 FloatMe | $6.99 | $200 | $7.50 | 10 |
 Gerald | None | $200 | Free | None filed |
 Dave | $5 | $500 | $1.50 | 829 |
 Brigit | $8.99 | $500 | – | 384 |
– means the company does not publish it. Complaint counts are totals, not rates: a bigger company draws more. Open any name for its full record.
Questions about Possible Finance
Is Possible Finance legit?
Based in Seattle, Possible Financial Inc. operates Possible Finance, a real cash advance app; the company is a Delaware public benefit corporation. Some plans cost $15 a month, and the app advances up to $650. Our search turned up one government or court action on record, and 2,912 complaints sit in the CFPB complaint database under Possible Financial Inc
Who owns Possible Finance?
Seattle serves as the base for Possible Financial Inc. (dba Possible Finance), which is a Delaware public benefit corporation. On the loan, the lender is Coastal Community Bank in 29 states (AL, AR, AZ, CA, DE, FL, IA, IN, KS, KY, LA, MI, MO, MS, MT, NC, NE, NH, NV, OH, OK, OR, RI, SC, TN, TX, VA, VT, WY); Possible Financial Inc lends in Alaska, Hawaii, Idaho, Utah and Washington under its own licenses.
Does Possible Finance check your credit?
Applying requires no FICO check or hard inquiry, says Possible Finance; your linked bank account activity determines eligibility, and they report loan payments to credit bureaus.
How fast does Possible Finance send the money?
Possible Finance says a debit card usually gets the money within seconds; otherwise ACH 1-2 working days. A small number of loan customers may wait up to 5, and advances up to 3
Has Possible Finance been sued or fined?
California Department of Business Oversight (now DFPI), 2019: a Consent order found that Possible, after self-reporting, had made deferred deposit loans in California using the wrong license; desist order plus a $51,500 penalty.
Where the Possible Finance facts come from
- These products come from Possible Financial Inc. (dba Possible Finance) or from its bank partner, Coastal Community Bank.; In five states, Possible lends directly using its own licenses; Coastal Community Bank makes loans in 29 other states, with Possible handling the servicingpossiblefinance.com
- Possible Finance is a public benefit corporation formed in Delaware.; Possible states that it never requests tipspossiblefinance.com
- Headline amount for the Possible Loan; Fees typically charged on loans; A small share of customers may wait as long as 5 working days for an ACH loan transfer.possiblefinance.com
- Sending Possible Loan funds to a debit card has no instant transfer feepossiblefinance.com
- Applying for a loan requires no FICO check or hard inquiry; Loan payments get reported to credit bureaus.possiblefinance.com
- Paying $15 a month for Possible Membership gives access to the Installment Advance.; You can get Membership in only nine states.; The instant fee for a Single Advance varies by the size of the advancesupport.possiblefinance.com
- Advance amounts: subscribers get $50-$300, while non-subscribers get $10-$150possiblefinance.com
- Total complaints in the CFPB database for Possible Financial Inc (all Possible products)consumerfinance.gov
- Possible lacked the right license when making deferred deposit loans, a California regulator found.; Penalty from the 2019 California consent orderdfpi.ca.gov