Applying for a Loan

This article covers applications for both the Possible Loan and loans accessed through the Plus plan. For more information on each product, visit About Possible Loans and About Plus plan.

Contents of this Page

1. How to Apply
2. Eligibility Requirements
3. Application Requirements
4. What states is Possible available in?
5. How often can you reapply?
6. Why can't I apply for a Possible Loan right now?
7. Will I be eligible for more money when I reapply?

How to Apply

How to Apply for a Possible Loan: Full Walkthrough & Tips | Possible Finance - YouTube

How to Apply for a Possible Loan: Full Walkthrough & Tips | Possible Finance

Loan applications are done through Possible's secure mobile app or at possiblefinance.com. To get started, download the Possible app:

• Download from Google Play Store
• Download from iOS App Store

Applying for a loan through the Plus plan
If you're applying for a loan through the Plus plan, you'll need an active Plus plan before you can apply. Visit About Possible Plus plan to learn how to sign up.

Once you’ve signed up for Plus, you can apply for a loan directly from your home dashboard. Your bank account is already linked from when you signed up, so the process is short. Choose your loan amount, confirm your bank account, review your information and submit.

Applying for a Possible Loan
To apply, download the Possible app, choose your loan amount, enter your phone number, and link your bank account. Once you've added your information, review your details and submit your application.

After entering your phone number, some customers may see a screen titled "Applying is fast & easy." If you do, tap Continue to let Plaid verify your information and link your bank account in one step, or tap the X to enter your information manually instead.

Eligibility Requirements

To apply for a loan at Possible, you must meet the following eligibility requirements:

• You must reside in a state where the product you are applying for is available. For a full list of states by product, visit our State Eligibility page.
• Applying for a loan through the Plus plan: You must have an active Plus plan in addition to the requirements above.

Note: Meeting eligibility requirements does not guarantee approval.

Application Requirements

When submitting an application for the Possible Loan, it’s important to keep application requirements in mind.

To submit an application, you will be asked for:

• A mobile device that can download and install the Possible Finance app OR an electronic device that can access our web app
• A U.S. cellphone number (for account verification)
• Your name, Date of birth, street address (no PO Boxes) and SSN
  • Please make sure the name you use in your application matches the name on your ID
• Valid driver’s license or state-issued ID, when requested*
• A compatible checking account that is supported by our partner, Plaid**
  • At least 3 months of transaction history
  • Recent income deposits
  • A positive bank account balance

We're currently able to accept the following forms of identification:

• State-issued Driver's Licenses or Learner's Permits
• State-issued Identification Cards
• U.S. Passport Cards
• U.S. Passport Books
• U.S. Employment Authorization Cards
• U.S. Permanent Resident Cards
• Tribal Enrollment/Membership Cards
• I-872 American Indian Cards

We're unfortunately not able to accept the following forms of identification at this time:

• Military Identification Cards
• Foreign Passports
• Expired Identification Cards
• Temporary, paper Identification Cards

When taking a photo of your ID, please keep the following requirements in mind:

• The ID must be placed on a flat surface
• All 4 corners of the ID must be clearly visible
• Hands and fingers must not cover any part of the ID
• The photo must be clear and all information must be easy to read
• There should not be any excessive shadows or glares
• The ID must NOT be expired

NOTE: 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.

• There may be times during the application process that we will request a valid driver’s license or state-issued ID. This is to help us verify your identity and/or address attached to your profile.
  **To learn more about bank linking and requirements, please see this article

How often can I reapply?

You can reapply every 72 hours after a denial. Your next eligible date is always visible in the app.

If you just paid off a loan, you’ll need to wait for the payment to finish processing before reapplying. For a step-by-step walk-through, check out this video tutorial on how to reapply for a loan.

Why can't I apply for a Possible Loan right now?

If you recently repaid a Possible Loan and don’t see the option to apply again, your state may require a short waiting period—also known as a “cooling-off” period—before you're eligible to borrow again. This applies if you're in one of the following states:

Hawaii

You’ll be able to reapply 3 full days after your final payment has been completed on your previous loan.