Editorial Note: MakeHelpOf does not receive any commission from any website or third-party advertisers. It’s accurate to the best of our knowledge when it’s posted. {alertInfo}
{tocify} $title={Table of Contents}
Possible Overview
Payday loans are a form of short-term credit. Also called a cash advance, there isn’t a set definition of a payday loan, but they are usually $500 or less and repaid with a single payment on your next payday. They are often used to get additional cash when an urgent situation arises, like covering an unexpected bill or paying rent.
These loans are available from lenders in brick-and-mortar stores and from online businesses. Different lenders offer different rates and options, and some companies, like Possible, are significantly different from traditional payday loans due to repayment flexibility, the ability to build credit, and other options. This brief guide will cover applying for a payday loan, repayment, and different types of loan options that are available.
Annual Interest Rate and Fees
Payday lenders typically charge a percentage or dollar amount per $100 borrowed. The amount of the fee can vary from $10 to $30 for every $100 borrowed, depending on state laws and the maximum amount a state permits. The most common fee is $15 per $100. For a two-week loan, the $15 per $100 borrowed converts to about a 400% annual interest (APR).
Depending on the loan term and the fee, some payday loans can be as high as 700% or 800% annual interest (APR). According to research from the Consumer Financial Protection Bureau (CFPB), the median online payday loan costs $23.53 per $100 borrowed which is a 613% APR. These rates are all significantly higher than loans from Possible which are between 150% and 200% APR.
Minimum Credit Score Required
Offered Loan Amount
Eligibility Criteria
- You should be at least 18 years old
- You must a valid ID Proof or social Security number
- You must be a United States citizen or a permanent resident
- You must have a valid active US bank checking account
- You have to provide a valid email address and a phone number
- There must be some income deposited into your bank account.
Required Documents
- Valid Identity Proof.
- Have to provide a DOB.
- Valid current mobile number and Email id.
- An active American bank account.
- A social security number
Repayments Terms
Example of the Possible Payday loan
- Bank overdraft fees equate to a 17,000% APR!
- Suggested tips on payday advance apps can amount to a 730% APR!
- Typical payday loan APRs are 390%
How to apply for a Possible Payday Loan
- Download the Possible app on the iOS app store or the Google Play Store
- Sign in through the app and apply for a loan. You’ll need to connect your bank account and verify your identity
- We’ll notify you within 24 hours whether you are approved for a loan
- Sign the loan agreement and choose how you want to receive your funds
- Repay over time and start building credit!
Editorial Note: MakeHelpOf does not receive any commission from any website or third-party advertisers. This is just a review article based on consumers’ experiences from the internet. It’s accurate to the best of our knowledge when it’s posted. Please read all the information carefully before you make any decision. {alertInfo}