The required Possible Finance consumer disclosures in one place, plus the representative example that appears at the foot of every page on this site and the arithmetic behind it.
Possible Finance is a consumer lender offering unsecured installment loans from $200 to $5,000. We lend only in states where we hold the required licence; the current list is on where we lend.
A loan of $2,000 repaid over 12 months carries a single flat fee of $350.00. You repay $195.83 a month for twelve months, a total of $2,350.00. The representative APR is 30.9%.
This example is the one shown in the footer of every page. It is representative, not an offer: the amount, term, fee and APR available to you depend on your state, the amount approved and your banking history.
The fee is charged at a representative rate of 17.5% of the amount borrowed per twelve months, scaled to the term. It is fixed when the agreement is signed. Nothing compounds, nothing accrues daily, and the total cannot grow after the fact.
APR is solved from the payment schedule itself rather than quoted from the fee, which is why a 17.5% fee over twelve months produces an APR near 30.9%. The two figures measure different things — a price and a speed. Our note on flat fees versus APR works through this in full, and you can reproduce any figure on the loan calculator.
A late fee may apply where your state permits it, and the amount is stated in your credit agreement. The flat fee itself does not increase, and no interest accrues on a missed payment. Late and missed payments are reported to the credit bureaus and may lower your credit score.
We report repayment history to all three nationwide credit reporting agencies. On-time payments are reported from the first month; late and missed payments are reported the same way. Reporting cycles are monthly, and no lender can promise a specific change to your score.
State law may cap the maximum amount, the maximum term, or the total cost of credit. Where a state rule is stricter than our product limits, the state rule applies and the offer is reduced to comply. The current caps are listed state by state on where we lend.
Federal law provides important protections to members of the Armed Forces and their dependents. The Military Lending Act caps the Military Annual Percentage Rate on certain consumer credit at 36%, inclusive of most fees. Where those protections apply, the terms available to you may differ from those shown on this site, and in some cases we may be unable to lend.
We do not discriminate on the basis of race, colour, religion, national origin, sex, marital status, age, or because income derives from a public assistance programme, or because a right under the Consumer Credit Protection Act has been exercised.
Where an application is declined you are entitled to a statement of the specific reasons, which we provide in an adverse action notice.
An installment loan is a short-term instrument for a specific shortfall. It is not a substitute for income, and it is a poor way to fund recurring expenses. Before accepting an offer, check the payment against the month you actually have. Our note on responsible lending sets out the cases in which we would rather not lend to you at all.
Contact us first at [email protected]; most issues are resolved within one business day. You may also complain to your state regulator or to the Consumer Financial Protection Bureau, and doing so will never affect how we treat your account.