As Possible’s Chief Credit Officer, I think a lot about what makes lending equitable, accessible and actually helpful for people. My team and I have worked hard to make sure our approach at Possible is a little different than what you’ll find from other lenders. 

For example: We don’t charge penalty fees. We offer flexible repayment plans. There’s no FICO check when you apply. I’ve spent my career in this industry, and that’s how I know: these things stand out in the lending space. 

You might be wondering, exactly how can we qualify someone for a loan when there’s no FICO check and good credit isn’t required? Well, my team and I have so many other ways to evaluate creditworthiness. We focus on factors like your real-world financial habits—your paychecks, cash flow, and spending patterns—to determine if a Possible Loan makes sense for you. And if it does? We report your payments to credit bureaus so you can build credit history along the way.

It all comes back to this: As a Public Benefit Corporation, your financial health isn’t just our mission. It’s our responsibility. 

That means we’re also here to demystify the fine print and take the guesswork out of the process. You may find some loan companies gatekeep information and hide the way things really work behind paragraphs of fine print. That’s just not us. 

We built the Possible Loan to be fast and easy to apply for—and you should know that getting approved isn’t rocket science. The key to approval isn’t luck—it’s all about your financial habits, cash flow and income. 

At the heart of every application is one simple thing: we need to know whether you’ll be able to make your payments, and how much. So, we look for things like regular income, steady paychecks and cash flow. One more thing to keep in mind: applying for a Possible Loan is risk-free. If you’re not approved the first time, you can always try again. While approval isn’t guaranteed, keeping these tips in mind can help set you up for success. 

As a Public Benefit Corporation, your financial health isn’t just our mission. It’s our responsibility. That means we do a lot of things differently: we don’t charge penalty fees, we offer flexible repayment plans, and we don’t check your FICO score when you apply. Instead, we look over your actual finances—like paychecks, cash flow and money habits—to see if you’ll qualify for a loan. Then we report your payments to credit bureaus, helping you build credit history. 

But it goes beyond benefits and savings: we’re all about demystifying the fine print and taking the guesswork out of the process. Even though pushing that “Submit” button on your loan application can feel uncertain, you should know one thing: we’ve got your back. 

You may find some loan companies gatekeep information and hide the way things really work behind paragraphs of fine print. That’s just not us. We built the Possible Loan to be fast and easy to apply for—and you should know that getting approved isn’t rocket science. The key to approval isn’t luck—it’s all about your financial habits, cash flow and income.

At the heart of every application is one simple thing: we need to know whether you’ll be able to make your payments, and how much. So, we look for things like regular income, steady paychecks and cash flow. One more thing to keep in mind: applying for a Possible Loan is risk-free. If you’re not approved the first time, you can always try again. While approval isn’t guaranteed, keeping these tips in mind can help set you up for success. If you’re looking to boost your odds, here’s what you need to know:

1. Maintain Consistency in Your Bank Account

Stability can do a lot for your application. A healthy bank balance and a consistent history of funds in your account can strengthen your odds of approval because it shows you’re likely to be able to pay us back. When our proprietary algorithm reviews your cash flow, we’ll watch to see if your account frequently dips into low balances or has excessive overdrafts. If that’s the case, we may offer a smaller loan amount or it may be harder to get approved because the repayments might be too much of a financial burden. 

A lot of times, people ask us why we would do things this way. One reason is that we are a Public Benefit Corporation—and what’s our public benefit? Supporting your financial health. If we were to approve your application even though you might not have enough money coming in to make your repayments, we would be harming—not helping. (Regulators create rules around lending with this kind of thing in mind, too.) 

Money habits that can help your application: 

• Try to keep a cushion in your bank account to show financial stability.

• Avoid excessive overdrafts or negative balances.

• Keep track of recurring expenses to ensure they don’t drain your account unexpectedly.

There’s no FICO check when you apply for a Possible Loan. That means your FICO score isn’t even considered when we’re evaluating how much you can borrow—it’s just not part of our application. So, if you have a high credit score but your bank doesn’t show consistency, a credit-based loan application may be a better fit for you. 

2. Link the Account Where You Get Paid

When applying for a Possible Loan, linking the bank account where you receive your income can improve your approval odds. Regular income deposits show that you have a steady flow of money coming in, which reassures lenders like us that you can manage loan repayments. Depending on where you live, there are even state laws on things like debt-to-income ratio that can influence your loan size and eligibility. 

There’s a lot of fancy math behind how our app works, but here’s the heart of it: we are using your bank account to underwrite (that’s a lending term that means evaluate) you for a loan. 

How much income do you need to get approved? There’s no one answer to that. The exact level may depend on regulations in your state. (Some states have regulations that dictate loan size relative to income.) 

So, this all means: it’s not ideal to apply right after you switch bank accounts. If you’ve just made the switch, a credit bureau-based loan application may be a better fit at that time. Or, plan ahead: apply for a loan before you make the switch to a new bank account. 

The more your money is spread across bank accounts, the harder it is for us to get an accurate picture of what’s going on. While some people manage money that way—with some paychecks going to one account and other income to another—it’s better for your Possible application to be able to show most of your cash flow in one place. Nowadays, some people use an online bank for some of their money and do in-person banking elsewhere with a separate account. 

What to keep in mind when you apply: 

• Use the same bank account for direct deposits instead of switching between multiple accounts.

• If possible, avoid withdrawing all of your paycheck right away—maintaining a balance helps.

• Set up direct deposit if you haven’t already; it adds a layer of reliability to your financial profile.

• And, the obvious: it should be your bank account: the account that you link during your application should be in your name. 

3. Be Conscious of How You Borrow

When you apply, if you’ve ever had a Possible Loan before, we’ll take that into account. Let’s say you’ve already made a number of on-time payments with us before. That counts towards getting approved—and even potentially getting a higher loan amount if you need it. 

Having multiple outstanding loans at the same time can hurt your chances of approval. Lenders like Possible want to see that you can manage your current financial obligations before taking on new debt. If you’ve taken out a couple loans already before applying to Possible, we might be worried about the payment obligation you’re going to have later on. 

Beyond just that, we report your payments to credit bureaus, so it’s better for you to make on-time payments and contribute to building credit history.  This is just one of the things we do as a Public Benefit Corporation to benefit your financial wellbeing—because unlike our competitors, our business is so we win when you win. We don’t profit from late fees or penalty fees. In fact, we don’t even charge them. Instead, we do well when you do—and part of that success is building up your credit history so one day, you won’t need us anymore. 

When it comes to the amount of borrowing you’re doing and your credit history, we want to protect the progress you’ve made so far. Taking out a Possible Loan and then not being able to make your payments because you borrowed too much would be against our mission to support your financial health. (And BTW: we do offer payment flexibility for this reason, too.) 

If you’ve taken out multiple loans and paid them back too quickly, it can look like you’re trying to “game the system.” A little early repayment is fine, but paying off a small loan immediately and reapplying for a bigger one can raise red flags.

Long story short: if we see a lot of recent borrowing within your application, we begin to worry that you won’t have the money to repay those other obligations. The last thing we want is to report negative information to credit bureaus (another reason for our 29-day grace period).  

The best things you can do for your application: 

• Avoid applying for multiple loans at once, as this can signal financial strain.

• Build a positive history with Possible—responsible borrowing and on-time payments can work in your favor.

• Pay off smaller debts before applying for a new loan, if you can.

• Making on-time payments on previous loans can benefit your credit history if that lender reports to credit bureaus. 

  • ✅ If you have a history of successful repayment with Possible, you’re more likely to be approved for another loan.

  • 🚫 If you’ve been moving payments too frequently or have struggled to repay past loans, it could impact your loan size or eligibility.

It’s easy to make on-time payment with Possible—we don’t nickel-and-dime you after one missed payment the way some lenders might. After you get approved for your Possible Loan, you don’t owe all the money back at once. Thanks to our Pay Over Time installment plans, you can catch your breath by repaying in four installments* over the next eight weeks, with a payment schedule that’s synced across each of your four upcoming paychecks. 

On top of that, there’s a 29-day grace period for every payment so you can catch up on your loan payments if you need more time. Beyond that, there’s the Relief Plan if you’re impacted by a qualifying event like medical expenses or a natural disaster. When life happens, we’ve got your back. 

Benefits like these make paying on-time a piece of cake—because there’s no credit impact and no rescheduling fee. All of the on-time payments you make on your Possible Loan can help boost your next Possible application. You can take full advantage of the 29-day rescheduling option when you need to, but sticking to paying within a couple weeks of the scheduled due date can boost your next application.    

4. Smart Spending & Planning Ahead Can Make a Difference

How you manage your money matters just as much as how much you make. Overspending, frequently draining your balance, or incurring insufficient funds fees can negatively impact your loan application. 

It’s normal to have ups and downs when it comes to your bank balance. Paychecks come in, rent checks clear, bills get paid, and finances change day-by-day. It adds up—and sometimes it’s all due at the same time, and you’re stuck waiting for payday or incurring late fees. 

If by looking ahead, you realize you’ll need a financial cushion, applying for a loan before all those withdrawals are coming out of your account can help your approval odds. That’s because having a positive bank balance and money in your account is favorable for your application. Coming to us after your mortgage check bounces can lower your chances of approval. Save the overdraft fee and plan ahead when you can. 

How to improve this:

• Look ahead to when bills are due and plan for big expenses. Borrowing before your bank balance gets low can be a smart move. 

• You don’t need a fancy, elaborate budget (unless you want one) but know how to track where your money goes each month.

• Be mindful of recurring subscriptions and automatic payments that could cause overdrafts.

• Try to keep a buffer in your account so you don’t risk hitting a zero balance before your next paycheck.

We want you to be successful at repaying your loan—it’s best for your finances, your credit history and your future borrowing relationship with Possible. That means we evaluate each application thoughtfully, and we make extra sure there’s a fair, flexible repayment plan so you can get back on track. 

The Bottom Line

Applying for a Possible Loan is risk-free, and if you’re not approved right away, you can always try again. By maintaining a steady bank balance, linking the account where you get paid, borrowing responsibly, and managing your spending wisely, you’ll put yourself in the best position for approval.

Ready to apply? Get a Possible Loan today and take control of your financial future.

Throughout my career in consumer lending, my goal—and Possible’s mission—is to help make borrowing more transparent, accessible, and actually helpful. I want you to feel confident in your financial decisions. Whether you’re applying for a Possible Loan today or just working toward better money habits. No matter where you are in your journey, there’s always a path forward, and I’m here to help you navigate it. 🟦