![]() They specialize in small loans for people who may struggle to qualify for other loan or credit products. Possible Finance offers only one type of loan: an installment loan. If you live elsewhere, you'll need to look to competitors for borrowing options. It's licensed only in Ohio, Idaho, Washington, Texas, Utah, Florida, and California. One downside is that Possible Finance can't offer loans in all states. The company generally receives positive reviews, and the speed with which it funds loans can be a big boon to those who need immediate access to cash. The lender targets Americans who have difficulty gaining access to traditional credit when they need to borrow, as well as people who want to improve their credit score but can't do so until a lender gives them a chance. The company's goal is to help Americans who have been taken advantage of by a system in which big banks charge billions in punitive fees and trap people in persistent debt cycles. The company’s founders worked for a decade to develop the technology that makes police body cameras work before eventually founding Possible Finance. Possible Finance has a positive mission around financial health and financial fairness. Is headquartered in Seattle, Washington, and Tony Huang is the CEO and co-founder. What Possible Finance customers are saying.Payday alternative loans at Possible Finance.The maneuver involves accessing a customer’s financial footprint with open banking. The companies want to make things more fair for those who haven’t gotten access to credit. See also: Yapily Partners With Yonder to Offer Credit to Underserved In related news, PYMNTS wrote that Yonder, a credit card startup, is teaming with Yapily, an open banking platform, to give access to credit for those who don’t have a U.K. “Existing credit card companies work just like payday lenders – they profit by intentionally lending to vulnerable consumers knowing they won't be able to make timely payments.” “When we realized many of our customers escaped the payday debt cycle only to jump right into a similar trap caused by credit card debt, we knew Possible could offer a better solution,” Huang said. Tony Huang, co-founder and CEO of Possible Finance, said the company was intended to help “break the debt cycle” that is caused by predatory financial products, and also help them add to their credit history. Possible Cash is a cash advance offering, giving customers the opportunity to qualify for an unsecured credit card, and letting customers who are doing well be automatically pre-approved for a Possible Card, letting Possible reach more underserved customers. The card is designed for “those undervalued by the current financial system.” The release said it doesn’t come with interest or late fees, rather just one monthly fee. The Possible Card isn’t a regular credit card with interest charges or penalty fees, instead building a new kind of card to help customers fight against mounting debt to boost long-term finance habits. That was the first product the company put out, which was a short-term, small-dollar installment loan to help those who can’t access affordable credit and succumb to predatory lending. FinTech firm Possible Finance, which works on financial services for the underserved, announced Tuesday (May 3) that it has received an additional $20 million in equity funding, along with important key executive hires and the rollout of new credit card and cash advance products.Īccording to a press release, the new products are Possible Card and Possible Cash, which will build on the Possible Loan.
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