Good NestingWhat do twelve million Americans use annually to get fast financial help? Payday loans that come equipped with ridiculously high interest rates that can lead to their long-term economic downfall.
Of course, payday loans can sometimes be the only option for short-term financing. And when you have to put food on the table and keep the lights on, getting a payday loan may be your last resort. Luckily, there’s another type of loan that can help without hurting you with ultra-high interest.
Where can you find this loan? Via the Possible Finance app, which we’ll take a closer look at now.
Short-Installment Loans from Possible Finance
A payday loan from your nearest check cashing store can lead to interest rates as high as 400%. In other words, it can help you in the short term while creating severe damage in the long run. Thanks to Possible Finance, you can get up to a $500 loan quickly minus those predatory interest rates.
What makes most people resort to payday loans? Besides being in a pinch and needing money fast, it’s bad credit. With Possible Finance, this is not an issue, since there are no credit checks.
When you get a loan from Possible Finance, you’ll be expected to pay it back within two months. This is more favorable than a payday loan, which expects faster payment that coincides with your next paycheck.
While having more time to pay back your loan is a plus, so is the effect that it has on your credit. If you pay the loan back in four payments, for example, you can build your credit score over those two months. So, not only do you get the money you need, but you also get the added benefit of building credit too.
Do you need more than two weeks to make the first payment? You can get up to 30 days to do so without incurring any fees or late-payment penalties.
How to Get up to a $500 Loan Now
The approval process with Possible Finance is straightforward. Go to the official site and download the app to your phone. From there, you’ll be led through some easy steps to apply.
Again, don’t worry if you have bad credit. You do not need a solid credit score to qualify, and you’ll also get to build your credit in the process since the company reports to all three credit bureaus.
An Example of Interest Charges
Although you can get cash quickly via the app, Possible Finance does not do it for free. As with any other loan, there are interest charges.
Here’s an example of what you’d pay on a $200 loan:
- Amount borrowed: $200
- Amount due on or before next paycheck: $57.50
- Time to repay: 8 weeks
- Total to repay: $230
- APR: 151%
As you can see, that interest rate is higher than what you’d pay for a personal loan or by using a credit card. However, it’s lower than a payday loan that can balloon to the 400 percent ballpark.
Is getting a loan from Possible Finance the right move for you? That’s up to your needs and other options you can qualify for. As with any loan or contract, read the fine print before proceeding.
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