What are average costs of a payday loan?

What are average costs of a payday loan?

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Where to get the Possible App

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Types of payday loans and alternatives

  1. Installment loans allow a customer to borrow a specific sum of money that is determined at the time the loan is initiated. Payments are then made over a fixed schedule that was agreed upon at the time of the loan agreement. A benefit for some consumers is that many installment loans can be utilized without a hard credit check and can be approved after an assessment of the customer’s personal financial situation
  2. Car title loans are a type of secured loan where the borrower’s vehicle title is used as collateral for the loan. Car title loans are typically short term and carry a high rate of interest. Credit scores are generally not considered by the lender. If the borrower defaults on the loan, the lender can repossess the vehicle.
  3. Possible offers installment loans up to $500* to customers with little to no credit history. Loans are repaid in multiple installments over a couple of months, allowing borrowers to “catch their breath.” Possible also reports payments to Experian and TransUnion, allowing borrowers to build credit history.
  4. Personal loans are a form of installment loan that customers can borrow from their current bank or credit union. They usually require a minimum credit score. Lending rates for personal loans are usually cheaper than those on a credit card.