These offerings will allow Possible to reach more underserved consumers who need quick and affordable access to capital without jeopardizing their progress toward long-term financial health, the company hopes. Customers who build successful track records of repayment on Possible Cash will be automatically pre-approved for a Possible Card. The company also announced Possible Cash, a cash advance offering that gives customers the opportunity to qualify for an unsecured credit card. It is an unsecured credit card with no interest or late fees and a simple flat monthly fee.ĭesigned specifically for those undervalued by the current financial system, Possible Card does not require a credit score check for approval and utilizes Possible's existing proprietary cash-flow credit risk technology. Instead, Possible built a card designed to protect members from mounting debt and improve long-term financial habits. The Possible Card is not a traditional credit card with interest charges or penalty fees. These products build on Possible's first product, the Possible Loan – a short-term, small-dollar instalment loan designed to help the American adults who struggle to access affordable credit and fall victim to predatory lending practices. In addition, the company announced the launch of their new credit card and cash advance products – Possible Card and Possible Cash. different options and referring to possible card suspension - you should. “I am excited to bring the Possible Card to underserved consumers who desperately need a better option.US-based Possible Finance, a fintech that offers financial services for underserved consumers, has announced an additional USD 20 million in equity funding. Financial Conduct Authority (FCA) rules on persistent credit card debt - 36. To reimagine the credit card, our team applied the same principles, data and technologies we built for the Possible Loan. 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. Possible Finance co-founder and CEO Tony Huang said, “We started Possible to help people break the debt cycle caused by predatory financial products while also building up their credit history.
Customers that build successful track records of repayment on Possible Cash will be automatically pre-approved for a Possible Card. Possible Cash is stylised as the first and only cash advance offering that gives customers the chance to qualify for an unsecured credit card. No credit score check is needed for the card, instead the company uses a cash-flow credit risk technology to assess the customer. The card is allegedly the only unsecured credit card in the market with no interest or late fees and has a flat monthly fee. Instead, it is built to protect members from mounting debt and improve their long-term financial habits. Its new Possible Card is not a traditional credit card with interest charges or penalty fees. Its lending service is available in 21 states and has distributed over 1.65 million loans since 2019. Can only borrow up to 500 Higher APR than personal loans or typical credit cards Set loan terms (eight biweekly payments) Can only apply through the mobile.
Possible Finance’s flagship product Possible Loan is a short-term, small-dollar instalment loan designed to help American adults that struggle to access affordable credit and fall victim to predatory lending practices, which Possible Finance states is one in three. This capital injection was backed by Union Square Ventures, Canvas Ventures, Unlock Venture Partners and Euclidean Capital, a first-time backer. Its a credit card that doesnt trap you in debt, and offers an open, affordable line of credit. The company has also hired key executives and launched new credit card and cash advance products – Possible Card and Possible Cash. Senior Vice President and General Manager, Private Label Cards. Possible Finance, a FinTech that claims to offer life-changing financial services for underserved consumers, has bagged $20m in equity.
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