Possible Finance is an online lender that offers financial products such as personal loans and credit builder loans to consumers who are looking for fast, convenient, and affordable financing options. The lender prides itself on its commitment to helping underserved communities gain access to the funds they need to manage their finances effectively.
Chime, on the other hand, is a mobile banking app that provides users with access to a range of banking services such as savings accounts, checking accounts, and debit cards. The app is popular among consumers who prefer to manage their finances using digital platforms instead of traditional brick-and-mortar banks.
If you’re considering taking out a loan from Possible Finance and use Chime as your primary banking platform, you may be wondering whether the lender accepts Chime accounts as part of its application process. In this article, we’ll explore everything you need to know about Possible Finance’s policies regarding Chime accounts.
About Possible Finance
Possible Finance was founded in 2017 with the aim of offering affordable financial products to underserved communities who may have difficulty accessing traditional loans. The lender uses proprietary technology to analyze applicants’ bank account data and provide instant decisions on loan applications.
Possible Finance offers two main types of loans: personal loans and credit builder loans. Personal loans range from $100-$500 and must be paid back within one month. Credit-builder loans range from $200-$500 and must be paid back over six months.
The lender doesn’t require applicants to have good credit scores or submit collateral as part of their application process. Instead, it considers factors such as income and expenses when evaluating an applicant’s eligibility for a loan.
About Chime
Chime is a mobile banking app that provides users with access to various banking services without requiring them to visit physical branches. Using the app, users can open savings accounts, checking accounts, get direct deposits, pay bills, and deposit checks.
Chime is an online-only bank that doesn’t have physical branches or ATMs. Instead, users access their accounts and services through the app. The app provides users with alerts on their account balances and transactions in real-time.
Does Possible Finance Accept Chime?
If you’re considering applying for a loan from Possible Finance and use Chime as your primary banking platform, you may be wondering if the lender accepts Chime accounts as part of its application process.
Unfortunately, Possible Finance doesn’t accept Chime accounts at this time. The lender only accepts traditional checking accounts and savings accounts held at brick-and-mortar banks or credit unions.
The reason Possible Finance doesn’t accept Chime is that it uses traditional banking information to evaluate applicants’ financial health and creditworthiness. While Chime provides many of the banking services traditional banks offer, it’s not technically considered a "bank" by industry standards.
What Are Your Options If You Use Chime?
If you’re a Chime user looking to take out a loan from Possible Finance, you’ll need to open a traditional checking or savings account with another bank or credit union. This can be done either online or in-person at one of your local bank branches.
Once you’ve opened an account with a traditional bank or credit union, you can connect it to your Possible Finance application to complete the process. Keep in mind that different banks and credit unions have varying requirements for opening new accounts – some may require minimum deposits or ongoing monthly fees.
Alternatively, if Possible Finance doesn’t suit your needs, there are other lenders that do accept Chime accounts as part of their application process. For example, payday lenders like Money Lion and Dave Loans allow applicants to use their Chime accounts during the application process.
Final Thoughts
Possible Finance is an innovative lender that offers affordable financing options to underserved communities who may have difficulty accessing loans from traditional banks. While the lender doesn’t currently accept Chime accounts as part of its application process, there are many other lenders that do.
If you’re a Chime user looking to take out a loan, be sure to research lenders’ policies and requirements before submitting an application. This will help you find a lender that suits your needs and allows you to use your Chime account during the application process.
Remember, taking out a loan is a serious financial commitment and should be done with careful consideration of your current financial position and ability to repay the loan. Be sure to read all terms and conditions carefully before accepting an offer from any lender.
FAQs
Does Possible Finance accept Chime as a funding source?
Yes, Possible Finance accepts Chime as a valid funding source.
Can I link my Chime account to Possible Finance?
Yes, you can link your Chime account to Possible Finance and use it to fund your loans.
Is it safe to link my Chime account to Possible Finance?
Yes, it is safe to link your Chime account to Possible Finance. The company uses industry-standard security measures and encryption technology to protect your information.
What are the benefits of using Chime with Possible Finance?
Using Chime with Possible Finance means you can access funds quickly and easily, without having to wait for a traditional bank transfer or check in the mail.
Are there any fees associated with using Chime on Possible Finance?
No, there are no extra fees associated with using Chime with Possible Finance. You will only be charged the standard loan fees and interest rates.
How long does it take for funds from my Chime account to show up in my Possible Finance account?
Funds from your linked Chime account should show up in your Possible Finance account within minutes of approval.
Do I need to have a certain type of Chime account in order to use it with Possible Finance?
No, you do not need a specific type of Chime account in order to use it with Possible Finance. Any valid checking or savings account will work.
Can I use multiple funding sources with my Possible Finance loan?
Yes, you can use multiple funding sources (including both bank accounts and credit/debit cards) with your Possible Finance loan if needed.
Is there a minimum amount required when using Chime on possible finance?
No, there is no minimum amount required when using Chime on Possible Finance. You can fund your loan with any amount you choose.
How do I unlink my Chime account from Possible Finance?
To unlink your Chime account from Possible Finance, simply log in to your Possible Finance account and go to the “Settings” or “Profile” section. From there, you should be able to remove the funding source.