Five months ago, we started Possible to correct abusive practices in subprime lending and offer consumers a tech-enabled alternative to payday loans. We stood outside payday loan stores and interviewed customers to design a mobile product that is much easier to apply for and much easier to repay. Over the last three months, Tyler and Prasad have built the initial product and the Possible Finance app is now available in the Google Play store!
While regulatory approval took a bit longer than expected, we got the thumbs-up from Washington state just last week and we were able to provide our very first loan! Our first customer, Aurora, works at a bakery and needed money to purchase new tires since her old ones were dangerously worn down. She discovered Possible Finance via a Facebook ad and applied via our Android app. Through her checking account transaction data, we were able to build a clear understanding of her finances and we ended up approving her loan for $400. Below is the review she left us on the Google Play store:
“The app worked amazing. It was less than an hour from start to approval. The service was amazing! They treated me like a person and not a beggar.”
We’re inspired by our early impact and we’re excited to deliver the product to more individuals in need!
Tony, Tyler, & Prasad