Money in minutes
Money in minutes
Money in minutes
Extra Credit
Does Taking Out a Loan Improve Your Credit?
If you’ve ever heard that “just getting a loan” can help your credit score, you’re not alone. In this episode of Credit Diaries, part of our Extra Credit series for Financial Literacy Month 2025, Ellen Falbo—Chief Credit Officer at Possible—breaks down the truth behind one of the most common credit myths.
Yes, having a healthy mix of credit can help your score. But borrowing just for the sake of borrowing? That’s a habit worth rethinking. Ellen walks through how credit diversity works, why lenders look at more than just your score, and what to consider before taking out a loan you don’t actually need. Because every loan costs something—and your money could be better used for savings, investing, or even just an ice cream.
Want to improve your credit the smart way? Watch the full video for practical tips on what really matters when it comes to building credit—and how to make debt work for you, not against you.
...more
If you’ve ever heard that “just getting a loan” can help your credit score, you’re not alone. In this episode of Credit Diaries, part of our Extra Credit series for Financial Literacy Month 2025, Ellen Falbo—Chief Credit Officer at Possible—breaks down the truth behind one of the most common credit myths.
Yes, having a healthy mix of credit can help your score. But borrowing just for the sake of borrowing? That’s a habit worth rethinking. Ellen walks through how credit diversity works, why lenders look at more than just your score, and what to consider before taking out a loan you don’t actually need. Because every loan costs something—and your money could be better used for savings, investing, or even just an ice cream.
Want to improve your credit the smart way? Watch the full video for practical tips on what really matters when it comes to building credit—and how to make debt work for you, not against you.
...more
If you’ve ever heard that “just getting a loan” can help your credit score, you’re not alone. In this episode of Credit Diaries, part of our Extra Credit series for Financial Literacy Month 2025, Ellen Falbo—Chief Credit Officer at Possible—breaks down the truth behind one of the most common credit myths.
Yes, having a healthy mix of credit can help your score. But borrowing just for the sake of borrowing? That’s a habit worth rethinking. Ellen walks through how credit diversity works, why lenders look at more than just your score, and what to consider before taking out a loan you don’t actually need. Because every loan costs something—and your money could be better used for savings, investing, or even just an ice cream.
Want to improve your credit the smart way? Watch the full video for practical tips on what really matters when it comes to building credit—and how to make debt work for you, not against you.
...more
Transcription
Transcription
Transcription
More in this series
A New Way To Think About Your Credit Score
1:01
1:01
A New Way To Think About Your Credit Score
A New Way To Think About Your Credit Score
1:01
How to Fix Credit Report Errors and Dispute Inaccuracies
0:47
0:47
How to Fix Credit Report Errors and Dispute Inaccuracies
How to Fix Credit Report Errors and Dispute Inaccuracies
0:47
Do You Need to Carry a Balance to Build Credit?
1:06
1:06
Do You Need to Carry a Balance to Build Credit?
Do You Need to Carry a Balance to Build Credit?
1:06
How to Avoid Credit Card Interest Using the Grace Period
1:31
1:31
How to Avoid Credit Card Interest Using the Grace Period
How to Avoid Credit Card Interest Using the Grace Period
1:31
How Credit Card Interest Works
1:08
1:08
How Credit Card Interest Works
How Credit Card Interest Works
1:08
What Impacts Your Credit Score?
1:31
1:31
What Impacts Your Credit Score?
What Impacts Your Credit Score?
1:31
Credit Invisibility: What It Means and How to Fix It
1:41
1:41
Credit Invisibility: What It Means and How to Fix It
Credit Invisibility: What It Means and How to Fix It
1:41
All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.
For Loans, Possible Finance has direct lending licenses in CA, ID, LA, NV, OH, OR, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.
Loans in AL, AR, AZ, DE, FL, IA, IN, KS, KY, MI, MO, MS, NE, NH, NC, OK, RI, SC, TN, TX, VA and WY are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.
*Funding usually within minutes but may take up to 5 days.
^Loan amounts & structure vary by state.
°Possible uses fee and payday loan usage information from the Consumer Financial Protection Bureau, Center for Responsible Lending, Pew Charitable Trusts, and the Consumer Federation of America to arrive at our Fees Saved Calculation. Savings based on the maximum fees Possible could have charged customers over the typical payday loan term, including late fees, insufficient funds fees, etc. Results will vary.
¨See possiblefinance.com/samplepaymentschedules for rates & terms examples.
ˇReal customer compensated. Results may vary.
˘Possible Loans offer up to 29 days of payment flexibility from original due date.
Possible Card is issued by Coastal Community Bank and serviced by Possible Finance, pursuant to its license with Mastercard International Incorporated. Arizona Residents: Licenses #CA-1033558, #CA-1041621, and #CA-1041622; California Residents: License #10595-99; Hawaii Residents: License #COLAX-1238-0; Illinois Residents: License #17.022449; Louisiana Residents: Registration #446766611; Maine Residents: License #SLM15758; Maryland Residents: License #1697898; Massachusetts Residents: Registration #LS1697898; Nebraska Residents: License #1697898; New Jersey: Registration #19095; North Dakota Residents: License #MB104104; Oregon Residents: License #1697898; Pennsylvania Residents: Registration #95262; South Dakota Residents: License #1697898.MYL; Vermont Residents: License #LSO-1697898; Washington Residents: License #6041888588-001-0001: West Virginia Residents: Registration #2417-3349.
All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.
If you have questions or concerns, please contact the Support Team at support.possiblefinance.com
Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193
Possible Financial Inc.© 2024 - NMLS #1697898
All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.
For Loans, Possible Finance has direct lending licenses in CA, ID, LA, NV, OH, OR, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.
Loans in AL, AR, AZ, DE, FL, IA, IN, KS, KY, MI, MO, MS, NE, NH, NC, OK, RI, SC, TN, TX, VA and WY are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.
*Funding usually within minutes but may take up to 5 days.
^Loan amounts & structure vary by state.
°Possible uses fee and payday loan usage information from the Consumer Financial Protection Bureau, Center for Responsible Lending, Pew Charitable Trusts, and the Consumer Federation of America to arrive at our Fees Saved Calculation. Savings based on the maximum fees Possible could have charged customers over the typical payday loan term, including late fees, insufficient funds fees, etc. Results will vary.
¨See possiblefinance.com/samplepaymentschedules for rates & terms examples.
ˇReal customer compensated. Results may vary.
˘Possible Loans offer up to 29 days of payment flexibility from original due date.
Possible Card is issued by Coastal Community Bank and serviced by Possible Finance, pursuant to its license with Mastercard International Incorporated. Arizona Residents: Licenses #CA-1033558, #CA-1041621, and #CA-1041622; California Residents: License #10595-99; Hawaii Residents: License #COLAX-1238-0; Illinois Residents: License #17.022449; Louisiana Residents: Registration #446766611; Maine Residents: License #SLM15758; Maryland Residents: License #1697898; Massachusetts Residents: Registration #LS1697898; Nebraska Residents: License #1697898; New Jersey: Registration #19095; North Dakota Residents: License #MB104104; Oregon Residents: License #1697898; Pennsylvania Residents: Registration #95262; South Dakota Residents: License #1697898.MYL; Vermont Residents: License #LSO-1697898; Washington Residents: License #6041888588-001-0001: West Virginia Residents: Registration #2417-3349.
All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.
If you have questions or concerns, please contact the Support Team at support.possiblefinance.com
Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193
Possible Financial Inc.© 2024 - NMLS #1697898
All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.
For Loans, Possible Finance has direct lending licenses in CA, ID, LA, NV, OH, OR, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.
Loans in AL, AR, AZ, DE, FL, IA, IN, KS, KY, MI, MO, MS, NE, NH, NC, OK, RI, SC, TN, TX, VA and WY are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.
*Funding usually within minutes but may take up to 5 days.
^Loan amounts & structure vary by state.
°Possible uses fee and payday loan usage information from the Consumer Financial Protection Bureau, Center for Responsible Lending, Pew Charitable Trusts, and the Consumer Federation of America to arrive at our Fees Saved Calculation. Savings based on the maximum fees Possible could have charged customers over the typical payday loan term, including late fees, insufficient funds fees, etc. Results will vary.
¨See possiblefinance.com/samplepaymentschedules for rates & terms examples.
ˇReal customer compensated. Results may vary.
˘Possible Loans offer up to 29 days of payment flexibility from original due date.
Possible Card is issued by Coastal Community Bank and serviced by Possible Finance, pursuant to its license with Mastercard International Incorporated. Arizona Residents: Licenses #CA-1033558, #CA-1041621, and #CA-1041622; California Residents: License #10595-99; Hawaii Residents: License #COLAX-1238-0; Illinois Residents: License #17.022449; Louisiana Residents: Registration #446766611; Maine Residents: License #SLM15758; Maryland Residents: License #1697898; Massachusetts Residents: Registration #LS1697898; Nebraska Residents: License #1697898; New Jersey: Registration #19095; North Dakota Residents: License #MB104104; Oregon Residents: License #1697898; Pennsylvania Residents: Registration #95262; South Dakota Residents: License #1697898.MYL; Vermont Residents: License #LSO-1697898; Washington Residents: License #6041888588-001-0001: West Virginia Residents: Registration #2417-3349.
All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.
If you have questions or concerns, please contact the Support Team at support.possiblefinance.com
Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193
Possible Financial Inc.© 2024 - NMLS #1697898