What Is a Primary Account?
A primary account is the main checking account you use for day-to-day transactions and regular paycheck deposits. To get a Possible Loan, you must link an active primary account via Plaid so that your loan eligibility can be evaluated, borrowing limits can be determined and money can be deposited. You can also use this account to schedule payments, though alternative account and online banking cards, like Chime, can be added separately as payment methods.
Transcript
Wondering what a ‘primary account’ actually is?
Let’s break it down—because picking the right one can make a difference.
In general, your primary account is the main checking account you use day-to-day—the one where your income lands and bills go out.
At Possible, we use your primary account to check your eligibility for a loan and figure out how much you might qualify for.
Your primary account is also where we send loan funds and set up payments—unless you ask us to change that.
For your Primary Account, choose the account that shows the real you—the one you use every day for paychecks, spending and transactions to give us a good picture of your finances.
Now, when it comes to connecting your Primary Account: Only accounts connected through Plaid in the app can be set as primary.
You can still add more accounts and debit cards manually, by typing in the numbers—but those can just be used as payment methods.
For example, online banks like Chime can’t be used as your Primary account, but you can totally use Chime as a payment method.
Here’s an example: let’s look at Jane’s account.
Jane has:
One, a bank account where she saves a few dollars every month for emergencies
Two, a checking account where she sends her paycheck and the money she gets from babysitting, and
Three, she also has another debit card through an online service that she uses to send her friends money when they go out to eat together
For her primary account, Jane should choose the checking account where most of her income is sent. Linking this account as her primary enables Jane to receive the best loan Possible.
So, don’t use a savings account or barely-used account for your primary.
That can hurt your chances of getting approved for a loan.
Within your Primary Account, if you have a a positive balance, regular income, and you’re keeping overdrafts to a minimum?
That can set you up for success.
If you need to switch your primary account, just head to the Account Management screen in the app. Tap the pencil icon, and select ‘Set as Primary.’ Easy.
Even if you don’t have a Possible Loan right now, keep your primary account connected
Because we can monitor the conditions of your Primary Account and alert you when it’s the best time to apply.
To recap: the Primary Account you have on file affects the whole Possible experience: including your application and payments.
I’m Uzunma with Possible. That’s it for this video. Be sure to check out the Help Center for more details on Possible Loan accounts.
