How can I apply for your program?
Complete the application form online. Our debt consultant will review your information and call you to review your situation. After a debt consultant has reviewed your financial situation, we'll determine if you are qualified for our program.
How do the debt settlement companies work?
The debt settlement company will work personally with you and each of your creditors so that you will be able to pay the minimum amount of your debt back to your creditor. Creditors recignize that if you end up declaring bankruptcy, they may not receive any of the debt that you owe at all.
If I miss a monthly payment, will I be dropped from your program?
No. Simply call our customer service department and we will arrange payment over the phone. It is understandable that circumstances may arise and we will help you get back on track with your payment schedule.
Are my creditors going to continue to call me?
We notify your creditors of our representation and inform them that they should contact us with respect to settling your debt. Most creditor calls will stop within 30 days. If you continue to get calls, call our customer service department and they will again contact the creditor informing them of our representation. In all cases, you should keep a log of all calls you get from creditors with respect to the debt you put into our program.
Will this program have a negative effect on my credit?
The Debt Settlement Program may have a negative effect on your credit profile. However, once negotiated and settled, your creditors will report the accounts as "settled" or "paid in full".
How much does this program cost?
Our Debt Settlement Program costs are based on an individual basis and are determined by our representative and you. Your monthly payment will be determined by what you can comfortably afford, and is based upon your level of debt, income, and living expenses.
What is a Payday Loan or Cash Advance?
A payday loan can provides the borrower with a short-term cash advance until the next paycheck. Usually, our clients choose payday loans to cover small, emrgency expenses while avoiding costly extra fees and late payment penalties. With Loan Possible you can apply for a payday loan online and have your loan amount electronically deposited into your checking or savings account.
What if I have bad credit?
Bad credit will not prevent you from receiving a payday loan at Loan Possible. Our friendly managers will work with you, even if you have already been turned down by other lenders.
What about qualifying?
Qualifying for a payday advance is easier than qualifying for traditional credit. Loan Possible does not perform credit checks. Your job and your paycheck act as your collateral.
Is my application and financial information secure?
We respect our customer's privacy needs in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.
How much can I receive?
Your first Loan Possible loan is based upon the information you provide in your membership application. After successful repayment of your payday loan, we may raise your loan amount on any future Loan Possible loans.
When I will receive my payday loan?
Your application will be processed within 30 minutes, once it has been received. When approved, you will receive your loan on the next business day. Once you receive the loan, we will help you to schedule you repayment dates so that you won't have to worry about bounced checks or missed deadlines.
How do I know that my loan has been approved?
You will receive an email notification once your loan has been approved. Loan Possible reserves the right to make adjustments to your loan approval until the time you receive the funds in your bank account based on new information regarding your loan application.
When will my loan be due?
Your due date will normally be due on your next payday that is between 8 and 25 days away. Each state has different rules and regulations.
What if I can't repay my loan on the due data?
If you are unable to make the schedule payments on your payday loan, then we have set up some different options for your convenience:
1. You may pay your initial payday loan amount back and apply the interest to another loan.
2. You can pay for part of the payday loan amount and the interest and apply the rest to a separate loan.
3. You also have the option of paying the interest amount back while paying the payday loan amount on a separate loan.
How are fees established?
Our fees are competitive and in compliance with all applicable state and federal laws.
The APR associated with your loan is the annual percentage rate, or the amount of interest that you would pay on your total loan amount over the course of a year. The APRs for short term cash loans range from 260.71% to 1825.00% which is higher than other forms of consumer credit, but since these loans are designed to be repaid in a short period of time, consumers typically pay interest rates that are comparable with the fees for overdrafts and bounced checks. The table below is a comparison of charges on a $100 loan that is extended for a period of two weeks.
|Product Type (single repayment)
|NSF + Bounced Check
|Short Term Loan
All of the lenders in our network agree to adhere to federal laws and state regulations that apply to the short term loan industry. Some of the things that states typically regulate include whether or not short term loans are allowed, the maximum amounts of these loans, the number of loans that may be outstanding at any given time, the fees and interest that lenders can charge and even how many rollovers are available to consumers. We have compiled a list of states, the maximum loan amounts in those states and the regulations they have in place for your convenience.
Alabama - $500 Finance charges may not exceed more than 17.5% of the total loan amount.
Alaska - $500 Finance charges may not exceed more than 15% of the total loan amount, and lenders can charge a discretionary $5 origination fee.
Arkansas - $400 Finance charges may not exceed 10% of the total loan amount and additional charges, such as those for origination fees, may not exceed $10.
California - $300 Finance charges may not exceed 15% of the total loan amount.
Colorado - $500 Lenders are permitted to charge a $30 maintenance fee for each month that the loan is unpaid. The APR associated with loans may not exceed 45%. Finance charges may not exceed 20% on the first $300 of the loan and 7.5% on amounts between $301 and $500.
Delaware - $500 There are no further regulations in Delaware.
Florida - $500 Lenders may charge a reasonable verification fee at their discretion. Finance charges may not exceed 10% of the total loan amount.
Hawaii - $600 Finance charges may not exceed more than 15% of the total loan amount.
Idaho - $1000 There are no further regulations in Idaho.
Illinois - $1000 or 25% of Gross Monthly Income Finance charges may not exceed 15.5% of the total loan amount.
Indiana - $50 Minimum or $500 Maximum Finance charges may not exceed 15% of the first $200, 13% on amounts between $251 and $400, and 10% on amounts between $401 and $500.
Iowa - $500 Finance charges may not exceed 15% for the first $100 of the loan and 10% on the remaining amount of the loan.
Kansas - $500 An administrative fee may be charged at the lenders discretion. Finance charges may not exceed 15% of the total loan amount.
Kentucky - $500 No more than two loans are permitted at any given time and these loans may not exceed the state maximum. Finance charges may not exceed more than 15% of the total loan amount.
Louisiana - $350 Finance charges may not exceed 16.75% of the total loan amount.
Maine There are no loan limits or state regulations in Maine.
Michigan - $600 Finance charges may not exceed 15% of the first $100, 14% for the next $100, 13% for the third $100, 12% for the fourth $100 and 11% for the fifth and sixth $100. Administrative fees are also allowable.
Minnesota - $350 Finance charges may not exceed 5.5% on the first $100, 7% for amounts between $101 and $250, and 6% on amounts between $251 and $350. Administrative fees are also allowable.
Mississippi - $400 Finance charges may not exceed 18% of the total loan amount.
Missouri - $500 Any finance charges or interest is allowable as long as the total charges do not exceed 75% of the total amount of the loan.
Montana - $50 Minimum and $500 Maximum Finance charges cannot exceed 36% of the total loan amount.
Nebraska - $500 Finance charges cannot exceed 15% of the total loan amount.
Nevada No More than 25% of Gross Monthly Income There are no additional regulations in Nevada.
New Hampshire - $500 Finance charges may not exceed 6% of the total loan amount.
New Mexico No More than 15% of Gross Monthly Income No additional regulations in New Mexico.
North Dakota - $500 Finance charges cannot exceed 20% of the loan amount.
Ohio - $500 Finance charges may not exceed 28% of the total loan amount.
Oklahoma - $500 Finance charges cannot exceed 15% on the first $300 and no more than 10% on any remaining loan amount.
Oregon No More than 25% of Gross Monthly Income Origination fees of up to $30 are allowable. Finance charges may not exceed 36% of the total loan amount.
Rhode Island - $500 Finance charges cannot exceed 15% of the face value shown on the provided check.
South Carolina - $550 Finance charges cannot exceed 15% of the total loan amount.
South Dakota - $500 No additional regulations in South Dakota.
Tennessee - $500 Finance charges may not exceed 15% of the total loan amount.
Utah No minimum loan amounts or regulations in Utah.
Virginia - $500 Verification and origination fees are allowable. Finance charges may not exceed 15% of the total loan amount.
Washington - $700 or 30% of Gross Monthly Income Verification fees are allowable. Finance charges may not exceed 15% of the total loan amount.
Wisconsin No loan limits or regulations in Wisconsin.
Wyoming No Maximum Finance charges may not exceed $30 or 20% of the principle balance, whichever is less.
The states in which short term cash loans are prohibited are: Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia.