What to Do If You’re Denied for a Possible Loan
What to Do If You’re Denied for a Possible Loan
If you’re denied a Possible Loan, you will receive an email explaining why. Getting denied does not impact future eligibility and you can reapply every 72 hours. To improve your chance of approval when you reapply, make sure you have linked the primary account where you receive regular paychecks and income. This account should have a positive balance and no recent overdrafts. Enable notifications in the Possible app so that you are alerted about future eligibility.
Transcript
Getting denied for a loan doesn’t feel great—I get it. But it’s more common than you think. And it doesn’t mean you can’t get approved in the future. There can be a variety of reasons why you were denied for a Possible Loan. If you get denied, you’re entitled to know the reason—it’s the law. We’ll send you an email with the exact reason why. It doesn’t make it any less frustrating to get denied, but there are some things you can do to improve your odds next time. First up: if you didn’t link your main bank account, the one where you get paychecks—we don’t know what we don’t know. So if you recently switched bank accounts or chose a bank account that doesn’t show consistent income when you applied, that can be a factor. Definitely keep that in mind when you reapply. And on that, by the way: there’s no penalty to reapply. So when you’re ready, try again. If you were denied, you can reapply every 72 hours. You can check for when you’re eligible to reapply right here on your dashboard. While you’re waiting, head over here to Account Management. Here’s where you can review the bank accounts you have connected to Possible—or add another one. You can organize everything right here and make sure we have the right ones. The Possible app can actually check your eligibility using your connected account and let you know when it’s the best time to apply. Just make sure you have notifications on for the Possible app and apply when you get notified. That doesn’t guarantee approval, but it helps you get the most out of every application. Denials are never great news, but for next time: Making sure your bank account shows consistent income, no recent overdrafts and you have a positive balance when you apply—those things can go a long way. When you reapply, keep this in mind, too: Even if you don’t qualify for the full amount you request, we may still approve you for a smaller amount. So don’t hesitate to try again. And check out the Help Center for more details on Possible Loan applications. I’m Uzunma with Possible.
