However, please keep in mind that the account cannot be tied to the same shared account in any way or you will continue to receive an error (e.g., a Savings account tied to the same checking account). If you share a bank account with another party, unfortunately, Possible will only be able to review the application or extend a loan to whoever applied with us first. Once an active loan is paid in full, you can reapply with Possible if you'd like!Īlternatively, if you and the other party you share an account with both want to apply, and you have another bank account that receives income, Possible is happy to consider it.
If you would like to take out an additional loan, any active loans connected to your bank account will need to be repaid first. Can I use a shared or joint bank account?Īt this time, we can only extend one loan per bank account at a time. * For contract and gig economy workers, that's about 2 weeks of income deposits. If your new bank account is too new, we encourage you to reapply when more income deposits have been made. If your new bank account has at least 1 income deposit***, we may be able to proceed with your application. We aren’t able to use pay stubs to verify your bank account receives income. We like to see at least 3 months worth of income history, but more importantly, the connected bank account needs to currently be receiving income. Possible uses the Plaid connection to verify income. Unfortunately, job offer letters aren’t able to be used to verify that your bank account will receive income. In some circumstances, Possible may be able to work with you if you recently got a new job.Īt least 3 months’ worth of income history is preferred, but more importantly, the connected bank account needs to be receiving income currently. Since Possible doesn't check credit scores, it relies on verifying income when making loan decisions.
There may be other banks, credit unions, and account types that Possible is unable to support at this time We are currently unable to support some of the following accounts:** If you have a different account that receives income deposits or a compatible account you can move your deposits to, please use it to apply! If you do not see your bank on the list or you are receiving an ‘unsupported bank’ message, we likely aren’t able to work with your bank account. Unfortunately, Possible is unable to work with credit cards and some prepaid debit cards. Some of these banks may be listed in the app, but Possible still isn't able to support them. Possible works with 9,000+ banking institutions across the country, however, there are some banks and credit unions it isn’t able to successfully connect with.
**At this time Possible can only send and receive money from most traditional checking or savings accounts and some online banks and prepaid cards. Your security is Possible’s top priority-your bank login information is never stored and we do not have access to your bank account. If your loan is approved, Possible will also use the connection with your bank to send money and receive payments. Since we don’t use credit scores, the connection with your bank account is used to verify that the account currently receives income and has an income history, before lending you money. How do I Relink my Bank Account? Why do I need to log into my bank?ĭuring the application process, you'll be asked to log in with our bank linking partner, Plaid. Can I use a shared or joint bank account?ħ.
0 kommentar(er)
