In addition, the company announced the launch of their new credit card and cash advance products – Possible Card and Possible Cash. These products build on Possible's first product, the Possible Loan – a short-term, small-dollar instalment loan designed to help the American adults who struggle to access affordable credit and fall victim to predatory lending practices.
The Possible Card is not a traditional credit card with interest charges or penalty fees. Instead, Possible built a card designed to protect members from mounting debt and improve long-term financial habits. It is an unsecured credit card with no interest or late fees and a simple flat monthly fee.
Designed specifically for those undervalued by the current financial system, Possible Card does not require a credit score check for approval and utilizes Possible's existing proprietary cash-flow credit risk technology.
The company also announced Possible Cash, a cash advance offering that gives customers the opportunity to qualify for an unsecured credit card. Customers who build successful track records of repayment on Possible Cash will be automatically pre-approved for a Possible Card. These offerings will allow Possible to reach more underserved consumers who need quick and affordable access to capital without jeopardizing their progress toward long-term financial health, the company hopes.
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