Possible Finance, a Seattle-based digital short-term lender for people with poor credit, has been adjusting to the Covid-19 economy, raising $11 million in funding via Zoom calls and making the long-term switch to remote working.
Possible lets people borrow up to $500, using real-time bank data, rather than credit scores, to make lending decisions.
However, it distinguishes itself from payday lenders by giving borrowers longer to pay back their loans and by helping them build up their credit score by reporting installment payments to the three major credit bureaus.
The firm says it closed an $11 million Series B funding round earlier this year, bringing in lead investor Union Square Ventures after a series of Zoom calls during the lockdown.
