Possible’s loan product slightly differs in California due to state lending regulations. When you apply for a loan in California, you will first accept a single payment loan. Then, you will be immediately presented with the ability to upgrade for free to an installment plan. The installment plan is designed to split your amount owed into 4 separate payments, to be repaid over the course of 8 weeks.
Before you accept your loan, you will be provided with the option to either accept or decline the 4-payment installment plan:
Can I choose the installment plan after I have accepted my loan?
If you didn't choose to convert to the installment plan when you initially accepted your loan, you may still be able to convert it afterward*.
If you’re still eligible to convert to an installment plan, you'll just need to go to your Dashboard in the app and click "I Need More Time." You'll then see the option to "Accept Installment Plan," just like you see above!
If you run into any issues converting your loan, please send us a request through the Contact Us form in the app so we can look into it for you!
*Please be aware:
Your loan cannot be converted to an installment loan if your single payment is due within 1 business day, or if it has already begun processing.
Additionally, your loan cannot be converted to an installment loan if a single payment was attempted and returned.
If you need assistance converting to an installment loan, please reach out using the Contact Us form as soon as possible. Payments initiate 1 business day prior to the payment due date. We cannot make changes to the payment or convert your loan, once a payment has initiated.
Can this still help build my credit?
When you upgrade to a 4 payment installment loan, your on-time payments will be reported to the credit bureaus in an effort to help boost your credit score!