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 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 an option to Accept Payment Plan.
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 TransUnion and Experian in an effort to help boost your credit score!