Loans are considered "in default" if they remain unpaid past the agreed-upon terms of the loan. The credit bureaus will consider a loan to be in default if payments remain unpaid past the agreed-upon original payment dates.

This default status means your loan is overdue for payment, and can negatively impact your credit score. 

Possible wants to provide our customers with as much flexibility as we can, therefore we offer a 29-day grace period in which you can repay a late payment without penalty.

Possible may also consider a loan to be in default if multiple payments on it fail. If this is the case, however, the default status is not formally reported and is more so an internal status. We will only report a loan as "in default" if a payment is not made within its 29-day grace period.

If your loan goes into default, Possible will reach out to help you update your repayment method and repayment dates in order to minimize the negative impact to your credit report. If you believe your loan has been marked as in default in error, please reach out to our customer success team.

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