We know life doesn’t always go as planned. That’s why Possible gives you a 29-day grace period after your payment due date, giving you time to catch up without credit impact or added stress.

If a payment isn’t made on the due date, your loan becomes past due according to your original agreement. But with our grace period, you’ll have 29 more days to make a payment before it’s reported as late to the credit bureaus.

If your payment is more than 29 days past due, it will be reported as late to the credit bureaus and could affect your credit score. You might also receive emails or notifications from us so that we can better support your account.

The best way to avoid a late payment is to check the Possible app often. It’s the easiest way to track your loan, update your payment method and make timely payments.

If you’re still within your grace period, you can use the app to to help you update your information and schedule missed payments. If you’re outside the grace period or need help, contact support for scheduling assistance to minimize credit impact.

What does it mean if my loan is in default?

A loan is considered in default when payments are significantly overdue, usually after multiple missed payments or a long period of no activity. At this point, the loan is no longer just past due and may be sent to collections.

Default can impact your credit score and make it harder to qualify for credit in the future. But it doesn’t mean you’re out of options. If you’re behind, we want to work with you, reach out to support so we can help.

NOTE: In cases where multiple payments don’t go through, you may be labelled as “in default” internally by Possible even if you’re still within the 29-day grace period. Rest assured, nothing is reported to the credit bureaus about that payment during the grace period. Check your payment method in the app to make sure it’s up to date. If you need help updating the payment method or have questions, please contact support.

What Happens When My Loan is Charged Off?

If your loan is 90 days or more past due, it will be charged off, which means the account is considered in default. When you settle your outstanding balance, we’ll update your account to show the loan as closed or paid off. Doing this as soon as possible can help limit negative impacts on your credit.

Once a loan is charged off, it may be transferred to a third-party collection partner like TrueAccord or Indebted. This partner will contact you at the email address you have on file with Possible to notify you of your balance and help arrange a repayment plan.

If you know your charged off loan has been transferred to a collection partner, we recommend continuing to submit payments directly through them. This ensures your payment information stays organized and up to date in one place, reducing the risk of confusion. Additionally, the collection partner may offer more flexible options for your payments, so you can choose a plan that works best for your financial situation.

If your charged off loan hasn’t been transferred to one of our collection partners or you want to make a payment directly with Possible instead, we’re here to help. Reach out to our customer support team in the app and our team can assist you in confirming that your payment method is correctly linked to your account, and update your payment date(s) as needed to make sure everything is accurate.

After your payment is processed, Possible will update your loan status to reflect the final payment. Please note that:

• Depending on the date you make your final payment, the update can take up to 60 days, as we receive payment confirmation from our collection partners only once per month.
• During this period, your account may continue to show as “charged off” until we receive confirmation. Learn more about when we report to credit bureaus.

If you have questions about your charged-off loan, the collection process, or how to update your contact information, please reach out to us using the contact us form in the app. We’re here to help!

How can I reverse a negative mark on my credit report?

Negative marks can't be reversed or deleted unless there's an error in Possible's report.

Possible is bound by federal regulation to report accurate information. If there was an error in our system that prevented your payment from being made on time, we are happy to amend the reports. Unfortunately, if your loan payments were late without error on our end, we can't go back and report them on time.

Possible offers customers a 29-day grace period (from their originally scheduled payment date) in which their payments are still considered on time. When payments have exceeded that grace period, it is considered late by the credit bureaus we report to. Increasingly negative marks will appear at 60 days past due, 90 days past due, and so on.

NOTE: Possible considers payments made 14 days past the originally scheduled dates as late when assessing future applications. Credit bureaus consider late payments as 30 days past the originally selected dates. Originally selected dates to refer to the payment dates you accepted in your loan agreement.

We recommend settling your outstanding debt as soon as possible so we can report your loan as closed or paid off!

The good news is, loans in any state (late, default, or charged off) can still be reported as closed or paid off. This will stop further damage to your credit score, however, negative marks previously incurred can't be reversed.

Possible Cards

When is my Possible Card payment considered late?

Card Program A

Possible Card payments are considered late by Possible when a payment is not made by the due date shown in the app. You will see an Overdue message in the app when this event happens, but your card will not be locked. Even though Possible considers this a late payment, this is not yet reported as late to the credit bureaus we report to. You have 29 days from the statement due date to pay your full statement balance before it is reported as late to the credit bureaus we report to.

Card Program B

Possible Card payments are considered late by Possible when a payment is not made by the statement due date. You will see a delinquent message in app when this happens and your card will become locked. Even though Possible considers this a late payment, this is not yet reported as late to the credit bureaus we report to. You have 29 days from the statement due date to pay the past due amount before it is reported as late to the credit bureaus we report to.

To learn more about the card programs, see this help center article.

Why is My Card Delinquent?

Once a statement due date has passed and the payment owed has not been paid, Possible considers the card to be delinquent. As long as a payment is made within 29 days of the statement due date, the payment will not be reported as late to the credit bureaus we report to.

If you become delinquent, you will see a Delinquent message in the app and your card will become locked. This messaging is intended to give you advance notice of any potential negative credit impacts. It is important to make a payment for the full payment owed as soon as possible to avoid a negative mark on your credit report.

Once the minimum balance due listed on your statement is past due by 30 days, the delinquency will be reported to the credit bureaus we report to. At that point, you will still see a delinquent message in app and also see information on when the next negative credit impact will take place. This is intended to help you stay up to date on what is being reported.

Delinquencies on your credit report can have a negative impact and can remain on your credit report for up to 7 years. It is important to make a payment for the full statement balance as soon as possible to avoid additional negative marks on your credit report.

Each delinquency segment can cause an increase in the negative impacts on your credit score, so it is important to get caught up as soon as possible.

The delinquency segments you will see messaging for are:

• 0-29 days past due
• 30-59 days past due
• 60-89 days past due
• 90-179 days past due

After 179 past due, Possible will close the card and consider it charged off. You can still make payments as that will continue to be reported to the credit bureaus we report to. If you do not pay off your card balance, you may not be eligible to apply for a Possible loan in the future.

How can I reverse a negative mark on my credit report?

Negative marks can't be reversed unless there's an error in Possible's reporting.

Possible is bound by federal regulation to report accurate information. If there was an error in our system that prevented your payment from being made on time, we are happy to amend the reports. Unfortunately, if your card payments were late without error on our end, we can't go back and report them as paid on time.

Possible offers members a 29-day grace period (from their statement due date) in which their card payments are still considered on time. When payments have exceeded that grace period, it is considered late by the credit bureaus we report to. Increasingly negative marks will appear at 60 days past due, 90 days past due, and so on.

If you have not done so already, we recommend settling your outstanding payments as soon as possible to avoid any further negative impacts on your credit report.