How to Update a Payment Account

Typically, our deposits and payments are processed automatically through direct deposit via your checking account. There's nothing extra you need to do here!

If you need to update your payment account, you can do it at your convenience in the app.

In your Possible Finance profile, you'll see your current payment account, as well as any other linked banks!

Important: you'll need to select a new payment account before your payment begins processing. Once a payment begins processing it can't be redirected to a different bank account. If your payment is already processed, you're welcome to change your payment account anyway. You'll just need to update your payment dates if it comes back as unsuccessful.

To select a new payment account, go to the "Account Management" page in your Possible App.

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Tap on the editing pencil right next to your current payment account. You'll then be able to select which bank account you'd like to use for repayment from your linked bank accounts.

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Eligible Accounts

Unfortunately, not all bank accounts are eligible as a payment account. If you would like to use an account for payment, it must meet the following requirements:

  • Must be linkable in the app (if you can't link your account, you won't be able to use it to pay)
  • Must be a traditional checking or savings account (we can't support most prepaid or credit cards at this time)

If you are trying to add a new debit card, please follow the instructions in the section below.

Note: if your payment is due before your new account is eligible, please update your payment dates in the app for a later date.

**We are not able to accept personal checks at this time. We apologize for the inconvenience!

 

How to Add a Debit Card

Adding a debit card is something you do in the app for yourself. All you have to do is follow these steps:

1. Go to the "Account Management" page in your Possible App

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2. Click the small pencil near your linked bank account in the app

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3. A "Payment Method" window should appear. Tap Add A Debit Card.

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4. Enter the details of the debit card. And tap Continue.

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Once you have added your debit card, make sure to review what your preferred payment method is currently set to. Update your preferred payment method as needed.

If you run into any difficulties with this process we encourage you to reach out to our customer success team for assistance.

What are the benefits of paying with a debit card?

  • All payments will finish processing within 24 hours
  • If you miss a payment, you can get caught up faster
  • Your loan will be marked as paid off faster and you’ll be eligible to reapply sooner
  • There’s no extra cost to you

Things to keep in mind

This is still a relatively new feature, so some Visa and Mastercard debit cards (typically credit cards and prepaid cards) are still not able to be supported.

In order to use your debit card for payment, it will need to be associated with a traditional checking or savings account saved within your Possible profile. If the associated bank account is not linked in the app, you can add it before getting in touch with our customer success team to expedite the process. 

 

Why isn't my account eligible to be used for payments?

Unfortunately not all bank accounts are eligible to be used for payment.

Your account must meet the following requirements if you'd like to use it for payment:

  • Must be linkable in the app
  • Must be a traditional checking or savings account (some prepaid cards and credit cards are not able to be supported)
  • Must have a current balance greater than the amount of one payment AND have at least one detectable income deposit

If your bank account is ineligible because it's a prepaid card or credit card, you'll need to use a different bank account or continue using your current payment account.

If your bank balance is too low and we can't detect income deposits, we'll keep an eye on it! Once your balance increases and we detect income it'll become available to use for payment.

Note: if your payment is due before your new account is eligible, please update your payment dates in the app for a later date.

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