Loan Repayment Information

 

Where Can I See My Balance?

Your balance will be shown on your dashboard in the app at all times.

However, if you're having trouble logging in to see it or need assistance, you can always reach out to our customer success team using the Contact Us form in the app.

 

What Are My Original Payment Dates?

Your original payment dates are the dates listed in your loan agreement.

Possible’s algorithm does its best to choose your payment dates on your paydays. Your first payment should be no sooner than 7 days from the approval date.

  • If you get paid on a daily basis (such as with Uber or Doordash): your payments will begin 2 weeks from the approval date and will continue every other week
  • If you get paid weekly: your payments will be every other payday
  • If you get paid twice a month: your payments will be every payday
  • If you get paid once a month: you will make 2 payments per payday

Regardless of their pay schedule, each customer is responsible for 4 equal payments and has approximately 8 weeks (2 months) to repay their loan.

 

Can I Repay My Loan Early?

There is no penalty for repaying early!

If you're still within our 29-day grace period, you should be able to update your payment dates in the app at your convenience.

If you are paying directly from your checking account, each payment must be scheduled at least one business day from the current day (or two business days if you are updating the payment in the afternoon). This is due to payment processing times.

If you want to make a same-day payment you also have the option of paying with a debit card (assuming you have a debit card that is compatible).

You can update your payment dates or make payments early within the app at any time.

If you'd like to make more than one payment at a time simply update multiple payments for the same date.

California, Delaware, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, and Washington residents will not see a reduction in the loan amount when repaying early.

Alabama, Florida, Iowa, Nevada, and Ohio residents may see a reduction in the loan amount when repaying early. However, the reduction may be minimal and we cannot know the exact amount beforehand.

If your main goal is to increase your credit score, we recommend sticking to the original payment dates instead of paying early.

We’re unable to predict exactly how your score will be affected by using Possible. We report to two of the three major credit bureaus, TransUnion and Experian. Unfortunately, these bureaus do not disclose exactly how they calculate credit scores.

Additionally, TransUnion and Experian may calculate your score differently so you may see different scores depending on where you look.

We do know that credit bureaus use the length of history as a factor for calculating credit scores.

Typically, the longer an account is open (such as a loan with Possible), the better. This is because you're able to demonstrate your ability to be consistent and reliable over time.

In summary, we recommend keeping the loan open and focusing on making payments on time!

 

Make a Payment

You can pay your loan off at any time! There are no any fees for paying your loan off early. However, if you are intending to build your credit, you may want to check out this article: Can I Repay My Loan Early?

To pay your remaining balance, log in to the Possible app and follow the steps below:

  1. From the app dashboard, tap on Make a Payment
  2. On the next screen, choose your payment amount (Missed Installment(s), Upcoming Installment, or Full Balance)
  3. On the Confirmation screen, you can edit the amount you want to pay, the payment method, or even add a new payment method. Tap Pay Now when ready to proceed.
  4. A "Thank you" screen will pop up providing further details about your payment, including an expected processing time.

Please be aware: Once you confirm that you would like to Pay Now, your payment(s) will automatically begin processing and we will not be able to cancel them. If you have made this selection in error and your payments are returned as unsuccessful, you can update them in the app for a later date, or reach out to our customer success team for assistance.

If you are hoping for your payments to be processed today in order to reapply, please keep our processing times in mind.

If you’re set up to pay using a compatible debit card, your payment will finish processing within 24 hours. If you’re set up to pay by automatic bank transfer, your payments may take up to 5 business days (not including Saturdays, Sundays, and bank holidays) to finish processing.

Once your payments finish processing successfully, your account will be reset to allow you to reapply.

Want to switch your payment method for quicker processing? Click here for more information

 

Can I Refinance for a Higher Amount?

At this time, Possible loans are not able to be refinanced. You can reapply for a new loan once the final payment on your current loan finishes processing and clears on Possible’s end.

Payments made directly from your checking or savings account, via automatic bank transfer, may take up to 5 business days (not including Saturdays, Sundays or bank holidays) to clear on Possible’s end from the day they were pulled from your bank account.

Payments made with debit cards usually clear on Possible’s end within 24 hours of being pulled from your bank account.

Once your final payment finishes processing, it will be marked as completed on the date it was scheduled for. Your account will then be immediately reset in order to allow you to reapply for a new loan if you'd like!

 

Can I Make Partial Payments?

Your loan with Possible must be repaid in four equal payments. At this time, custom payment amounts and partial payments are not allowed.

If you're unable to make the full payment amount at this time, we encourage you to update your payment dates in the app for a date that works better.

If you're in need of additional assistance, please reach out to our customer success team and inquire  about updating your payment dates or being put onto a payment plan.

 

How Can I Get a Payoff Letter?

You can download a payoff letter in the app once the final payment on your loan has finished processing. Processing time can take up to two business days for debit card payments and five business days for ACH/checking account payments.

To download your payoff letter:

  1. Tap the waffle icon in the upper left of the app
  2. Tap on History, statements & documents
  3. Tap on Loans
    • You will see your payoff letter within the listed documents

If you run into any issues, we’re here to help. You can reach out to our customer success team using the Contact Us form in the app with any questions you may have.

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