Update Payment Date

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How to Update Loan Payment Dates

You can update your payment dates in the app at your convenience! The Possible app comes with an easy-to-use payment updating feature (at this time for Loan and Advance Customers only). Follow along in this video or continue reading to learn how. 

How do I reschedule a payment in the app? 

1. Tap the Update payment dates button on the app home page; this opens a list of your upcoming payments.

2. Tap the pencil icon next to the date you want to update.

3. Choose a new date in the calendar, then tap Save Date.

4. You'll return to the date list. Tap All done and confirm your updated payment date looks right. 

Note: updating one payment will not change your other payments.

How much time do I have to reschedule my payment? 

You have a 29-day grace period from your original payment date to reschedule on your own in the app. Rescheduling within this window won't result in late fees, additional interest, or any negative credit impact.

A couple of things to keep in mind:

• Rescheduling more than 15 days past your original due date may affect how much you're eligible for on a future loan application.
• Payments can't be scheduled on weekends or federal holidays. Select the next available business day instead.

How can I determine when the end of my grace period is? 

The grace period gives you 29 days after your original payment due date to reschedule your payment with no credit impact. 

The easiest way to find the last day of your grace period is in the app:

1. Open the Possible app and tap the Update payment dates button on the app home page
2. Tap the pencil icon next to the date you want to update
3. On the "Reschedule Your Payment" screen, check the Rescheduling Note at the bottom. It shows the last date you can move your payment to—that's the end of your grace period. 

Since payments can only be rescheduled within the grace period, any dates after it will be grayed out on the calendar. Weekends and holidays can't be scheduled either, so those will be grayed out too—even if they fall within your grace period. 

Can you help me update my payment dates? 

Yes. If you've used up your grace period, or payments are getting hard to keep up with, our customer success team can help set up dates that work better for you—including a flexible payment plan if you need one.

Reach out through the Contact Us form in the app as soon as you can. The sooner we hear from you, the more options you'll have.

If you've reached out but we haven't heard back from you, we may adjust your payment dates for you based on payroll predictions to help protect your credit. We'll always do our best to notify you before making any changes.

Please be sure to communicate with us to ensure your payment schedule works best for you! 

When does my payment start processing?

Payments initiate 1 business day before your selected payment date. Think of it as your payment getting in line at the bank early—so it arrives right on time. No money leaves your account until your scheduled date.

If you get a notice about an unsuccessful payment before your due date, it's most likely an initiation issue—not an early withdrawal. Reach out to our customer success team via the Contact Us form in the app and we'll sort it out.

Why can't I update my payment date?

There are two reasons you may not be able to update your payment date in the app:

Your payment is already processing. Once a payment has been initiated (1 business day before your scheduled date), it can't be changed or canceled.

Your grace period has ended. If you're past the 29-day grace period, you'll need help from our customer success team to make any changes. Contact us through the Contact Us form in the app. Keep in mind that late payments may reflect negatively on your credit report, so reaching out early gives you the best chance of avoiding any impact.

How do I cancel an upcoming payment?

To cancel or change an upcoming payment, update your payment date in the app or reach out to our customer success team at least 3 business days before your scheduled payment date.

Keep in mind that payments initiated by automatic bank transfer (ACH) begin processing 1 business day before your scheduled date. Once a payment has been initiated, we can't guarantee it can be canceled.

If you need to make any changes please make those changes in the app within 2 business days and reach out to our customer success team if you run into any issues.

If your payment is already processing

If changes can't be made in time, here's what to expect:

• ACH/bank transfer payments may take up to 5 business days to finish processing.
• Debit card payments typically finish processing within 24 hours.

If the payment comes back unsuccessful, update your payment date in the app as soon as possible to avoid any impact to your credit. Payments made more than 29 days past your original due date are reported as late to TransUnion and Experian.

Note: Updating one payment won't affect your other scheduled payments.