Update Payment Date

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Can I update my loan payment dates? 

You can update your loan payment dates in the app at your convenience! Follow along in this video or continue reading to learn how. 

If you need more time than the app allows, our customer success team can help set up dates that work better for you, including a flexible payment plan if you need one. We won’t charge late fees or additional interest but we will report payments more than 29 days after it’s original due date to the credit bureaus.

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 far can I move my loan payment? 

You can update your loan payment date in the app. How far you can move it depends on how long it’s been since your original due date.

• Not due yet, or less than 15 days past your original due date: Pick any available date up to 29 days after your original due date.
• 15 or more days past your original due date: Pick any available date up to 14 days from today. That date can be more than 29 days after your original due date.

Those 29 days after your original due date are your grace period. If you’re 16 or more days past your original due date, the latest date you can pick will fall outside of it.

We’ll never charge late fees or additional interest when you move your payment date.

If you make your payment within your grace period, we won’t report it as late to the credit bureaus. If your payment is made after your grace period ends, we’ll report it as late to TransUnion and Experian.

A couple of things to keep in mind

• Moving your payment date when you’re 15 or more 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 bank holidays. If your last available date lands on one, you’ll see the last business day before it as your latest option.

How do I know when the end of the grace period is? 

Each installment has its own grace period. It’s calculated from that installment’s original due date, which you can find in your loan agreement (check the History, Statements & Documents tab in the Possible app).

The grace period gives you 29 days after an installment’s original due date to make that payment without it being reported as late to the credit bureaus.

If you’re 15 or less days past an installment’s original due date, the easiest way to find the end of its grace period is to check the last date you can choose 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 installment 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 that payment to.

Dates after the last available date are grayed out on the calendar. Weekends and holidays are grayed out too, even when they fall inside the window.

If you’re 15 or more days past an installment’s original due date, the last date you can choose is up to 14 days from today. Once you’re 16 or more days past due, that date can be later than the end of your grace period. If you pick a date more than 29 days after the original due date, the app will show you a credit warning first.

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 a few reasons you may not see dates 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 payment has already been completed. Only upcoming or unsuccessful payments can be updated.
• Your account needs a hand from our team. If you don't see any dates to choose from, reach out through the Contact Us form in the app and we'll help.

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.