Contents of this Page6. Overdraft and Non-sufficient Funds Fees
How to Update 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 Customers only). Just follow these four easy steps to update your payment:
1. Tap the Update payment dates button on the app home page; this opens a list of payments.
2. Tap the pencil icon next to the date you would like to update.
3. Choose a new date in the calendar, tap Save Date.
4. This will bring you back to the date list screen. Tap All done and check to make sure your payment is saved properly.
Note: updating one payment will not change your other payments.
As part of your loan agreement with Possible, you have a 29-day grace period, from the originally selected date, to move your payments around. If you're past your grace period, keep reading!
We can help you update your payment dates! If you've used up your grace period or would like assistance, we're happy to help get your payments set up for dates that work best for you. Please reach out to our customer success team using the Contact Us form in the app as soon as possible. We can also help set you up with a flexible payment plan if your payments become too difficult to keep up with.
We may update payment dates for you. If you're at risk for credit damage and we haven't heard from you, we may update your payments for you based on our payroll predictions. We have your best interests in mind and do our best to notify you if we make any changes on your behalf!
Please be sure to communicate with us to ensure your payment schedule works best for you!
When Do Payments Begin Processing?
Due to the way automatic payments work, we initiate payments 1 business day in advance of your selected payment date.
We like to think of "initiation" as your payment getting in line at the bank so it gets to the front of the line just in time for your selected payment to be made! Money will not be withdrawn from your account until the selected date.
If you receive notice of an unsuccessful payment before your payment is due it's most likely an initiation issue. Rest assured, we did not try to withdraw money from your account before the selected date. Please reach out to our customer success team using the Contact Us form in the app so we can help make it right!
Unable to Update Payment Date
If your payment has already been initiated or begun processing, it cannot be changed or canceled.
Payments made directly from your checking or savings account initiate 1 business day in advance of your scheduled payment date.
If your payment has not yet been initiated, and you are beyond the initial 29-day grace period, you will need assistance from our customer success team in order to update your payment date.
Please reach out to our customer success team using the Contact Us form, and be aware that late payments may reflect negatively on your credit report.
Pay Balance Now
You can pay your loan off at any time! There aren't 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: Will repaying my loan early increase my credit score?
To pay your remaining balance, log in to the Possible app and follow the steps below:
1. From the app dashboard, tap on Pay my balance now
2. A screen will pop up notifying you of your total remaining balance. Tap on I'm ready to pay my balance to continue.
3. A confirmation screen will pop up, asking you to confirm that you would like to pay the total remaining balance of your loan. It will include additional details about the payment for your review. If you would like to continue, tap on Pay $XXX.XX Now
4. A "Thank you" screen will pop up providing further details about your payment, including an expected processing time.
5. After tapping on Go home, you should see 'Processing' next to each of your remaining payments.
Please be aware: Once you confirm that you would like to Pay your balance now, your payments 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.
Canceling an Upcoming Payment
If you would like to cancel an upcoming payment please update your payment in the app or reach out to our customer success team for assistance at least 2 business days ahead of your scheduled payment date.
Payments that have already begun processing are unfortunately unable to be changed or canceled.
It’s important to note that if your payment is being made by automatic bank transfer or ACH, it will be initiated 1 business day in advance of the scheduled payment date. Once payment has been initiated, there is no guarantee we can cancel the transaction.
You will receive a text message a few days ahead of your payment date reminding you of your upcoming payment. 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 changes to your payment can't be made at this time, here's what you should know:
If your payment is being processed through automatic bank transfer or ACH, it may take up to 5 business days for your payment to finish processing. Debit card payments typically finish processing within 24 hours.
If the payment comes back as unsuccessful after processing, please update your payment date in the app as soon as possible to avoid impacting your credit score! As a reminder payments made more than 29 days from your originally scheduled payment date will need to be reported as late to TransUnion and Experian, the two major credit bureaus we report loan payment data to.
Note: updating one payment will not change your other payments.
If you've updated your payment dates in the app before and have already used your courtesy window, you'll be unable to update your payment dates without assistance.
Please contact our customer success team by using the Contact Us form in the app as soon as possible so we can help get you back on track!
Overdraft and Non-sufficient Funds Fees
We know how hard it is to get hit with an overdraft fee. You only went negative by $1, but your bank charged you $35 for that $1 loan.
But did you know most banks allow a courtesy refund every year for an overdraft fee? Some may even allow for more.
So how do you go about reclaiming some of your money?
Give your bank a call whenever you have time, but make sure your bank account is positive at the time you reach out. To save you some time, make sure to have these pieces of information handy for when you get on the phone:
- Home address on file with the bank
- Bank account number
- The date of the overdraft fee
- Your most recent transaction (date, merchant, amount)
- Depending on your bank, they may have some additional verification questions.
Once you are on the phone with a customer service representative from your bank, kindly inform them that you incurred an accidental overdraft fee and would like to have the fee reversed. Oftentimes it's as simple as that! You would be surprised how many times banks are willing to refund fees when asked.