Understanding Loan Payment Plans
We currently have two payment plan options to help alleviate stress.
We understand life happens and we'll work with you to the best of our ability. If you need to convert to a payment plan please reach out to our customer success team.
Things to consider before converting to a payment plan:
- We always honor the amount you agreed to repay when the loan was accepted. Rest assured, we never charge late fees or additional interest.
- However, if the payment(s) are 30 days or more past the originally scheduled date(s) there will be negative effects on your credit score.
- Your score will be increasingly impacted the longer the payments remain unpaid. We encourage you to make payments as soon as possible to avoid further damage to your credit score.
Plan A: 4-Week Delay
We can push your remaining payments out by 4 weeks.
This will most likely put you right on the edge of the 29-day grace period and make it possible to avoid damaging your credit score.
Contact our customer success team using the app's Contact Us form and we will work with you to update your payment dates.
Plan B: Monthly Payments
Beginning next month, you'll be responsible for making 1 payment each month until the loan is paid off.
There isn't any way to avoid damaging your credit with this payment plan. Your score will be increasingly impacted the longer the payments remain unpaid. We encourage you to make payments as soon as possible to avoid further damage to your credit score.
Contact our customer success team using the app's Contact Us form and we will work with you to update your payment dates.
What is the Financial Relief Plan?
At Possible, our promise is to be your financial partner for all of life’s ups and downs.
Back in April 2020, we introduced our COVID Relief Plan. Since then, we’ve expanded it into a broader Relief Plan to help us deliver on that promise by covering all of the following:
- A death in your immediate family
- Serious illness or hospitalization
- A natural disaster in your community as declared by the Federal Emergency Management Agency (“FEMA”) or state government authority, including tornado, earthquake, fire or flood
- Incurred expenses in connection with critical medical care, including abortion care
- A mass casualty incident in your community
- A home emergency, such as a house fire, break-in or homelessness
- A sudden loss of income or employment
In any of these cases, Possible will assist you with a one-time, 60-day extension on your original payment due dates to give you more time before there is a negative impact on credit.*
There are no silver linings to these events, but we know that your budget should be the last thing on your mind. We are here to support you in times of hardship and to benefit your financial resilience and well-being.
Please reach out to our customer success team as soon as possible in order to opt-in to the financial relief plan.
*Any late payments already incurred on an existing loan will not be removed. When enrolled in the Relief Plan, your account will be reported as in a hardship status, and your due dates will be extended to give you more time. If your loan was past due before enrollment, that status will continue to be reported during the hardship period.
Other Options
If you are a Washington State resident, we may have alternative options for repayment. To learn more about these options, please reach out to our customer success team using the app's Contact Us form.
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