Resolving Failed and Frozen Payments

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Common Reasons Payments Fail

• There wasn't enough money in your account to cover the payment
• Your account was reported as 'closed,' by your bank
• Your bank account or debit card numbers were entered incorrectly
• Your bank has reported that a 'stop payment' was placed on the transaction
• The account has been reported as 'frozen', by your bank
• The transaction triggered a fraud alert with your bank and the transaction was stopped
• The payment card on file was reported as stolen, by your bank
• Our payment partner is having trouble verifying your identity so they canceled the transaction

How to Resolve Failed Payments

If your payment was unsuccessful, please reach out to our customer success team using the Contact Us form in the app as soon as possible! They will be able to identify the reason your payment was returned and assist you with getting the issue sorted out.

Why did my payment change from “completed” to “failed”?

Sometimes, your payment may appear as completed before we’re notified that it failed. If it was your final payment, your loan may temporarily show as paid off. Once we receive notice that the payment didn’t go through, your payment status will update automatically and, if applicable, your loan will reopen as active

Your loan will return to paid-off status once your final payment successfully processes. You can reschedule your payment in the app. If you're unable to reschedule in the app, we're here to help. 

Keeping your payments up to date also helps protect your credit. We offer a 29-day grace period on all payments, so as long as your payment is made within 29 days of your original due date, it won’t be reported as late to the credit bureaus. You can learn more about late payments and credit reporting here.

Things to Keep in Mind

It's important to resolve your payment issue as soon as possible to prevent any negative impact on your credit score. While we do offer a 29-day grace period, we are still bound by federal regulation to report accurate information to TransUnion and Experian. If your payments are made more than 29-days from the originally scheduled payment dates, your credit score will be impacted.

Why are My Payments Frozen and How Can I Unfreeze Them?

If you fall too far behind on your payments, Possible may put a freeze on them

We don't like charging your account and causing insufficient funds fees! The freeze on your account ensures that payments will not be processed until you unfreeze them.

Please be aware that until your payments are completed, your credit will be impacted.

How to unfreeze payments

You've got options! You can do 1 of these 3 things in the app:

1. Add a debit card and make debit card payments moving forward
2. Confirm the bank account and routing number we have on file
3. Link another bank account and change your payment account

Once your payments are unfrozen you can update your payment dates in the app to get your account back on track!

If you’re having trouble unfreezing your account or updating your payment dates, we’re happy to assist you! Please reach out to our customer success team using the Contact Us form in the app. If you’re having trouble making your payments at this time our customer success team can also help set you up on a payment plan.

Overdraft and Non-sufficient Funds Fees

Why did I get an email about a potential overdraft?

If you're opted in to receive prequalify alerts, we use continuous underwriting to monitor activity on your linked bank account. Occasionally, if we notice an upcoming payment that could result in an overdraft, we’ll send you an email alert so you have time to take action.

If you receive one of these alerts, we recommend logging into your bank account to review your balance and, if needed, transferring funds into the account if you’re able. Even if you don’t currently have an active Possible loan, we send these notices because overdrafts can impact your chances of being approved for future borrowing.

That said, we only send these emails occasionally. If available, we recommend setting up alerts directly through your bank to help you catch potential overdrafts before they happen every time.

Can I get a refund for an overdraft fee?

We know how hard it is to get hit with an overdraft fee. You may have only gone negative by a small amount, but ended up being charged a fee that’s bigger than the overdraft itself.

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.