2024 Impact Report: In the Driver’s Seat

The 2024 Impact Report is here:

• We share our progress towards unlocking economic mobility for our customers
• Customer stories, like Shakeyla’s, tell the story of the true impact Possible has on real lives
• We track our impact by the numbers; for example, 21 million Possible payments were rescheduled in 2024, and we never charge rescheduling fees—that means money back in our customers’ pockets
• In 2024, we made progress towards making our vision for Possible a reality—check out our full 2024 Impact Report here

In the driver’s seat

Back when we started Possible, we took a close look at what it’s like for folks who are just getting by. We talked to real people, and got to know their finances. Here’s the truth: many Americans feel hopeless, undervalued and stuck—they’re out of options to borrow or build their credit. Many rely on expensive, predatory forms of credit laden with fees—not because they aren’t aware of the terms or cost, but because they didn’t have a choice.

At Possible, it’s always been about choice.

Since day one, we’ve chosen to structure our business differently—so that we succeed when our customers do. That informs how our products work. For example, we break a small dollar loan of even just $200 into four installments rather than a single bullet repayment—unlike most payday lenders and cash advance providers.

When someone needs more time to pay off their Possible Loan, they choose their payment dates—up to 29 days out from their original due dates for each installment. Some lenders choose to make a profit when customers need more time to pay. We don’t.

We also made a choice to become a Public Benefit Corporation—making it not only our mission but our responsibility to create products that benefit the financial health of those we serve. We’re putting the power where it belongs: in our customers’ hands.

Breaking free from the debt trap

One of the Possible members you’ll be introduced to in this year’s Impact Report is Shakeyla. She’s from the Motor City—Detroit, Michigan, and she just started using Possible this year. Before that, she was relying on payday loans to make ends meet. She’s a working mom, and her goal is to build a financial cushion for her family—but with the rising cost of gas and groceries, saving has been an uphill battle.

Before Shakeyla found Possible, payday lending damaged her finances more than it helped: “I ended up paying $1,800 for a $500 loan. So it's like, did it really help me? Not really. It just kind of put me back in the same hole to where I'm going to have to borrow again.”

That’s a debt trap. Shakeyla deserves better.

Her first Possible Loan was just for gas and groceries. A couple of things that impressed her: with Possible, she was able to borrow sustainably, and pay it back over time. “Possible doesn't allow you to overextend yourself,” she assured my team when they met in June. “It was just what I needed to get over the hump.” With the Possible Loan’s installment plan and flexible rescheduling, she could catch her breath financially and get back to her savings goal.

2024 Impact: progress in numbers

There are millions like Shakeyla—and this year’s Impact Report theme, “In the Driver’s Seat,” is all about giving them the tools to navigate their own financial journeys. It’s about agency, empowerment, and creating solutions that work on their terms.

In 2024, this belief drove everything we did—and the accomplishments we made along the way:

• Helping over 4 million customers leave payday loans behind since our inception—just like Shakeyla, who used her Possible Loan to support her family, which means we are able to deliver both relief and freedom in a difficult moment.

• 21 million Possible payments were rescheduled—with no fee—because life doesn’t follow a perfect timeline.

• Thousands of customers enrolled in the Relief Plan, helping them manage unexpected hardships.

2024 was also a year of milestones for us: we’ve issued millions of loans since our inception, and our customers have borrowed over $1 billion. For each of those loans, since we don’t charge late fees, rollover fees, or penalty fees like insufficient funds fees—we’ve saved our customers over $500 million.

To my colleagues and our customers: you did that. That’s progress towards achieving our mission to benefit the economic mobility of the communities we serve. Every one of those achievements represents an impact on our customers’ daily lives.

Partnering for economic mobility

Like many of you, I’m motivated and inspired by how every win underscores our commitment to our customers’ financial health. We won’t succeed unless our customers do. By designing solutions around their needs, we’re proud to have become more than just a lender but a partner: When there’s not enough money coming in, folks know they can rely on Possible.