## A note from our CEO ### Building momentum At Possible, it’s in our DNA. From our early days, doing underwriting by hand on a whiteboard—to today, having funded over 500 million dollars in loans. And counting. When we were first starting Possible, one of the first customers I ever met in person was Anne. She had just relocated to Denver, spent her savings on the move, and had to take out a payday loan. There she was, standing at the payday loan shop, and the clerk treated her with disdain in her moment of need. To say that Anne’s story resonated with me would be an understatement. It changed me. It reinforced my belief in our opportunity to turn a moment of need into something that can actually help our customers long-term and end the debt trap. The path to financial wellbeing and success is rarely linear—and access to credit can create momentum out of a moment of need. ### Hear the story from Tony That sentiment has continued throughout our growth as a company and guided our decisions. By aligning our incentives with our customers’ best interests, we can turn a challenging financial time into an opportunity that gives our customers the financial breathing room they need. Possible Loan customers can reschedule their payment up to 29 days after the original due date with no additional fee—and in 2023, almost two million payments were rescheduled. While this isn’t something celebrated by our competitors, it's something we are proud to offer. Our customers know they can count on Possible for payment flexibility. Instead of trapping them in debt, we only succeed when they do. ### “Receiving my approval from Possible was a game-changer for me. I’d run into some unexpected medical expenses for my son. When I saw the email that I had been approved… it just took my breath away. I immediately felt a sense of freedom.” **Carrie, Alabama** *Possible member since 2021* Watch Carrie’s story Did you know? We are a Public Benefit Corporation. That means it’s our mission and responsibility to benefit our customers’ financial wellbeing—this year and every year. Carrie is not alone. Unexpected medical expenses were common among our customers’ financial hardships this year. For customers who already have a Possible Loan and experience this type of financial hardship, we offer additional time to pay through our innovative Relief Plan. In 2023, the overwhelming majority—nearly 80%—of the enrollments in the Relief Plan program were due to medical care or serious illness. There is no silver lining to these events. But we can be there for our customers. ### We’re here to end the debt cycle and unlock economic mobility for our customers. In 2023, our actions were all about building momentum towards achieving our mission. The result is the report you’re reading now, where you’ll find an overview of our work this year, inspiring words from our customers, insights that surprised us and more. Thanks for joining us on this journey. With gratitude, Tony ## You, financially free Your journey starts here Possible Loans helped fuel our customers’ progress towards achieving their goals this year. ### No junk fees here In 2023, we introduced 10+ new emails to help our customers find solutions when payments fail—because no matter the reason, we’re here to help you stay on track and maintain your credit. ### In 2023, we saved customers over **$100 million** ### because we never charge junk fees, late fees, penalty fees and renewal fees. ### How it’s Possible ### No insufficient funds fees These fees are so common in consumer lending that they go by NSF for short. We don’t charge a fee when your payments are returned due to insufficient funds. We do, however, help you reschedule your payment or add another payment method. ### No rollovers or late fees These don’t happen at Possible, either. Instead, we offer payment flexibility up to 29 days out from your original payment date—and there’s no rescheduling fee. ### A higher bank balance than where you started On average, members had $332 in their bank account when taking out their first Possible Loan. ### A month after paying off their loan, their balance was **1% higher** on average. ### Extra funds, on repeat ^Possible uses fee and payday loan usage information from the state regulatory agencies to arrive at the Fees Saved Calculation. Savings based on the maximum fees Possible could have charged customers over the typical payday loan term, including late fees and insufficient funds fees. Results will vary. ### 1% of repeat customers who accepted their loan offer received the same amount or more than last time How much do you get on payday? Possible Loan customers have an average income of $5,000 a month. Income might look different depending on several factors like age and location. ## When things [don’t] go perfectly The path to success isn’t always linear. This year, we were here for our community through the ups and the downs. ### To weather the storm Early in 2023, flooding in California caused power outages, mudslides, countless hours away from work—and over $3 billion in losses. We reminded our Possible Loan customers in California that we offer our Relief Plan in times like these. Enrolling in the Relief Plan gives Loan customers more time to pay when unexpected happens. ### But the highest number of enrollments in our financial Relief Plan were due to medical and critical illness expenses: - **40% Medical Care Reason Enrollments** - 0.00% Home Emergency - 10% Serious Illness Enrollments - 10% Death in Family - 0.0% Natural Disaster ### “I experienced compassion and a solution. I am very appreciative to have one less thing to be concerned about during this challenging time.” **Lanell L, Texas** *Possible member since 2021* ## We respond to **1%** of the complaints we receive. ### In our heavily regulated world of consumer finance, this isn’t anything special. ### Not only is this expected by regulators but it’s also the right thing to do. ### We’re proud to have a **4.5** rating from customer reviews on the Better Business Bureau. ## Close to home Possible IRL In 2023, our team headed to our birthplace of Seattle, WA to learn about some of our members IRL. ### 6 entrepreneurs **1 city** ### 4 parents **10 in-person interviews** ### 6 artists ### 7 Seattle natives ### Where our customers showed up the most in ‘23. - **50,000 Members in Michigan** ## And, everywhere else ### 2023 was a year of making strides towards giving more people access to the funds they needed. **1.0M** customers installed the Possible app. ### Nearly **1M Possible Loans** were funded in 2023. ### 230K+ people per month viewed our new app dashboard Did you know? We completed 690 app usability testing sessions in 2023 and 103 app releases. ### Supporting your financial health journey, virtually: **2,800 words written on our blog.** ### Over **900K+ customers opened Possible emails** in 2023. ### Over **10M social media impressions**. ## We’re a Public Benefit Corporation. ### As a PBC, it’s our mission and responsibility to benefit your financial wellbeing. ### This isn’t the end of our story. What you see in this report are just a few steps in a longer journey towards achieving our mission to end the debt cycle. In the coming years, we are eager to expand our reach and continue to provide benefits in the form of fair and affordable financial products to communities in need. ### Thanks for being here with us.