Loan Repayment Information

Contents of this Page

1. Where Can I See My Balance?

2. What Are My Original Payment Dates?

3. What is the APR?

4. Can I Repay My Loan Early?

5. How do I Make a Payment?

6. Can I Refinance for a Higher Amount?

7. Can I Make Partial Payments?

8. How Can I Get a Payoff Letter?

9. Why do I need to reauthorize payments?

Where Can I See My Balance?

Your balance will be shown on your dashboard in the app at all times. However, if you're having trouble logging in to see it or need assistance, you can always reach out to our customer success team using the Contact Us form in the app.

What Are My Original Payment Dates?

Your original payment dates are the dates listed in your loan agreement. Possible’s algorithm does its best to choose your payment dates on your paydays. Your first payment should be no sooner than 7 days from the approval date.

• If you get paid on a daily basis (such as with Uber or Doordash): your payments will begin 2 weeks from the approval date and will continue every other week
• If you get paid weekly: your payments will be every other payday
• If you get paid twice a month: your payments will be every payday
• If you get paid once a month: you will make 2 payments per payday

Regardless of their pay schedule, each customer is responsible for 4 equal payments and has approximately 8 weeks (2 months) to repay their loan. Watch this video to learn more about installment payments.

Your original payment dates are also the starting point for your 29-day grace period. Learn how to find the end of your grace period.

What is the APR?

APR (Annual Percentage Rate) is the yearly cost of borrowing. Possible loans are designed to be repaid over a few months, not a full year. Because of this, the APR will appear higher than what you actually pay over the life of the loan.

If you pay off your loan in less than a year, you'll pay less than the full annual rate. Rescheduling payments within your 29-day grace period does not increase your interest or add any fees.

For a breakdown of loan costs by product, visit About Possible Loans or About Possible Plus plan.

Can I Repay My Loan Early?

There’s no penalty for paying your loan early and it’s easy to do so right in the app.

Looking to update a payment date? Check out this help center article for more information.

• If you’re still in your 29-day grace period, you can update one or more of your payment dates in app. If you have any trouble with this, just send us a message using the contact form and we can help!
• If you’re paying from your checking (ACH) account, each payment must be scheduled at least one business day from the current day (or two business days if you are updating the payment in the afternoon) due to processing times.

Looking to make a payment now? Read our step-by-step guide on making a payment or watch this video tutorial showing the full payment process.

• If you want to make a same-day payment instantly, use your debit card. Most debit card payments process within 24 hours!
• You can make a payment for past due installments, installments coming up, or the remaining loan balance.
• If you run into any issues, just send us a message using the contact form and we can help!

Will your fees be lowered for paying early? It depends on the state you live in.

• No fee reduction for early payments: - AK, AZ, CA, DE, FL, IA, ID, IN, KS, KY, LA, MI, MS, MO, MT, NE, NH, NV, OH, OK, OR, RI, SC, TN, TX, UT, VA, VT, WA
• Possible fee reduction for early payments: - AL, HI
  • You may see a slight reduction, but the exact amount varies and can’t be predicted.

Looking to increase your credit score?

If your main goal is to build credit, we recommend sticking to your original payment schedule. Why?

• We report to TransUnion and Experian, but neither share how scores are calculated
• Each bureau may report and calculate your score differently
• We are unable to predict how early repayment will impact you personally
• Longer account history can help your credit score, so keeping the loan open and making consistent on-time payments is typically best

In summary, you’re welcome to repay early, and we support flexible payment scheduling. But if you're focused on building credit, your best bet is to keep the loan open and make all payments on time.

Let us know if you need help updating or making a payment. We’re happy to assist!

How Do I Make a Payment?

You can pay your loan off at any time! There are not 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: Can I Repay My Loan Early? or watch this video: Can I Pay Off My Possible Loan Early?

To pay your remaining balance, log in to the Possible app and follow the steps below or watch this video tutorial on how to make a payment:

1. From the app dashboard, tap on Make a Payment
2. On the next screen, choose your payment amount (Missed Installment(s), Upcoming Installment, or Full Balance)
3. On the Confirmation screen, you can edit the amount you want to pay, the payment method, or even add a new payment method. Tap Pay Now when ready to proceed.
4. A "Thank you" screen will pop up providing further details about your payment, including an expected processing time.

Please be aware: Once you confirm that you would like to Pay Now, your payment(s) 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? Learn how to change your payment method here.

Can I Refinance for a Higher Amount?

At this time, Possible loans are not able to be refinanced. You can reapply for a new loan once the final payment on your current loan finishes processing and clears on Possible’s end.

Payments made directly from your checking or savings account, via automatic bank transfer, may take up to 5 business days (not including Saturdays, Sundays or bank holidays) to clear on Possible’s end from the day they were pulled from your bank account.

Payments made with debit cards usually clear on Possible’s end within 24 hours of being pulled from your bank account.

Once your final payment finishes processing, it will be marked as completed on the date it was scheduled for. Your account will then be reset in order to allow you to reapply for a new loan when you're eligible.

Can I Make Partial Payments?

At this time, partial payments and custom payment amounts aren’t supported. Your loan must be repaid in four equal installments.

Need More Flexibility? If you're unable to make the full payment amount, we recommend updating your payment date in the app: How to Update Your Payment Dates.

• You can choose a new date that works better for your budget.
• We recommend making sure it's within your 29-day grace period to avoid negative credit impacts.

Still need help? Just send us a message using the contact form and we can help! We may be able to assist with rescheduling payments or exploring a payment plan.

How Can I Get a Payoff Letter?

You can download a payoff letter in the app once the final payment on your loan has finished processing. Processing time can take up to 24 hours for debit card payments and five business days for ACH/checking account payments.

To download your payoff letter:

1. Tap the waffle icon in the upper left of the app
2. Tap on History, statements & documents
3. Tap on Loans
   • You will see your payoff letter within the listed documents

If you run into any issues, we’re here to help. You can reach out to our customer success team using the Contact Us form in the app with any questions you may have.

Why do I need to reauthorize payments?

If our last two attempts to withdraw a payment were returned due to insufficient funds, we pause automatic payments to protect your account. We won’t try to withdraw any payments again without your permission.

How to Reauthorize Autopay

To get automatic payments going again, you’ll need to reauthorize us to withdraw funds from your account.

Reauthorizing is easy! You should see a reauthorization request waiting for you in the Possible app next time you login. Just follow the steps to complete the request.

Until the request is completed, autopay will remain paused. You can still make manual payments anytime using your preferred payment method in the app. To learn more about making manual payments, check out this help center article.

Rescheduling Any Missed Payments

If you missed any payments while autopay was paused, you can easily reschedule them in the app:

1. Open the app and tap Update payment dates on your dashboard
2. Tap the pencil icon next to the payment you'd like to update
3. Choose your new payment date using the calendar
4. Tap Save date
5. Confirm that the update saved, then tap All Done

Need step-by-step visuals? See our guide on updating payment dates

Still need help?

If something doesn't look right or you need help, reach out to our customer success team using the Contact Us form in the app.