In summary, we recommend keeping the loan open and focusing on making payments on time! Can I Refinance for a Higher Amount?Īt this time, Possible loans are not able to be refinanced. This is because you're able to demonstrate your ability to be consistent and reliable over time. Typically, the longer an account is open (such as a loan with Possible), the better. We do know that credit bureaus use the length of history as a factor for calculating credit scores. Unfortunately, these bureaus do not disclose exactly how they calculate credit scores.Īdditionally, TransUnion and Experian may calculate your score differently so you may see different scores depending on where you look. We report to two of the three major credit bureaus, TransUnion and Experian. We’re unable to predict exactly how your score will be affected by using Possible. If your main goal is to increase your credit score, we recommend sticking to the original payment dates instead of paying early. However, the reduction may be minimal and we cannot know the exact amount beforehand.
#Possible finance loan amounts update#
If you'd like to make more than one payment at a time simply update multiple payments for the same date.Ĭalifornia, Delaware, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, and Washington residents will not see a reduction in the loan amount when repaying early.įlorida, Ohio, Iowa, and Alabama residents may see a reduction in the loan amount when repaying early. You can update your payment dates within the app at any time.
If you want to make a same-day payment you also have the option of paying with a debit card (assuming you have a debit card that is compatible). If you are paying directly from your checking 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). If you're still within our 29-day grace period, you should be able to update your payment dates in the app at your convenience. Regardless of their pay schedule, each customer is responsible for 4 equal payments and has approximately 8 weeks (2 months) to repay their loan. If you get paid once a month: you will make 2 payments per payday.
If you get paid twice a month: your payments will be every payday.If you get paid weekly: your payments will be every other payday.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.Your first payment should be no sooner than 7 days from the approval date. Possible’s algorithm does its best to choose your payment dates on your paydays. Your original payment dates are the dates listed in your loan agreement. 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. Your balance will be shown on your dashboard in the app at all times.
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