Millions of Americans can’t pay for emergency expenses or get ahead financially. They feel hopeless, undervalued, and stuck. In the fall of 2017, our co-founders, Tony Huang, Tyler Conant, and Prasad Mahendra, decided to do something about it. They created Possible Finance because we believe that every person in our society deserves a path to financial freedom.
Today, our community is one million strong. Our customers have gotten 4 million loans, borrowed a total of $1 billion, and saved $500 million in predatory junk fees. This moment is more than a milestone; it’s a promise fulfilled: we are millions and billions of steps closer to achieving our mission to end the debt cycle and help the communities we serve unlock economic mobility.
A unique beginning: fresh eyes on consumer finance
Our founders didn’t come from consumer finance. With fresh eyes, they looked at expensive forms of credit typically available to lower-income customers, like traditional payday loans or overdraft fees, and they were mystified. There are very predatory lenders out there, making a profit off of keeping their customers in an endless debt trap.
But access to credit needs to exist. Life happens, and for those whose money is tight, it’s the only way to make ends meet. For so many Americans, adding a couple hundred dollars to their budget—or even just a $75 financial cushion—could be the difference between getting food on the table or not falling behind on energy bills.
They thought, there must be another way. They were captivated by the Nobel Prize-winning author and micro-finance expert, Muhammad Yunus, and his success proving that access to a small amount of credit can have a profound impact on individuals and their communities.
And that’s why they started Possible. Just because someone might need to borrow less than $500, they do not deserve to be trapped in debt. They don’t deserve the typical terms of a payday loan, having to constantly re-borrow.
How the Possible Loan works
Unlike typical payday loans, when you apply for a Possible Loan, we’ll link your bank account and use factors like income, transactions and cash flow to make an informed decision. Customers can borrow up to $500 and get their money instantly*, repaying in four installments over the next 8 weeks^.
There are no late fees or penalty fees with Possible Loans—ever. That means when you reschedule a payment, you can do so with no rescheduling fee in the app up to 29 days out. It gives our customers time to catch their breath financially, and keep their finances on track without having to re-borrow.
As a Public Benefit Corporation, our products are built with our customers’ financial health in mind. And on top of never charging junk fees, it’s our goal and responsibility to provide tools that improve our customers’ long-term financial future. Every Possible Loan repayment is reported to credit bureaus, helping our customers build credit history and providing an on-ramp towards even more access to credit.
We’ve come a long way, and now are celebrating key milestones
Today, our customers have gotten a total of over 4 million loans, borrowed a billion dollars, and saved $500 million in fees**. Each Possible Loan represents a moment in someone’s life when Possible provided a way out of a financial pinch. Whether it was to cover an unexpected expense, manage daily needs, or build credit history, our loans have made a tangible difference in the lives of millions.
A billion is a lot. But beyond the sheer volume, what’s truly remarkable is the impact those billion dollars have had. This milestone is a testament to our ability to provide financial support to those who need it, helping our members navigate tough times, build credit history, and take a step closer to financial freedom.
We’ve helped our members keep $500 million^^ in their pockets by never charging hidden fees, late fees, penalties, or renewal fees. Every dollar you save with us is a step closer to reaching your financial goals, free from the burden of unnecessary costs.
That’s because our commitment to your financial wellbeing is at the core of what we do. As a Public Benefit Corporation, your success is our success, and this milestone is proof that when we prioritize our members, everyone benefits.
Staying true to our mission
From day one, we’ve been committed to offering financial services that are fair, transparent, and accessible to everyone, especially those underserved by traditional banking. Hitting one million members is a clear indication that we’re on the right track, helping more people unlock access to credit. But we’re not stopping here. Here’s to a million more stories, a million more successes, and a million more opportunities to have your back.
*Funding typically occurs within minutes of approval, but can take up to 5 days.
^For examples of rates and terms, please visit possiblefinance.com/samplepaymentschedules
**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.
^^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.
All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.
