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. She’d spent her savings on the move, taking a big step forward in life, and she had to take out a payday loan. So there she was, standing at the payday loan shop, and the clerk behind the desk treated her with disdain—talking down to her 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.
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 with no rescheduling cost for up to 29 days after the original due date—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,” another customer, Carrie, told us in 2023. “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 is not alone. It turns out that unexpected medical expenses were a common factor in our customers’ financial hardship 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 Relief Plan. And 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 through life’s ups and downs, we can be there for our customers.
I’m moved and motivated by our promise to uplift Anne and Carrie’s financial wellbeing—and millions of others.
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. Here, you’ll find an overview of our work this year, more inspiring words from our customers, insights that surprised us and more.
🟦 It’s our mission to our mission to end the debt cycle and help customers unlock economic mobility. From our humble beginnings to funding over $500 million in loans, we’re one year closer to making that dream a reality. With every rescheduled payment, every enrollment in our relief plan, and millions of app downloads, we’re proud of the progress we made in 2023. As a Public Benefit Corporation, we succeed when our customers do—and helping customers like Anne and Carrie achieve financial wellbeing brings our vision to life.
Join us in building momentum towards a brighter financial future. Read our 2023 report to find out more about our impact and discover more customer success stories. Check out the full 2023 Impact Report here.
