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Financial Literacy Month Recap: Expert credit advice with LiFT

Illustration by Blake Cale

Illustration by Blake Cale

Illustration by Blake Cale

Financial Wellness

Kevin Platshon

Kevin Platshon

5/15/23

/

4

minute read

Share

Summary

  • This past Financial Literacy Month, our friends at the community-focused nonprofit, LiFT, invited our experts to give our second annual presentation on all things credit

  • We covered how to think about credit history, what your credit score means, how to review your credit report and answered questions live

  • We’ll share all the tips, answers and debunked myths as part of our ongoing Financial Literacy series

Financial Wellness

Kevin Platshon

Kevin Platshon

5/15/23

/

4

minute read

Share

Summary

  • This past Financial Literacy Month, our friends at the community-focused nonprofit, LiFT, invited our experts to give our second annual presentation on all things credit

  • We covered how to think about credit history, what your credit score means, how to review your credit report and answered questions live

  • We’ll share all the tips, answers and debunked myths as part of our ongoing Financial Literacy series

Financial Wellness

Kevin Platshon

Kevin Platshon

5/15/23

/

4

minute read

Share

Summary

  • This past Financial Literacy Month, our friends at the community-focused nonprofit, LiFT, invited our experts to give our second annual presentation on all things credit

  • We covered how to think about credit history, what your credit score means, how to review your credit report and answered questions live

  • We’ll share all the tips, answers and debunked myths as part of our ongoing Financial Literacy series

Wait… what’s my credit score? Why did it suddenly change—I didn’t do anything? What even is a FICO score? 

We’ve all been there. Sometimes, you wish you had a credit expert on speed dial. So this past April, Financial Literacy Month, our partners at LiFT invited us to host a comprehensive webinar on all things credit.

On the panel, our Chief Credit Officer, Ellen Falbo, and our VP, General Counsel, Daynor Carman answered complex questions about how credit works and debunked some of credit’s biggest misconceptions. Here’s a sneak peek of what our experts had to share:




Financial literacy matters—no matter the month

At Possible, our mission is to end the debt cycle and help communities unlock economic mobility for generations to come. Our commitment to financial education and literacy is foundational to achieving that mission—and it couldn’t be more necessary.

While there’s a lot of good advice out there, credit misconceptions can cost consumers their hard-earned cash. According to a recent survey by the National Financial Educators Council, 38% of individuals said their lack of financial literacy cost them at least $500 in 2022. That includes 15% who said it set them back by $10,000 or more.¹

That’s why we’re grateful to partner with LiFT in hosting sessions like these, and empowering our customers and their communities with the facts. You can learn more about LiFT here.

Sarah Spunt, Executive Director at LiFT had this to say about our relationship, “LIFT is so appreciative to partner with Possible Finance on our annual virtual wealth-building series, LIFT’s W.I.S.H. (Wealth-building Ideas for Strengthening Households). Possible brings complete expertise on all things credit to the diverse audience every year. Participants from all over the country are able to not only learn credit basics, but Possible also brings a lens of credit alternatives that is more accessible to the population we work with. Additionally, Possible provides answers to questions asked live by the audience, dispelling myths and allowing participants to get answers from a knowledgeable and trusted source."

This isn’t all. As part of our commitment to our customers’ financial wellbeing, we’re kicking off a financial literacy series to break down these topics. During #FinancialLiteracyMonth and all year round, our mission at Possible is to help you end the debt trap and unlock economic mobility for good. 🟦

¹ “Lack of financial literacy cost 15% of adults at least $10,000 in 2022. Here's how the rest fared”, CNBC, https://www.cnbc.com/2023/01/19/heres-how-much-people-say-lack-of-financial-literacy-cost-in-2022.html

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.

For Loans, Possible Finance has direct lending licenses in CA, ID, LA, NV, OH, OR, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.

Loans in AL, DE, FL, IA, IN, KS, KY, MI, MO, MS, NC, OK, RI, SC, TN, TX, VA, and WY are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.

*Funding usually within minutes but may take up to 5 days.

^Loan amounts & structure vary by state. 

°Possible uses fee and payday loan usage information from the Consumer Financial Protection Bureau, Center for Responsible Lending, Pew Charitable Trusts, and the Consumer Federation of America to arrive at our Fees Saved Calculation. Savings based on the maximum fees Possible could have charged customers over the typical payday loan term, including late fees, insufficient funds fees, etc. Results will vary.

¨See possiblefinance.com/samplepaymentschedules for rates & terms examples.

ˇReal customer compensated. Results may vary. 

˘Possible Loans offer up to 29 days of payment flexibility from original due date.

Possible Card is issued by Coastal Community Bank and serviced by Possible Finance, pursuant to its license with Mastercard International Incorporated. Arizona Residents: Licenses #CA-1033558, #CA-1041621, and #CA-1041622; California Residents: License #10595-99; Hawaii Residents: License #COLAX-1238-0; Illinois Residents: License #17.022449; Louisiana Residents: Registration #446766611; Maine Residents: License #SLM15758; Maryland Residents: License #1697898; Massachusetts Residents: Registration #LS1697898; Nebraska Residents: License #1697898; New Jersey: Registration #19095; North Dakota Residents: License #MB104104; Oregon Residents: License #1697898; Pennsylvania Residents: Registration #95262; South Dakota Residents: License #1697898.MYL; Vermont Residents: License #LSO-1697898; Washington Residents: License #6041888588-001-0001: West Virginia Residents: Registration #2417-3349.

All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.

If you have questions or concerns, please contact the Support Team at support.possiblefinance.com

Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193

Possible Financial Inc.© 2024 - NMLS #1697898

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.

For Loans, Possible Finance has direct lending licenses in CA, ID, LA, NV, OH, OR, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.

Loans in AL, DE, FL, IA, IN, KS, KY, MI, MO, MS, NC, OK, RI, SC, TN, TX, VA, and WY are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.

*Funding usually within minutes but may take up to 5 days.

^Loan amounts & structure vary by state. 

°Possible uses fee and payday loan usage information from the Consumer Financial Protection Bureau, Center for Responsible Lending, Pew Charitable Trusts, and the Consumer Federation of America to arrive at our Fees Saved Calculation. Savings based on the maximum fees Possible could have charged customers over the typical payday loan term, including late fees, insufficient funds fees, etc. Results will vary.

¨See possiblefinance.com/samplepaymentschedules for rates & terms examples.

ˇReal customer compensated. Results may vary. 

˘Possible Loans offer up to 29 days of payment flexibility from original due date.

Possible Card is issued by Coastal Community Bank and serviced by Possible Finance, pursuant to its license with Mastercard International Incorporated. Arizona Residents: Licenses #CA-1033558, #CA-1041621, and #CA-1041622; California Residents: License #10595-99; Hawaii Residents: License #COLAX-1238-0; Illinois Residents: License #17.022449; Louisiana Residents: Registration #446766611; Maine Residents: License #SLM15758; Maryland Residents: License #1697898; Massachusetts Residents: Registration #LS1697898; Nebraska Residents: License #1697898; New Jersey: Registration #19095; North Dakota Residents: License #MB104104; Oregon Residents: License #1697898; Pennsylvania Residents: Registration #95262; South Dakota Residents: License #1697898.MYL; Vermont Residents: License #LSO-1697898; Washington Residents: License #6041888588-001-0001: West Virginia Residents: Registration #2417-3349.

All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.

If you have questions or concerns, please contact the Support Team at support.possiblefinance.com

Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193

Possible Financial Inc.© 2024 - NMLS #1697898

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.

For Loans, Possible Finance has direct lending licenses in CA, ID, LA, NV, OH, OR, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.

Loans in AL, DE, FL, IA, IN, KS, KY, MI, MO, MS, NC, OK, RI, SC, TN, TX, VA, and WY are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.

*Funding usually within minutes but may take up to 5 days.

^Loan amounts & structure vary by state. 

°Possible uses fee and payday loan usage information from the Consumer Financial Protection Bureau, Center for Responsible Lending, Pew Charitable Trusts, and the Consumer Federation of America to arrive at our Fees Saved Calculation. Savings based on the maximum fees Possible could have charged customers over the typical payday loan term, including late fees, insufficient funds fees, etc. Results will vary.

¨See possiblefinance.com/samplepaymentschedules for rates & terms examples.

ˇReal customer compensated. Results may vary. 

˘Possible Loans offer up to 29 days of payment flexibility from original due date.

Possible Card is issued by Coastal Community Bank and serviced by Possible Finance, pursuant to its license with Mastercard International Incorporated. Arizona Residents: Licenses #CA-1033558, #CA-1041621, and #CA-1041622; California Residents: License #10595-99; Hawaii Residents: License #COLAX-1238-0; Illinois Residents: License #17.022449; Louisiana Residents: Registration #446766611; Maine Residents: License #SLM15758; Maryland Residents: License #1697898; Massachusetts Residents: Registration #LS1697898; Nebraska Residents: License #1697898; New Jersey: Registration #19095; North Dakota Residents: License #MB104104; Oregon Residents: License #1697898; Pennsylvania Residents: Registration #95262; South Dakota Residents: License #1697898.MYL; Vermont Residents: License #LSO-1697898; Washington Residents: License #6041888588-001-0001: West Virginia Residents: Registration #2417-3349.

All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.

If you have questions or concerns, please contact the Support Team at support.possiblefinance.com

Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193

Possible Financial Inc.© 2024 - NMLS #1697898