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Possible is now a Public Benefit Corporation—here’s what it means for you

Artwork by Jordon Cheung

Artwork by Jordon Cheung

Artwork by Jordon Cheung

Company

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Team Possible

12/1/22

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5

minute read

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Summary

  • On October 14, 2022, we doubled down on our mission and formally converted Possible to a Public Benefit Corporation

  • There are very few Public Benefit Corporations that offer consumer loans and, with the upcoming launch of Possible Card, we will become the first PBC credit card provider

  • Your financial health is one of our stakeholders—for real!

Company

Author Image

Team Possible

12/1/22

/

5

minute read

Share

Summary

  • On October 14, 2022, we doubled down on our mission and formally converted Possible to a Public Benefit Corporation

  • There are very few Public Benefit Corporations that offer consumer loans and, with the upcoming launch of Possible Card, we will become the first PBC credit card provider

  • Your financial health is one of our stakeholders—for real!

Company

Author Image

Team Possible

12/1/22

/

5

minute read

Share

Summary

  • On October 14, 2022, we doubled down on our mission and formally converted Possible to a Public Benefit Corporation

  • There are very few Public Benefit Corporations that offer consumer loans and, with the upcoming launch of Possible Card, we will become the first PBC credit card provider

  • Your financial health is one of our stakeholders—for real!

In the world of financial services, there’s a status quo and an expectation about how you’re supposed to do business: shareholders want profits and boards of directors are pushed to achieve them. That format works for a lot of successful, responsible businesses; but when it doesn’t, it really doesn’t.

In 2008, subprime mortgage lenders and investors triggered a global economic catastrophe1. In 2020, Wells Fargo agreed to pay $3 billion2 after over a decade of widespread mistreatment of their customers. In 2022, Regions Bank reached a $191 million settlement after they charged customers illegal surprise overdraft fees3. Behind each of these events, blind motivation for higher profits caused a disregard for customers’ best interests.

When we started Possible, we wanted to do things differently. We show up to our board meetings with two goals: profits and social impact. From day one, we made a commitment to the communities we serve, to end the debt cycle and unlock economic mobility. Our mission is to bring fair and affordable financial services to those who need it most—namely, people who have been neglected and underserved by traditional banking products. So when our customers succeed, we do too.

This is the way we’ve always done business, part of our mission since the beginning—but now it’s official: we’re a Public Benefit Corporation. Our mission is unmistakably anchored in how we set up our company. Starting today, we are legally bound to not only achieve profit, but also to make a positive social impact.



This means that our long-standing practice of aligning our interests as a company with the best interests of our customers is now part of our corporate DNA. It means that we have a responsibility to benefit the financial wellbeing of our customers and the public: you.

This makes us unique. There are very few Public Benefit Corporations that offer consumer loans and, with the upcoming launch of Possible Card, we will become the first PBC credit card provider.



Here are a few examples of product decisions, servicing benefits and community outreach that we do now, and will continue to do now that we’re a PBC:


1. We win when you win.

We are economically incentivized to align with your long-term interests. That's not the case with many other financial services companies and business models. Our products help you build your credit history and never have hidden fees. Quite simply, we don't make money by keeping you in debt.


2. Unlike other financial services, we never charge late fees or penalty fees.

According to Bloomberg, US consumers who are frequently charged overdraft fees drive more than half of the profitability of mass-market checking accounts—costing consumers over $8 billion a year. Fees are a source of enormous profit for our competitors, but we are not pursuing this stream of revenue; it does not align with our commitment to our customers. That means no late fees, no insufficient funds fees or overdraft fees for failed payments.


3. We offer flexible repayment plans at no additional cost for our products.

Life happens. Sometimes our customers need extra time to make their payments. Instead of trapping customers in a debt cycle, it’s in our best interest to help them succeed.


4. We maintain a close relationship with our customers.

We regularly conduct customer interviews and invite customers like you to our quarterly company-wide meetings, to hear from you directly so we can better understand your needs and our opportunities for improvement.


This is just the beginning. We’re on this path for good.

Becoming a Public Benefit Corporation isn’t the end of our story. This is just a small step in a longer journey towards achieving our mission.

Now that we are one of few PBCs in the consumer finance space, we are eager to expand our reach and continue to provide public benefits in the form of fair and affordable financial products to communities in need. We are #HereForGood and ready to prove it. 🟦

1 “The 2007–2008 Financial Crisis in Review.” Investopedia, https://www.investopedia.com/articles/economics/09/financial-crisis-review.asp

2 “Wells Fargo to Pay $3 Billion to U.S., Admits Pressuring Workers in Fake-Accounts Scandal.” Reuters, 21 Feb. 2020. https://www.reuters.com/article/us-wells-fargo-scandal-deal-idUSKBN20F2KN

3 “CFPB Orders Regions Bank to Pay $191 Million for Illegal Surprise Overdraft Fees.” Consumer Financial Protection Bureau, https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-regions-bank-pay-191-million-for-illegal-surprise-overdraft-fees/

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