Protecting Your Data
Summary
What really happens after you pay off a Possible Loan? Does it hurt your credit? Does Possible sell your information? And what if something goes wrong with your payment?
In this episode, CEO and co-founder Tony Huang answers real customer comments—both positive and critical. He breaks down how Possible handles data privacy, how credit reporting works, and what the team is doing to improve the customer experience. From clarifying misinformation to responding to hard truths, Tony is transparent about what’s working, what’s changing and what’s coming next—including the launch of the Possible Card, an open-ended credit-building tool for customers who want longer-term impact.
If you’ve had questions or doubts, this episode is for you.
Transcript
[TONY]
"I love this app Fr fr!" Sarah.
I love this app too, Sarah, for real. Thanks for your comment. My name is Tony Huang. I'm the co-founder and CEO of Possible Finance.
"Scam alert. This company will steal and sell your info," said ResneeNY.
Well, Resnee, we have never sold our customers valuable information to other financial services providers or anyone else in our history.
We are a first party lender, so your information is safe with us. And we hope that you'll trust us, uh, to get approved in the future for a Possible product and not any other sort of products that you might get referred to. You sign up at another website that just directs you and sell you for leads, which we'll never do.
"I especially loved when they tried to take four payments out of the wrong account, charge me a hundred dollars in failed payments, refuse to refund the money after days of nothing but emails thanks to their mistake, which they refuse to fix, I now don't have the money for my loan payment and my credit is screwed. Thanks, Possible you suck," said Deanna.
Deanna, I'm really truly sorry about this experience. We usually do everything we can to make things right for our customers, and I hope you can reach out to us so we can make it right for you.
"It's real, but once you pay it off, they report it to the credit bureaus as a closed account and they destroy your credit score," said Princess0970.
Princess, we do report accurately to credit bureaus and we do have to mark the loan as closed once you fully paid it off. By far, what's more important for your credit score and credit history is on time payments and uh, we give all of our customers the opportunity to make on time payments with our Possible Loan product because we don't need a credit score to prove our customers. But we've also realized the importance of having open-ended trade lines that don't close as our customers build up your credit history. That's why we're launching the Possible Card. It's going to be our first open-ended trade line that stays open once you're approved for it.
