Single Payment Advance Terms and Conditions
This Single Payment Advance Terms and Conditions (the “Agreement”) governs your use of the Single Payment Advance (“SPA”) offered by Possible Financial Inc. (“Possible Finance,” “Possible,” “we,” or “us”). Please read this Agreement carefully before using SPA services. This Agreement replaces any previous agreement you may have had with Possible related to SPA services. By using SPA services, you agree to these terms. If you do not agree, do not use the SPA services.
This Agreement incorporates by reference Possible’s Terms of Use and Privacy Policy. Additional agreements, such as electronic payment authorization agreements, also govern your relationship with Possible. In the event of a conflict, this Agreement will control. We may amend this Agreement from time to time and will notify you of changes by publishing the revised Agreement on our website. Continued use of SPA services after the effective date of any changes constitutes your acceptance of the updated Agreement.
Single Payment Advance Terms
SPA allows you to request an advance of your earned income (“Earned Income”) before it is deposited into your eligible bank account (each request referred to as a "SPA").
SPA services are available at no cost. When you accept a SPA, Possible will typically disburse funds within three business days, subject to your financial institution’s processing timeframe. You may elect to expedite your disbursement by paying an optional expedited processing fee (“Expedited Fee”) if you link a debit card. The Expedited Fee will be disclosed to you when you select your disbursement method for a SPA. The Expedited Fee will be added to your SPA amount and payable at the time you repay your SPA.
Eligibility. To request a SPA, you must:
Not be prohibited by law from using SPA
Link an eligible bank account and receive a regular source of income
Meet eligibility criteria specified by us at the time of the request
Authorize Possible to initiate a one-time debit for SPA repayment
Advance Limit
SPA amounts are determined by us in our sole discretion and are based on a variety of factors including the transaction history and balance of your Bank Account, your repayment history with Possible, and your Earned Income amount. Possible may refuse to extend a SPA to you if you have previously failed to make a repayment to Possible. Possible may, at any time, decline to extend a SPA to you, if Possible reasonably believes it is necessary for legal or security reasons, or to protect you, Possible, or a third party.
Repayment
Possible will charge your Bank Account for SPA repayment on the date set forth in the payment schedule in your account dashboard or the date chosen by you when rescheduling your payment date within the App. You may choose to repay your SPA any time before the due date by initiating repayment in the App.
No Obligation to Repay
You do not have an obligation to repay your SPA, and Possible will have no legal or contractual claim or remedy against you based on your failure to repay a SPA. However, if you do not repay a SPA or if Possible is unable to complete a repayment that you authorized, you will be prevented from obtaining additional SPA until you pay any outstanding SPA amount.
Representations and Warranties
Possible will not engage in any debt collection activities if any SPA is not repaid on the due date, place the amount of an outstanding SPA as a debt with, or sell it to, a third party, or provide any reporting to a consumer reporting agency concerning the amount of any SPA.
By requesting a SPA, you represent that the Earned Income being advanced to you is due to you and that you have not received payment for any part of such Earned Income from anyone else. In addition, you agree that any instructions regarding a SPA that Possible receives from your Possible account will be considered authorized by you. You further represent that your use of SPA complies with applicable laws and contractual obligations.