Most lenders publish a page like this. The test of whether it means anything is whether it contains a single sentence against the lender’s own commercial interest. Here are ours.
These are operating rules at Possible Finance rather than aspirations, and each one costs us something.
The question is not whether we would probably be repaid. It is whether repaying would leave you worse off than not borrowing. Those two questions have different answers more often than the industry likes to admit, and the gap between them is where most consumer harm lives.
In practice we look at what arrives in your account, what reliably leaves it, and what margin is left once both are counted. Where the payment would consume that margin entirely, the application is declined even when the risk of non-payment looks acceptable to us. That is a decision against our own revenue, and it is the one that matters most on this page.
There are cases where a loan is the wrong instrument, and we would rather say so than take the fee:
Contact us before the due date rather than after. Before, we can usually move the date or restructure the remaining schedule. After, a payment has already failed and fewer options remain.
We do not sue borrowers over small-dollar loans, and there is no collateral to seize, because nothing was pledged. What does happen is credit reporting: missed payments are furnished to the bureaus in the same way on-time payments are, and persistent non-payment may end with the account placed for collection. We would much rather adjust a schedule than reach that point.
From the flat fee on loans that are repaid — the reasoning is set out in full on our about page. Not from late fees, which we would abolish where state law allowed it; not from rollovers, which we do not offer; and not from selling your data, which we do not do. This matters because a lender’s incentives tell you more about how it will behave than its values page does.
Including us. If the answers do not come easily, that is the answer.
Our longer note on fair versus predatory lending applies the same test to the products most often marketed alongside ours.
None of these pay us anything, which is rather the point of listing them.
Usually free, and able to restructure several debts at once rather than adding another. Worth a call before any borrowing decision.
Utilities, hospitals and landlords frequently pause or spread a bill on request. It costs nothing and it is rarely advertised.
Many run programmes priced below anything available commercially, including ours. Membership is often easier to obtain than expected.
No. We never offer more than the amount requested, and we do not market an increase during the term of an existing loan. Upselling credit to someone already carrying it is how small problems become large ones.
No. There is no rollover, no renewal and no refinance of an existing balance into a larger one. A Possible loan ends on the date the schedule says it ends.
We look at adjusting the schedule. Contacting us before a due date opens more options than contacting us after, and asking for help never triggers a penalty or a mark on your file by itself.
We do not sue over small-dollar loans and there is no collateral to seize. Persistent non-payment is reported to the credit bureaus and the account may eventually be placed with a collection agency.