Responsible Lending & Borrowing

At Possible Finance, we believe in responsible lending practices and helping our customers make informed financial decisions. This page provides guidance on borrowing responsibly and resources for financial wellness.

Borrow Only What You Need

Before applying for a loan, carefully consider:

• How much money you actually need
• Whether a loan is the right solution for your situation
• If you can afford the monthly payments
• The total cost of the loan over its lifetime
• Alternative options that might be available to you

Understanding Your Budget

Creating and maintaining a budget is essential for responsible borrowing:

• Track Your Income: Know exactly how much money you have coming in each month
• List Your Expenses: Account for all your regular bills and living expenses
• Calculate Discretionary Income: Determine how much you have left after essential expenses
• Plan for Emergencies: Try to maintain some savings for unexpected costs
• Include Loan Payments: Make sure monthly loan payments fit comfortably in your budget

Before You Borrow

Ask yourself these important questions:

• Have I explored all other options (savings, family help, payment plans)?
• Do I understand all the terms and costs of this loan?
• Can I afford the monthly payment without hardship?
• What happens if my financial situation changes?
• Am I borrowing for a necessary expense or want?

Repayment Tips

• Set Up Autopay: Automatic payments help you never miss a due date
• Pay More When Possible: Extra payments reduce your total interest (no prepayment penalties)
• Communicate: If you're having trouble making payments, contact your lender immediately
• Stay Organized: Keep track of payment dates and amounts
• Review Statements: Regularly check your loan balance and payment history

Financial Education Resources

We encourage all borrowers to take advantage of free financial education resources:

• Consumer Financial Protection Bureau (CFPB) – Federal agency providing consumer financial education
• National Foundation for Credit Counseling (NFCC) – Non-profit credit counseling services
• AnnualCreditReport.com – Free annual credit reports from all three bureaus
• FDIC Money Smart – Free financial education curriculum

Credit Counseling

If you're struggling with debt or financial management, consider reaching out to a non-profit credit counseling agency. These organizations can provide:

• Free or low-cost financial counseling
• Debt management plans
• Budget planning assistance
• Financial education workshops
• Housing counseling

Warning Signs of Financial Difficulty

Seek help if you experience any of these signs:

• Regularly paying bills late or missing payments
• Only making minimum payments on credit cards
• Using credit for everyday necessities
• Being contacted by debt collectors
• Not knowing how much you owe
• Feeling stressed or anxious about money constantly