SoLo Funds

            Tips & Fees

            Tips & Fees

            Tips

            All loans posted to the marketplace do not require a tip and are determined by the Borrower during the loan creation process.  The maximum tip allowed per loan is 10% of the requested loan amount.  

            Fees

            In the event that a Borrower is unable to repay on-time, additional fees may apply. 

            Rollover Fee: 5% or $5 whichever is greater. This fee is charged if and when the Borrower opts in for a 2-week repayment extension.  

            Ex: Craig takes a loan of $103 + $7 (tip) = $110 due on January 5th. Craig is unable to repay on January 5th so he opts-in to rollover for repayment on January 19th. New total due: $110 + $5.50 (rollover fee) = $115.50

            Late Fee: 5% or $5 whichever is greater. This fee is charged when the Borrower has not opted into a rollover and did not have enough money in the account to cover repayment on the scheduled due date. The Borrower has 60 days to repay the loan before the account is sent to collections. All assessed and collected late fees are remitted to the Lender. 

            Ex: Marsha takes a loan of $50 + $5 (tip) = $55 due on January 5th.  Marsha misses her payment date because she did not have enough money in her account to repay her loan. Marsha will automatically be charged a late fee for missing her due date. New total due: $55 + $5 (late fee) = $60

            Ex: Jeff takes a loan of $350 + $17.50 (tip) = $367.50 due on January 5th. Jeff misses his due date and does not resolve his debt owed within 30 days. Jeff will be sent to collections and his new amount due is:  $367.50 + $18.38 (late fee) + $15 (collections fee) = $400.88

            Collection Recovery Fee: 70% of loan + fees. Any debts recovered will be subject to a 30% commission split with our third-party collections partner. 30% of the total funds recovered will go to our partner collections agency with the remaining portion remitted to the Lender. 

            Ex. Amber is a Lender and has 1 loan in collections which happens to be Marsha from the example above.  Amber is wondering when her loan will be paid back and has heard some good news. Marsha has repaid her loan.

            If payment is received the Lender will receive $55 + $5 (late fee) - 30% = $42

            If you have any questions about the collections process, please reach out to our support team at help@solofund.com

             

            Updated: 05 Nov 2019 03:16 AM
            Helpful?  
            Help us to make this article better
            2 0