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What happens if a borrower doesn’t repay on time?
If a loan is not paid on the scheduled repayment date, our recovery team will begin its attempt to recover the loan. We deploy a manual and auto-check process that is currently performing 5x better (best in class) than standard recovery providers. ...
Can I borrow more than one loan at a time?
Borrowers are only permitted to request one loan at a time. Once a loan is fully repaid and the status is marked ‘completed’ a Borrower can proceed with requesting another loan.
How Do I Add My Debit Card?
You have the option to add a new debit card on the app any time EXCEPT if your loan is in the Pending Funding or in the Pending Payback status. To update your debit card, please follow the steps below: Go to your Profile Select the Settings at ...
When will my loan request be fulfilled?
Funding a loan request is up to the discretion of a lender. To make your loan more attractive to lenders you can try: offering a generous lender appreciation tip when you create your loan. This becomes the lender's profit and provides an incentive to ...
What if I miss my due date?
SoLo will attempt to collect loan payments on the due date indicated/selected by the Borrower. 35 days after the funding date, the Borrower will be assessed a Late Fee of 10% of the principal. The Borrower will also be assessed a Synapse Transaction ...