SoLo gives Borrowers the option to opt into the Rollover if they can’t afford to repay the loan on the originally scheduled repayment date. Borrowers will be charged $5 or 5% (whichever is greater) fee for Rollover. If the Borrower does not opt into the Rollover program and still fails to pay the loan, the account will be sent to collections where further action will be taken. Our collections partner will also report all negative accounts to the credit bureaus.
All accounts in Collections will be blocked from using SoLo and the SoLo score will decrease.