If Borrowers cannot afford to repay the loan on the originally scheduled payment date they are given the option to Rollover the loan.
Rollover gives the Borrowers a 14 day extension to repay their loan. Rollover is available for 3 days prior to the scheduled repayment date. Once rollover option is selected, fee of 5% or $5, whichever is greater will be applied to the loan and is passed onto the lender in addition to the TIP.
In the event, the Borrower does not opt for rollover, the account is placed in pending collections status for 30 days. The Lender has the option to gift or send the loan to collections.
If the Lender sends the account to collections, our collections partner will handle all future collections activity.
The borrower will be blocked from using SoLo and their SoLo score will decrease.