SoLo Funds

            What happens if the borrower's payment is late?

            If Borrowers cannot repay their loan on the originally scheduled payment date they are given the option to Rollover the loan up to 2 days before the original payback date for an added fee of $5 or 5%, whichever is greater. This fee is passed on to the Lender. The Borrower will then have an additional 14 days to repay their loan.

            If the Borrower does not opt-in to Rollover, the account is placed in Collections Pending for up to 30 days. During this time our internal collections team sends multiple weekly text reminders, emails, and phone calls to the Borrower to recover payment.Throughout this period, the Lender can Gift the loan, remain in Collections Pending to allow our internal collections team to attempt to recover the payment, or send the loan to Collections.

            If the Lender sends the account to Collections, our Collections partner will make every attempt to collect the amount owed via multiple phone calls per week, by sending physical letters to the Borrower’s home, and even through partial payments. Our Collections Partner takes a 30% fee of anything recovered. Once a loan goes to Collections, you can expect to see at most 70% of the funds returned to you.

            The Borrower will be banned from using SoLo and their SoLo Score will decrease.  

             

            Updated: 23 May 2019 07:19 AM
            Helpful?  
            Help us to make this article better
            4 7