SoLo Funds

            What happens when a loan goes to Collections?

            During the first 30 days before we send an account to our collections vendor, SoLo will make several debit attempts and send communication to the borrower informing them of the money due.  If payment is not received within 30 days of the due date the account will automatically be assigned to our collections vendor.


            Once a loan is sent to collections, the Borrower has the option to pay in app or directly to our collections vendor.  An additional $15 Collections fee will automatically apply when a loan is placed in collections. 

            When payment is received our Collections partner will keep 30% as their fee and SoLo will pass along the remaining 70% to the Lender.  
            Updated: 18 Jul 2019 07:38 AM
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