What happens when a loan goes to Collections? - NEW
Once a loan is sent to collections, the Borrower has 90 days to repay the loan through SoLo. An additional $15 Collections fee will automatically be applied once the loan is placed in collections.
After 90 days payment is still not received, the Borrower will be required to make payment directly to our Collections partner, 50% of which will be passed on to the Lender (our Collections partner takes the other 50%).