What happens when a loan goes to Collections Pending? - NEW
If the Borrower fails to make payment on-time, the loan will automatically be charged a late fee known as Collection Pending fee of $5 or 5% (whichever is higher), which is passed on to the Lender.
SoLo will continue attempts to collect payment for 30 days before the loan is sent to Collections. During this time, the Lender has the option to send the Borrower directly to Collections or choose to Gift the loan.