SoLo Funds

            What happens when a loan goes to Collections Pending?

            Effective 11/05/19

            If a Borrower fails to make their payment on time, they will automatically be charged a late fee of $5 or 5% (whichever is greater), and this is passed onto the Lender.  

            SoLo’s internal Collections team will attempt to collect payment for 60 days before the loan is sent to our Collections Partner. During this time our team sends multiple weekly text reminders, emails, and phone calls to the Borrower to repay their loan.Throughout Collections Pending, the Lender has the option to Gift the loan or remain in Collections Pending and allow our team to reach out to the Borrower in an attempt to recover the payment. 

            If you have any questions about the collections process, please reach out to SoLo support at help@solofunds.com.

            Updated: 05 Nov 2019 03:21 AM
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