SoLo makes 2 attempts to collect repayment for the Lender. If both attempts fail, the Lender has 30 days to decide to send the Borrower to Collections (requiring pay back with additional fees) or Gift (not requiring payback).
A late fee of $5 or 5% whichever is greater will be applied to the loan.
For example, John took a loan from David in the amount of $200, $20 tip, $7 SoLo Fee. If John does not have enough money to cover $227 repayment on scheduled date, John's new payment will be $237 ($200 + $20 + $7 + $10 late fee).
If John still does not pay his loan within 30 days of scheduled repayment date and the account is passed to collections his new payment will be $252 ($200 + $20 + $7 + $10 late fee + $15 collections fee).
It is advised that all loans are repaid in a timely manner to avoid additional fees. At anytime during the Borrower has the option manually pay back the outstanding loan in the loan details screen.
If you require further assistance on payment, please contact our support team.