SoLo makes 2 attempts to collect repayment for the Lender. If both attempts fail, the Borrower will be assessed a late fee. 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 60 days of the 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 to manually pay back the outstanding loan in the loan details screen.
If you require further assistance on payment, please contact our support team.