What is the duration of a loan?

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• Can I cancel my loan request?

  To cancel your loan request, please go to your user profile, locate your active loan, click on the loan and select ‘Cancel Loan’ at the top right corner. Be sure to confirm your request for cancellation when prompted and the loan will be removed from ...

• When will my loan request be fulfilled?

  Funding a loan request is up to the discretion of a lender. To make your loan more attractive to lenders you can try: offering a generous lender appreciation tip when you create your loan. This becomes the lender's profit and provides an incentive to ...

• Can I borrow more than one loan at a time?

  Borrowers are only permitted to request one loan at a time. Once a loan is fully repaid and the status is marked ‘completed’ a Borrower can proceed with requesting another loan.  

• How can I change the information on my submitted loan request?

  Once your loan is placed into the marketplace you will have to cancel the loan entirely and create another loan to reflect the new information. If you need assistance,  please reach out to our support team for further assistance.

• What happens when a loan goes to collections?

  During the first 90 days before we send an account to our collections partner, SoLo will make debit attempts and send communication to the borrower informing them of the money owed.  If payment is not received within 90 days of the due date, the ...