We have established a $8,000 per month limit that a Lender can fund. SoLo also has a daily limit in place of $3,000.
SoLo calculates your monthly and daily lending limits based on the total amount of transactions coming in and going out of your account.
For example, John would like to invest $3,000 today. However, John is expecting several of his loans to be repaid today for the amounts below:
Since we have a daily limit of $3,000 he will only be able to fund $1,680 worth of loans today. SoLo will allow John to fund as many loans as he'd like until the daily limit is met. Once the daily limit is hit, John will have to wait until tomorrow to continue funding loans.
The same scenario will apply to the monthly limit. Once the monthly limit is hit, John will have to wait until the next month.