The Rollover process provides the Borrower with an extra 14 days to repay the loan that will incur a fee of $5 or 5% (whichever is greater). This fee is passed onto the Lender. If the loan is not repaid during that time, the loan will be sent to Collections Pending giving the Borrower 60 days to repay the loan. If the loan is not paid after 60 days, the account is sent to our collections partner for further activity.
All accounts that are passed to collections will be blocked from using SoLo and the SoLo score will be decreased. The collections partner will also be reporting all negative accounts to the credit bureaus.If you need assistance to repay your loan, please contact our support team.