What is the Rollover process? What happens when a loan is rolled over?
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 Pending Collections giving the Borrower 30 days to repay the loan. If the loan is not paid, 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.