Lend to help others when you have extra cash, but when life hits you with a financial surprise (which is inevitable) be a Borrower on the platform. The only stipulation is that you cannot lend and borrow simultaneously.
No, you will not be contacted by our collections partner as they are collecting the funds on behalf of SoLo. If they collect anything from the borrower, SoLo will transfer the funds immediately to your account.
If a loan is not paid on the scheduled repayment date, our recovery team will begin its attempt to recover the loan. We deploy a manual and auto-check process that is currently performing 5x better (best in class) than standard recovery providers. ...
Yes, you will receive an email informing you that a loan you funded is going to collections. If our internal collections team or our collections partner is successful in collecting the debt that is owed to you, SoLo will transfer the funds ...
At this time, we don’t share personal information about any of our users. You can help keep the SoLo community healthy by lending to a borrower in need or leaving a review about your positive experience in the iOS App Store.