SoLo will attempt to collect loan payments on the due date indicated/selected by the Borrower.  35 days after the funding date, the Borrower will be assessed a Late Fee of 10% of the principal. The Borrower will also be assessed a Synapse Transaction Fee which will be equal to 2 times (0.9% of the principal loan + $0.70) for the funding and repayment transaction costs applied by the payment provider Synapse. The loan will also be entered into SoLo’s internal collections process.

Please see this example scenario below of past-due loan:

John took a loan from David in the amount of $200 (principal), $20 Lender Tip, $7 SoLo Donation Fee.  If John does not have enough money to cover the $227 repayment, John's loan is now past due and a new payment of $242 is due ($200 + $20 + $7 + $20 Late Fee + $5 Synapse Transaction Fee).

At any time, the Borrower has the option to manually pay back the outstanding loan in the loan details screen within the SoLo app. 

If a loan is not paid within 90 days of the scheduled repayment date, the account is passed to our collections partner and the Borrower may be reported to the credit bureaus with a derogatory mark, which could negatively affect their credit score for 7 years. 

If you require further assistance on payment or if you have any questions, please contact our support team.