Why was $0.01 withdrawn from my account?
To confirm that a debit card is valid and active for transactional use, a $0.01 withdrawal is made from your card known as a micro withdrawal. This may happen anytime you add a new card to your account. Once the account is verified the withdrawal will fall off your account within 2 business days.
In the event that the micro withdrawal does not fall off, please contact our support team for further assistance.
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Why do I need to connect my bank?
To lend or borrow using SoLo we require your bank as well as debit card information. We use the bank account information for balance checks, account history, and age. We may use this information to contribute to our SoLo Scoring. The debit card is ...
As a lender, will I be contacted if a borrower is sent to collections?
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 ...
What happens when a loan goes to collections?
During the first 90 days before we send an account to our collections partner, SoLo will make debit attempts and send communication to the borrower informing them of the money owed. If payment is not received within 90 days of the due date, the ...
What if my bank is not listed on the app?
We are always working to add more banks as we grow. If your bank is not listed we may not support them at this time. Check back again soon! Unfortunately, SoLo is not supported by Chime or Simple Bank. To use SoLo, you will need to use an account ...
What if I miss my due date?
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 ...