Will the Borrower be able to take out another loan on the SoLo app if they still owe?

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• 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 ...

• 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 after collections?

  Our collections partner attempts to recover your funds for up to 4 years via phone calls and letters sent to the Borrower’s home. The loan is considered defaulted after 90 days, at which point the Borrower may be reported to the credit bureaus with a ...

• Can I borrow if I’ve been in collections before?

  Unfortunately, if you have been sent to collections due to failed repayment on any loan, regardless if the loan has been paid back or not, you are no longer eligible to use the SoLo app. Here at SoLo, we are looking to build a thriving and respectful ...

• When will my loan request be fulfilled?

  Funding a loan request is up to the discretion of a lender. To make your loan more attractive to lenders you can try: offering a generous lender appreciation tip when you create your loan. This becomes the lender's profit and provides an incentive to ...