SoLo attempts to recover funds on behalf of the lender for 90 days after the scheduled repayment date. After that, we transfer the account to a third-party collections agency. Once a loan is sent to collections, the borrower has the option to pay in-app or directly to the third-party collections agency.
When payment is received, the third-party collections agency will keep up to 35% as their fee, and SoLo will pass along the remaining 65% to the lending member.
If you have any further questions about the collections process, please contact our support team.
Our team is just an email away and ready to answer your questions.