For more detail, see SoLo Pricing: 

Borrowing members choose how much and when they pay, including if they want to add an optional tip to the lending member or donation to SoLo. The maximum tip allowed per loan is 15% of the requested loan amount and the minimum tip is 0%. When the tip amount is displayed as a percentage, that number is representative of the selected tip amount as a dollar value rounded to the nearest whole percentage of the loan amount. Borrowing members have 100% optionality and control over the terms of their loan, and any amount paid in addition to the loan principal is voluntary. Electing not to tip or donate has no impact on a member’s ability to request a loan, nor does the SoLo platform give a member preferential treatment for including a tip or donation. The default tip is $0.00 and requires an entry. The donation can be adjusted via your selection at request and within settings. 

In the event that a Borrower is unable to repay on-time, additional fees may apply. 

Late Fee (paid by the borrower): 10%. This fee is assessed on the 35th day post-origination. The Borrower has 90 days to repay the loan before the account is sent to a third-party collections agency. All collected late fees are 100% remitted to the Lender. 

Transaction Fee (paid by the borrower): 2 multiplied by (0.9% of principal + $0.70). This fee is assessed to the Borrower for the funding and repayment transaction costs applied by the payment provider when a loan is moved to collections due to the Borrower missing the scheduled due date. 

Ex: Marsha takes a loan of $50 + $5 (tip) = $55 scheduled payment on January 5th. Marsha misses her payment during the 1st 35 days. Marsha will automatically be assessed a late fee on the 35th day. New total due: $55 + $5 (late fee) + $2.30 (transaction fee ) = $62.30

Ex. Amber is a lender with one loan in recovery which happens to be Marsha from the example above. Amber is wondering when her loan will be paid back and has heard some good news. Marsha has repaid her loan.

If payment is received post 35 days from origination but before the 90th day from the scheduled payment date, the Lender will receive $55 + $5 (late fee) - 30% (SoLo recovery, % of principal only) = $43.50

If payment is received post 90 days from the scheduled payment, the Lender will receive $55 + $5 (late fee) - 30% (third-party recovery) = $42

If you have any questions about the recovery process, please get in touch with our support team at help@solofund.com.