SoLo Fee: a SoLo Fee of 15% of the loan principal amount is assessed from the loan repayment if repaid between (i) the scheduled repayment date and (ii) the 35th day after the loan funding date.

SLP Fee: an optional variable fee paid at loan funding or missed scheduled payment for additional protection in the event the loan isn't repaid at the scheduled repayment date. 

SoLo Recovery Fee (paid from the recovered amount by the lending member): Starting on the 35th day post-origination, if funds are recovered before 90 days from the scheduled repayment date, a recovery fee of 30% of the loan principal amount is assessed from the recovered amount by SoLo. This is to cover the transaction fees in retrieving funds.

Third-Party Recovery Fee (paid from the recovered amount by the lending member): Any debts recovered will be subject to a 30% commission split with our third-party collections agency. Up to 30% of the total funds recovered will go to the third-party collections agency, and the remaining portion (70% of total funds recovered) will be remitted to the lender. 

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 prior to the 35th day from origination but after the scheduled payment date, the Lender will receive $55 - 15% (SoLo fee, % of principal only) = $46.75

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