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 30% as their fee and SoLo will pass along the remaining 70% to the lending member.