We encourage members to make their scheduled loan repayment dates. When that doesn’t happen, here’s what to expect:

A late fee of 10% of the principal will be added to your payment on the 35th day after origination. The entire late fee goes to the lending member. You’ll also have to pay a third-party transaction fee equal to 2 multiplied by (.9% of the principal, plus $0.70). 

An example:

C. needs $200 to cover bills. 

N. has funded the request, which includes a $20 lender tip and $7 SoLo Donation. So the expected total payment is $227. 

C. does not repay the loan by the 35th day, so the late payment amount will be: $252 ($200 principal + $20 tip + $7 donation + $20 late fee + $5 transaction fee.)

We encourage you to pay back as soon as you are able. If you’re unable to pay within 90 days of the scheduled repayment date, we will generally send your account to a third-party collections agency. 

We’re here to help, so please reach out to our support team for assistance.