How to pay back?
Paying back your loan is a straightforward process. You can fund your personal account after connecting a bank card to it. The main repayment method for a loan taken out via this platform is by debit or credit card.
There are several possible fees to be taken into consideration, including:
10% late fee. If you cannot pay back the money within the agreed-upon period of 35 days, there's a late fee.
Synapse transaction fee. The fee charged by the payment provider is only applicable if you fail to pay back within the repayment term.
Tipping and donations. Tipping can be considered a form of interest since there's no interest charged by default. Donations are paid directly to the SoLo borrowing company for its services.
Recovery fee (only for lenders).
Early payoff
There are no fees charged for early repayment. In fact, borrowers are encouraged to pay as swiftly as possible in order to improve their SoLo score.
Therefore, if you have additional money, make larger contributions or extra payments to pay off your loan faster. This way, you can ensure your credit history will be in good standing.
Canceling and refund
It's possible to cancel your loan request. In order to do that, you should go to your profile and select the request that you want to call off. There's a button that says "Cancel Loan" that can be used to make your lending request disappear from the marketplace.
