Consumer complaint received 2024-07-10
Product: Payday loan, title loan, personal loan, or advance loan — Payday loan
Issue: Charged fees or interest you didn't expect — 
Company: SoLo Funds Inc. (TX)

In XXXX of XXXX, I took out a personal loan using the Solo Funds app, with the following parameters : Principal amount : {$570.00} Solo REQUIRED " Donation '' ( 7 % ) : {$40.00} Lender Tip ( 6.96 % ) : {$40.00} Due Date : XX/XX/XXXX All of my debts are auto debited, and I don't keep a super close eye on my debits. That said, I didn't open the app again until I received an email from Solo Funds on XX/XX/XXXX that said : " Hello XXXX XXXX, We've encountered an issue related to your attempt to repay your loan from XXXX XXXX We were successfully able to debit your account for the funds owed, however, there is an issue on the lender 's side that is preventing them from receiving those funds. 

For this reason, your loan may still appear in the active or overdue status in the app. You may also see late fees if your loan is in the Funded or Overdue status. Please rest assured, your account will not be charged for these fees and your SoLo Score will not be negatively impacted. Once the lender resolves the issue on their side, your loan will move to a Complete status. 

If you have any questions, please reach out to XXXX for assistance. We appreciate your patience and understanding. 
Best, Team SoLo '' Because this email explicitly told me to, I ignored the late fees in the app. I began receiving emails shortly after that I had an overdue loan, which I also disregarded since this initial email told me to. 

-- -- -- -- - Emails and dates : XX/XX/XXXX : " Your Solo Loan is Overdue '' ( DISREGARDED PER THEIR INITIAL EMAIL ) " Hey XXXX XXXX, Maybe you forgot? Your loan repayment was due on XX/XX/XXXX. Weve been unable to recover it from your bank account and reimburse XXXX XXXX If you believe this is a technical issue, please contact SoLo now. If its not, please make a payment today. 

When you pay back loans on time, you build trust with lending members, raise your SoLo score, increase the amounts youre able to borrow, and develop good financial habits that will set you on a stronger financial path. 

When you dont, you impact your SoLo Score and your ability to request future loans. If late payment turns into very late payment ( or, worse, non-payment ), you risk added fees and a lower credit score. And theres the member who backed you to think aboutlike you, XXXX XXXX has bills to pay. 

Please make your payment now. If youre experiencing financial difficulties or having trouble paying via the app, please contact SoLo now. Were here to help. 
Thank you, Team SoLo '' -- -- -- -- - XX/XX/XXXX : " Your Solo Loan is going to XXXX  '' " Hey XXXX XXXX, We've been unable to recover {$650.00} from your bank account to repay your loan to XXXX XXXX, which was due on XX/XX/XXXX. Your loan has now been sent to XXXX and you will be charged a Late Fee of {$57.00} and a XXXX XXXX XXXX of {$11.00}. 

Here 's what happens next : 1. Our internal XXXX team will continue to contact you in order to repay your loan. You can also pay back through the app. 

2. In an effort to protect the SoLo community, you will be banned from using SoLo. 

Failing to pay off your loan could cause derogatory marks to appear in your credit history and prevent you from receiving loans in the future. Also please note that if you have declared bankruptcy you must communicate this to SoLo as soon as possible. 
Sincerely, Team SoLo '' -- -- - At this point I replied to the email to inquire about the confusion. This is the thread and the dates related : XX/XX/XXXX from Me : " I keep getting emails saying that my loan is not paid off and is going to XXXX  but I also got an email saying that my loan was paid and the issue is on the side of the loaner, and to ignore any follow up requests for payment. Can you please update the me on the status of my account? '' XX/XX/XXXX from XXXX : " Thank you for reaching out and we apologize for the inconvenience. 
Our record shows that there was no successful repayment made. Please try uninstalling and reinstalling the app, then log back in. You should be prompted to agree to the terms and reconnect your bank account information. Once done, please attempt to repay the loan through the app again. '' XX/XX/XXXX from Me : " Are you going to remove the late fees? '' XX/XX/XXXX from Solo : " Thank you for reaching out. 
When do you think you can settle the loan? 
We may require a date for us to notify your lender accordingly. 
Please be advised that auto debit, reminders via call, text and email will continue until initial payment is received. 
By paying your loan, you will still have the ability to use SoLo and request for another loan. '' XX/XX/XXXX from Me : " I can pay it back on the XXXX, but I would really like to not pay those added late fees, since I was fully under the belief that I had paid the loan back. Especially because the email I received from you told me to disregard anything about late payments. I've attached it here. " XX/XX/XXXX from XXXX : " I understand however when you notice there was no debit on your card then the loan has not been paid. Emails were also sent out regarding the loan being delinquent. '' XX/XX/XXXX from XXXX : " Emails that I was quite literally told to disregard in the screenshot that I sent you. Like I mentioned, Im happy to pay the loan amount but I do not believe I should be held accountable for any late fees when a mistake made by your system is the reason the loan was not paid. '' XX/XX/XXXX from Solo : " I will have this escalated with management and will give you an update within XXXX hrs. '' XX/XX/XXXX from Solo : " As per management, the letter is dated XX/XX/XXXX and we have reach out to you on numerous occasions. If you pay today, we may waive the fees as courtesy. '' XX/XX/XXXX from XXXX : " I will pay on the XXXX and I wont be paying the late fees. Regardless of when the later was dated, I only ignored the follow ups because that letter was sent to me from your team. And as I havent taken out a loan since, I dont understand how it was debited but now its due again? Please clear the late fees and I will return the payment on the XXXX. '' XX/XX/XXXX from Solo : " It was not debited at all since there was no payment captured. If there was from your end, kindly send us a screenshot from your bank.We will let the lender know of your intention to make the payment, however late fees will not be removed and partial payments will not work on the app. '' XX/XX/XXXX from Me : " Your team are quite literally the ones who said it was debited. So can you explain why that email was sent then? '' XX/XX/XXXX from Solo : " It may be a glitch or an incorrect email sent and we apologised for the inconvenience it has caused. We will still note your promise payment on the XXXX. Please be advised that all collection activity will continue until your loan is paid in full or you are on an active repayment plan. '' XX/XX/XXXX from Me : Will you be removing the late fees before my payment? 

XX/XX/XXXX from Solo : " As per management. If payment is made until today, late fees will be removed. '' XX/XX/XXXX from Me : " So just to clarify here... 
I have a perfect score on Solo and have been a steady, consistent customer I have never been late paying back a loan I have agreed to pay the outstanding loan on the XXXX ( which is my pay date ) But because your team sent an email telling me that my payment was settled and I should ignore any late fees on my account, you are seemingly unable to waive the late fees until the date that I agreed to pay on? 
Just making sure i'm clear on this. " -- -- -- -- -- -- -- -- -- -- -- -- -- - And at this point I am now choosing to submit this complaint.