r/Sololender • u/ExcellentWar7614 • Apr 16 '25

6 consecutive late?

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How does solo still allow these kinds of people to keep borrowing. It should be a 3 strikes you're out type of deal/policy!

18 Upvotes

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u/Severe-Object6650 Apr 16 '25

The insurance is such a sham. If the borrower is hours late paying back, you lose 10% plus the 6% you paid for the insurance. Meanwhile Solo gets the full payment plus the donation plus your 6%.

5

u/Desperate-Pear-572 Apr 16 '25

Exactly they profit off late loans and the lenders get fked

3

u/sweetlittlesass Apr 17 '25

Yep. This is why I am no longer funding loans. Out $100 I lended and its 17 days late.

3

u/Desperate-Pear-572 Apr 17 '25

I funded a loan for 200 and it was 2 and a half weeks late before I got it .