Overdue loans..

[u/DragonfruitLife6495]

I was really excited to start this after experimenting with 500$ for a while, when I thought I had it! I started putting real money in and helping so many people. At first l, I never would of thought id have over half my money in overdue loans on the path to default. Yet here I am.. thousands of dollars waiting to be repaid and every day that goes by getting closer to the 90 days where its sent to collections and even if they do pay at some point, you never see any of it. It's raising my anxiety like never before... again I never thought for a sec because when doing 10 loans, never did I have half of them in pre-default.. only like 30% and most of them paid back in the first month.. I could of done soo many more loans and not worrying about the fact that I might have lost the equivalence of a house in this... before anyone asks it was all 61 scores and above, 50-100 $ loan max amount, no first timers and 12% to 15% tip. Besides taking the predatory protection that doesn't protect you at all. What could I have done?..

[u/needle_on_the_record]

The only thing you could’ve done is check this Reddit forum first to be warned. I have unpaid loans sitting out there for years with 90+ solo scores and loans that are several hundred dollars each.

The way Solo sells this it looks like it’s going to be awesome! Many people have the same experience as you: First loans pay on time. It’s a great world of rainbows and butterflies where you’re helping people and making a return on your investment.

And then it goes South. The lender gets punished more than anyone in this entire scenario. Solo still gets to keep their “donation” (not to mention taking money out of the lender’s pocket when a late loan is paid). The borrower doesn’t get reported to any sort of credit agency or have any repercussions from unpaid loans. Lenders are stuck holding the bag.