FAQ – Sôl-outions

How can Sôl-outions help?

Get your questions answered

Getting started

Rosca (Rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending.

the first academic description of ROSCAs was by Shirely Ardener in 1964. the concept has been around for many years in different parts of the world. Sôl-outions modernizes the concept and connects people to save together.

how are the payouts order determined?

first in, first out – set payout positions in the order in which each member joins the group

why do I have to link a bank account?

by connecting your bank account, we can process all the transactions automatically according to the group schedule. this way, it’s convenient for everyone in the group and you’ll have one less thing to worry about. we do not store any bank account information after it is linked.

how do I link a bank account?

you can do this by accessing your "account" details. tap on “edit payment method” to add or edit a bank account. there are two verification methods you can use to link your bank account.

choose your bank and enter your credentials. this is the fastest way to connect your account.

micro-deposit by entering your account number. we will deposit less than .10 into your bank account within 2-3 business days. you can complete the verification process by entering the amount where asked.

Support

my account is locked. what do I do?

if you have any outstanding balance, you have to make all the due payments before your account can be restored. it may take 3-4 business days for your account to be active once the payments are made. for all other technical questions, you can always contact Sôl-outions through the chat feature or email us at management@sol-outions.com

how do I contact Sôl-outions?

you can always contact Sôl-outions through the chat feature or email us at management@sol-outions.com...

why can't I cash out?

there might be a few reasons:

1. first group in Sôl-outions. if you recently joined your first group in Sôl-outions, you must make at least one successful payment before you can access your payout. build good reputation by making successful payments.

2. have a missing payment? you will not be able to cash out until all outstanding balances have been paid in full. please note that when the group is completed while you owe any balance, your payout may be distributed back to other participating group members who made successful payments.

how are the service fees calculated?

simple! We charge a low percentage service fee based on your payout position.

members to receive payouts in a group will be charged a % of service fees based on the tier.

The last individual to receive the payout in a group can earn 1% cash bonus for being last

All the fees will be deducted per payout. You can view all the payment details, including the fees, on the tier and group details screen...

Groups

what happens when someone misses a payment in the group?

we encourage you to use your best judgment and only join a group with trusted friends who you know have good track records at keeping their commitments.

we will attempt to collect missed payments from the member.

any balance you owe may be sent to a collection agency.they will also be suspended from Sôl-outions.

how do I remove a user from my group?

if the group hasn’t started yet, the member can remove themselves from the group by clicking “exit group” on the group page. or contact Sôl-outions via email at management@sol-outions.com or reach out via the chat for assistance. once the group starts, however, the group members are no longer editable.

how do I invite people to my group?

to invite people, send them invitations to join Sôl-outions. once they sign up and complete their account verification, you can add them as a tier member. up to 24 hrs before the initial payout is made in a group, tier members can join your group.

can I exit a group and cancel my payments?

yes, you can choose to exit the group up to 24 hours before the first payment is initiated without penalty. To exit, go on the group details screen and select “exit group” from the menu.

you agree to complete the group and make all the scheduled payments once the group is in the “active” status. payments cannot be canceled while the group is active.

You may withdraw your initial contribution completely at any time by putting in a demand. The request will be processed in a timely manner congruent to the tier group's payout schedule.

Any missed payments will be assessed a 2% fee and will accumulate per the group's terms. 2 consecutive missed payments and you will be removed from the group & cannot rejoin until fees are paid in full

3% penalty for early payout automatically withdrawn.

my group doesn't have the minimum number of 2 members. what do I do?

If you have a minimum of two (2) members, you have the option to extend the start date by 2 more weeks to find more members. you can extend the start date twice and then the group will cancel automatically. the payout order will be updated accordingly when the group starts.

when you do not have the minimum number of members in a group, you can extend the start date and continue to find members. once the start date has been extended twice and there are still less than two (2) members, the group will be canceled

you can create a new group at any time....

Transactions

how do I calculate how many payments I need to make?

easy! the number of payments you have to make per group will be equal to the number of your group members, excluding yourself. let’s say you join a group of 10, you’ll see 9 payments on your payment schedule. no payment is due when it is your turn to receive. you can always refer to the payment schedule page in each group to see all the upcoming payments.

I missed a payment. what do I do?

though all payments are automated, please ensure that you have enough balance to cover any pending payments. we are not responsible for any overdraft fees charged by your bank.

if you missed a payment, a “resolve now” option will appear under your payment schedule. you will be given an option to make a payment. a late fee per group payment will be applied to your account if it is not resolved within 2 weeks.

you will not be able to withdraw any balance from your account until failed payments are resolved. we may withdraw your Sôl-outions balance to cover the owed balance and late fees.

if you have missed a payment on your account by 30 days or more, your account will be deactivated and a reactivation fee will apply. any balance you owe may be sent to a collection agency.

can I use a credit card?

no. in order to help users save money together, we need to keep our costs low. processing credit cards can significantly add to our operational cost. additionally, we cannot report credit card transactions to credit bureaus.

how do I make payments?

all the payments are automated. when you link a bank account, you agree to allow us to withdraw the fund automatically. you can always edit your bank account under “edit payment method". please ensure there are sufficient funds for each group payment to avoid service interruption. we are not responsible for any overdraft fees charged by your bank.

how do I know when the next payment or payout is due?

you can always check your payment schedule for each group in the app. check back regularly to see the updates. once the group starts, the payment schedule is set.

What are the processing times for my transactions?

processing times of your transactions will differ depending on your bank. Standard ACH for payments can take up to 4 business days to process. cash out transfer to your bank can take 1-2 business days to complete. You will receive email and push notifications each time a transaction happens. or, you can view group activities for status update.

Are you prepared to begin saving as a team?

to get the Sôl-outions app right away, click the link below

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How can Sôl-outions help?

Getting started

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Transactions

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Contact

Email: management@sol-outions.com