The origination fee is a one-time fee that covers the cost of processing the loan. It ranges from 0.99% - 9.99% of your total loan amount and is deducted from the amount you receive in your bank account.
For an unsecured personal loan, the origination fee ranges from 0.99%-9.99% of your total loan amount.
The Secured Home Loan origination fee ranges from 1.49% to 9.99% of the full loan amount. To learn more about secured home loans visit here.
Examples
When the origination fee is deducted from your loan proceeds:
If you’re approved for a $10,000 loan with a 4.99% origination fee, the $499 fee is deducted before the funds are sent to you. As a result, $9,501 will be deposited into your bank account.
When the origination fee is included in your loan balance:
If you choose a $10,000 loan with a 4.99% origination fee included in the loan balance, the $499 fee is added to the total amount you owe. The full $10,000 requested will be deposited into your bank account.
Keep in mind, checking your rates has no impact on your credit score. Click here to get started.
To learn more about how to Be Money Confident, join Best Egg Financial Health.