Yes, there is a one-time origination fee included in your total loan amount. This fee covers the cost of processing your loan.
The Unsecured Personal Loan origination fee ranges from 0.99% to 9.99% of the full 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.
Here are examples of how you can see the origination fee applied.
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.
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