An origination fee is a percentage of the loan amount we charge as a cost to maintain the loan. This fee is taken out of your loan proceeds before they’re deposited into your account, it’s important to remember you’re still responsible for paying back the full loan amount.
For example: If you select a loan for $10,000 with an origination fee of 4.99%, your origination fee is $499 and will be deducted from the full loan amount. The amount deposited in your bank account will be $9,501.
We also offer a "Cover the Fee" or “Top-up” offer, which allows you to have the full amount of the requested loan amount deposited into your account.