Article Contents

Loan Fees and Repayment

Provide your info

Fill out our simple and secure form to send your information to lenders for review. Our marketplace is free for you to use and you may be able to find a lender in minutes.

Lenders review

Your information is reviewed by lenders instantly to determine if they would like to work with you. Each lender follows their own previously established requirements to make a decision. If a lender decides they would like to work with you, you will be redirected to their website where you complete the lender’s forms, review the loan terms, and if agreeable to you, accept the loan. In many cases, the lender will then contact you to confirm your personal information and finalize the loan. They may contact you via telephone, email, or text messages, and you will want to respond in a timely manner to ensure that your money is deposited as quickly as possible.

Get your money

If a lender is able to make you an offer and you agree to work with them, they may be able to deposit the funds directly into your bank account in as little as 24 hours*. Your loan fees and repayment terms are agreed upon solely between you and the lender, and any questions you may have about those fees or terms should be discussed directly with the lender.

Some common loan fees include:

  1. Origination fee: This fee is charged by the lender to cover the cost of processing and approving the loan. Origination fees are usually a percentage of the loan amount, and can range from 1% to 8% of the loan.
  2. Application fee: Some lenders charge an application fee to cover the cost of processing the borrower's loan application. This fee is usually a flat rate, and can range from $50 to $500.
  3. Prepayment penalty: Some loans come with a prepayment penalty, which is a fee charged by the lender if the borrower pays off the loan early. Prepayment penalties are designed to compensate the lender for lost interest payments, and can be a percentage of the remaining loan balance or a set fee.
  4. Late payment fee: If the borrower fails to make a loan payment on time, the lender may charge a late payment fee. This fee is usually a percentage of the missed payment, and can range from 2% to 5% of the payment amount.
  5. Annual fee: Some loans, such as credit cards and lines of credit, may come with an annual fee. This fee is charged by the lender each year for the privilege of having access to the loan or credit line.

It is important for borrowers to carefully review the terms and conditions of a loan agreement to understand the fees associated with the loan. By understanding the costs of the loan upfront, borrowers can make informed decisions about whether the loan is right for their financial situation.

Back to Articles